If you’ve had your eye on that luxury car but know you’d never actually buy it—then leasing it for a year could be a viable option. Leasing cars, after all, often ends up being less expensive than buying one in the long run. Plus, you always get a new car at the end of the lease—or have the option of buying a car you’ve fallen in love with over the course of the lease!
What Does a Honda Ridgeline Lease in Involve?
There are several key points you should keep in mind when considering a car lease:
Your Payments Reflect the Car’s Value.
Your monthly payment always is determined by the price of the car. To save the most, you’ll need to select a lower priced car.
Higher Residual Percent Saves You Money.
Your monthly payment also reflects something known as a residual value percent, which accounts for car depreciation. Select a higher residual percentage for a lower monthly payment.
Understand Your Set Miles.
When you sign a lease, you are promising to drive the car for a set amount of miles. There will be a limit, and there are fees if you go over. Make sure you understand all of the fine print before signing on the dotted line.
Expect a Disposition Fee.
When your lease is up and you return your car, you are likely going to have to pay a disposition fee. This is between $300 and $500. It can be negotiated, but you should do that when you have power in your hands—at the time of initially talking with your salesperson about a lease.
Understand What Money Factor Means.
Money factor is like your ARP, and it is negotiable. Sales representatives are eager to close the deal, so try to negotiate the lowest money factor you can to save the most.
Is it Better to Lease or Buy a Car?
At Zooomr, we understand that trying to make the decision between leasing and buying a car is difficult. You need to know all of the facts before you sign away your money for the next year to six years! Whether you’re considering a Honda Ridgeline Leases or buying a new car, get all the information you need to make the best decision for your family’s lifestyle with Zooomr.
You Won’t Own the Car
There is a lot of confusion around leasing and buying cars at times — and that’s understandable because it’s not every day you have to consider an investment such as this! What you should now is that with Honda Ridgeline Leases, you are paying to borrow the vehicle from your lender. You won’t own it at the end of the contract, although you can work toward purchasing the car if you want to pay the balance left on the car. Remember, you only own the car if you actually purchase it via financing it or paying for the car in full.
Leasing Cuts Down Up-Front Costs
Generally, leasing a car means you won’t need to put down money for a down payment at all, which is what you usually have to do when you are buying a car! Many people buying a car sometimes turn in their cart to the dealership for a trade. With Honda Ridgeline Leases, giving extra money to your dealership isn’t necessary. You can lease a car by paying the first monthly payment, a security deposit, a few fees and taxes—and you’re done!
Don’t Worry About Selling Car Leases
You don’t want to be in a position in which you are taking a bad deal for your car out of desperation. The car business is not an easy one. Sellers want top dollar, and buyers want to pay as little money as possible. In addition, they may be picky if your car hasn’t been maintained regularly. With a lease, the dealership takes care of things that go wrong, as the car will likely be under the manufacturer’s warranty. And, it is on the dealer to sell the car when you turn it in—not you!
In car lingo, the end payment is the final payment you make on a car you have financed to own. Shortly after making that final payment, you’ll get your car title. You’ll be free to sell the car. But with leasing, you’ll need to give the car back to the dealership before planning how you might purchase the car or get a new lease. The decision is different for every buyer, so it’s important to understand all of the rules and the pros and cons associated with buying vs. leasing. It will help the process go more smoothly for you and find an option that fits your end needs.