Deal of the Day

Lease vs Buy

Leasing vs. Buying

Do you know the difference between leasing and buying a car? If not, you should get familiar. Choosing one over the other is an important step in the car shopping process.

At Pat Peck Honda, we're committed to keeping out Gulfport, Long Beach, and Biloxi customers informed. That's why we've put together this article highlighting the differences between leasing and buying a vehicle.

How Do I Lease a Car

What Makes Leasing Different from Buying?

When it comes to financing a vehicle, you probably already know the basics of buying. You intend to own the car in full, which means you also have to pay for the full price of it over time.

Leasing is a bit different than that. Instead of owning the car, it's more like you're just borrowing it, say for a term of a couple years of so.

During the time that the car is in your possession, it will undoubtedly incur a bit of wear and tear, causing the value to depreciate. Over the course of your lease, that depreciation is all that you're paying for.

Leasing vs Buying eBook CTA

The Pros & Cons of Leasing a Car

Since you're only paying for the depreciation value on your lease, it stands to reason that your monthly payments are going to be far lower than if you bought it outright. That alone is a pretty big benefit. However, it's not the only one that you'll have.

  • Since lease terms only last for a couple of years or so, you can trade-in your car fairly frequently. That means that by the time things start to feel a little outdated, you'll be ready to move on to the next thing.
  • Piggybacking off that point, trade-ins are exceptionally easy with a lease. You can just hand over the keys to the dealership, get set up with your next car, and be on your way.
  • This relatively quick turnover between cars means that over a course of years, you'll have the opportunity to try several models!

Of course, there are some drawbacks with leasing, too. Namely, the car will come with a cap on miles and wear. If you go over any of these caps, you'll be penalized for it.

The Pros & Cons of Buying

The biggest pro of buying your next car is that you won't have any of the caps that you have with a lease. The car is entirely yours, which means you can do with it as you please.

As a matter of fact, if you want to upgrade your car with new parts or accessories, go for it! Eventually, your payments will be finished, too. When they are, you can drive free and easy without a payment hanging over your head.

Of course, you're committed to that car for many, many years after that. In the end, the responsibility of selling will fall squarely on you.

Visit Our Finance Center

Now that you know the details of leasing and buying a car, you may want to pay a visit to our Gulfport, Long Beach, and Biloxi area finance center.

The financiers at Pat Peck Honda are more than happy to help you drive home in a new car. Fill out a finance application online today to get started!

Check out our Lease Deals

2018 Accord Sedan

Offer 1 of 1
$249/month Lease Offer Get This Deal

2018 Honda Accord Sedan 1.5T L4 LX Continuously Variable FWD (CV1F1JEW)

$249/month for 36 months with $2,399 due at signing. Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.
Expires October 31, 2018

Closed end lease for 2018 Accord Sedan Continuously Variable Transmission LX (CV1F1JEW) available from September 5, 2018 through October 31, 2018, to well-qualified lessees approved by Honda Financial Services. Not all lessees will qualify. Higher lease rates apply for lessees with lower credit ratings. MSRP $24,465.00 (includes destination, excludes tax, license, title, registration, documentation fees, options, insurance and the like). Actual net capitalized cost $21,956.76. Net capitalized cost includes $595 acquisition fee. Dealer contribution may vary and could affect actual lease payment. Total monthly payments $8,964.00. Option to purchase at lease end $14,189.70. Must take new retail delivery on vehicle from dealer stock by October 31, 2018. Lessee responsible for maintenance, excessive wear/tear and 15¢/mile over 12,000 miles/year for vehicles with MSRP less than $30,000, and 20¢/mile over 12,000 miles/year for vehicles with MSRP of $30,000 or more. See your Honda dealer for complete details.

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2018 CR-V

Offer 1 of 2
$259/month Lease Offer Get This Deal

2018 Honda CR-V 2.4 L4 LX Continuously Variable FWD (RW5H3JEW)

$259/month for 36 months with $1,999 due at signing. Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.
Expires October 31, 2018

Closed end lease for 2018 CR-V Continuously Variable Transmission 2WD LX (RW5H3JEW) available from September 5, 2018 through October 31, 2018, to well-qualified lessees approved by Honda Financial Services. Not all lessees will qualify. Higher lease rates apply for lessees with lower credit ratings. MSRP $25,245.00 (includes destination, excludes tax, license, title, registration, documentation fees, options, insurance and the like). Actual net capitalized cost $23,578.99. Net capitalized cost includes $595 acquisition fee. Dealer contribution may vary and could affect actual lease payment. Total monthly payments $9,324.00. Option to purchase at lease end $15,147.00. Must take new retail delivery on vehicle from dealer stock by October 31, 2018. Lessee responsible for maintenance, excessive wear/tear and 15¢/mile over 12,000 miles/year for vehicles with MSRP less than $30,000, and 20¢/mile over 12,000 miles/year for vehicles with MSRP of $30,000 or more. See your Honda dealer for complete details.

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2018 CR-V

Offer 2 of 2
$269/month Lease Offer Get This Deal

2018 Honda CR-V 2.4 L4 LX Continuously Variable AWD (RW6H3JEW)

$269/month for 36 months with $2,199 due at signing. Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.
Expires October 31, 2018

Closed end lease for 2018 CR-V Continuously Variable Transmission AWD LX (RW6H3JEW) available from September 5, 2018 through October 31, 2018, to well-qualified lessees approved by Honda Financial Services. Not all lessees will qualify. Higher lease rates apply for lessees with lower credit ratings. MSRP $26,645.00 (includes destination, excludes tax, license, title, registration, documentation fees, options, insurance and the like). Actual net capitalized cost $24,732.78. Net capitalized cost includes $595 acquisition fee. Dealer contribution may vary and could affect actual lease payment. Total monthly payments $9,684.00. Option to purchase at lease end $15,987.00. Must take new retail delivery on vehicle from dealer stock by October 31, 2018. Lessee responsible for maintenance, excessive wear/tear and 15¢/mile over 12,000 miles/year for vehicles with MSRP less than $30,000, and 20¢/mile over 12,000 miles/year for vehicles with MSRP of $30,000 or more. See your Honda dealer for complete details.

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2019 Odyssey

Offer 1 of 1
$359/month Lease Offer Get This Deal

2019 Honda Odyssey LX 9-speed Automatic FWD (RL6H2KEW)

$359/month for 36 months with $2,499 due at signing. Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.
Expires October 31, 2018

Closed end lease for 2019 Odyssey 9 Speed Automatic LX (RL6H2KEW) available from September 5, 2018 through October 31, 2018, to well-qualified lessees approved by Honda Financial Services. Not all lessees will qualify. Higher lease rates apply for lessees with lower credit ratings. MSRP $31,085.00 (includes destination, excludes tax, license, title, registration, documentation fees, options, insurance and the like). Actual net capitalized cost $28,008.76. Net capitalized cost includes $595 acquisition fee. Dealer contribution may vary and could affect actual lease payment. Total monthly payments $12,924.00. Option to purchase at lease end $17,718.45. Must take new retail delivery on vehicle from dealer stock by October 31, 2018. Lessee responsible for maintenance, excessive wear/tear and 15¢/mile over 12,000 miles/year for vehicles with MSRP less than $30,000, and 20¢/mile over 12,000 miles/year for vehicles with MSRP of $30,000 or more. See your Honda dealer for complete details.
Expires October 31, 2018

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2018 Pilot

Offer 1 of 2
$369/month Lease Offer Get This Deal

2018 Honda Pilot EX-L 6-speed Automatic 4WD (YF6H5JJNW)

$369/month for 36 months with $2,599 due at signing. Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.
Expires October 31, 2018

Closed end lease for 2018 Pilot 6 Speed Automatic AWD EX-L (YF6H5JJNW) available from September 5, 2018 through October 31, 2018, to well-qualified lessees approved by Honda Financial Services. Not all lessees will qualify. Higher lease rates apply for lessees with lower credit ratings. MSRP $39,655.00 (includes destination, excludes tax, license, title, registration, documentation fees, options, insurance and the like). Actual net capitalized cost $34,592.88. Net capitalized cost includes $595 acquisition fee. Dealer contribution may vary and could affect actual lease payment. Total monthly payments $13,284.00. Option to purchase at lease end $23,396.45. Must take new retail delivery on vehicle from dealer stock by October 31, 2018. Lessee responsible for maintenance, excessive wear/tear and 15¢/mile over 12,000 miles/year for vehicles with MSRP less than $30,000, and 20¢/mile over 12,000 miles/year for vehicles with MSRP of $30,000 or more. See your Honda dealer for complete details.

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2018 Pilot

Offer 2 of 2
$339/month Lease Offer Get This Deal

2018 Honda Pilot EX-L 6-speed Automatic FWD (YF5H5JJNW)

$339/month for 36 months with $2,599 due at signing. Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.
Expires October 31, 2018

Closed end lease for 2018 Pilot 6 Speed Automatic 2WD EX-L (YF5H5JJNW) available from September 5, 2018 through October 31, 2018, to well-qualified lessees approved by Honda Financial Services. Not all lessees will qualify. Higher lease rates apply for lessees with lower credit ratings. MSRP $37,755.00 (includes destination, excludes tax, license, title, registration, documentation fees, options, insurance and the like). Actual net capitalized cost $32,858.71. Net capitalized cost includes $595 acquisition fee. Dealer contribution may vary and could affect actual lease payment. Total monthly payments $12,204.00. Option to purchase at lease end $22,653.00. Must take new retail delivery on vehicle from dealer stock by October 31, 2018. Lessee responsible for maintenance, excessive wear/tear and 15¢/mile over 12,000 miles/year for vehicles with MSRP less than $30,000, and 20¢/mile over 12,000 miles/year for vehicles with MSRP of $30,000 or more. See your Honda dealer for complete details.

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Sales

Monday - Friday 8:30AM - 8:00PM
Saturday 8:30AM - 7:00PM
Sunday Closed

Schedule Service

Monday - Friday 7:30AM - 6:00PM
Saturday 7:30AM - 4:00PM
Sunday Closed

Parts

Monday - Friday 7:30AM - 6:00PM
Saturday 7:30AM - 4:00PM
Sunday Closed

Mobile Collision Center

3025 Government Blvd.,
Mobile, AL 36606

Monday - Friday 7:30AM - 5:30PM
Saturday Closed
Sunday Closed
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