Lease vs Buy


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.

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 That means that by the time things start to feel a little outdated, you’ll be ready to move on to the next thing.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

2020 Accord Hybrid

Offer 1 of 2
$279/month

2020 Honda Accord Hybrid EX Continuously Variable FWD (CV3F4LJW)

$279/month for 36 months with $3,099 due at signing. Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.

Available only for residents of AK, AL, AR, DC, GA, HI, ID, KS, LA, MD, MO, MS, NC, OK, OR, SC, TN, TX, VA, WA, WV, WY Closed-end lease for 2020 Accord Sedan Continuously Variable Transmission Hybrid EX available through 11/02/2020, to approved lessees by Honda Financial Services. MSRP $30,625.00 (includes destination; excludes tax, title, license, registration, options, insurance). Actual net capitalized cost $29,940.46. Total monthly payments $12,950.00. Option to purchase at lease end $17,456.25. Lessee responsible for maintenance, excessive wear/tear and up to 20¢/mi. over 10,000 miles/year. Dealer participation may affect actual payment. Dealer sets actual prices. See participating dealers for details.

Show Details

2020 Accord Hybrid

Offer 2 of 2
$370/month

2020 Honda Accord Hybrid EX Continuously Variable FWD (CV3F4LJW)

$370/month for 35 months with $0 due at signing. Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.

Available only for residents of AK, AL, AR, DC, GA, HI, ID, KS, LA, MD, MO, MS, NC, OK, OR, SC, TN, TX, VA, WA, WV, WY Closed-end lease for 2020 Accord Sedan Continuously Variable Transmission Hybrid EX available through 11/02/2020, to approved lessees by Honda Financial Services. MSRP $30,625.00 (includes destination; excludes tax, title, license, registration, options, insurance). Actual net capitalized cost $29,940.46. Total monthly payments $12,950.00. Option to purchase at lease end $17,456.25. Lessee responsible for maintenance, excessive wear/tear and up to 20¢/mi. over 10,000 miles/year. Dealer participation may affect actual payment. Dealer sets actual prices. See participating dealers for details.

Show Details

2020 Accord Sedan

Offer 1 of 2
$300/month

2020 Honda Accord Sedan 1.5T L4 LX Continuously Variable FWD (CV1F1LEW)

$300/month for 35 months with $0 due at signing. Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.

Available only for residents of AK, AL, AR, DC, GA, HI, ID, KS, LA, MD, MO, MS, NC, OK, OR, SC, TN, TX, VA, WA, WV, WY Closed-end lease for 2020 Accord Sedan Continuously Variable Transmission LX available through 11/02/2020, to approved lessees by Honda Financial Services in select states. MSRP $25,225.00 (includes destination; excludes tax, title, license, registration, options, insurance). Actual net capitalized cost $22,224.28. Total monthly payments $8,244.00. Option to purchase at lease end $14,630.50. Lessee responsible for maintenance, excessive wear/tear and up to 20¢/mi. over 10,000 miles/year. Dealer participation may affect actual payment. Dealer sets actual prices. See participating dealers for details.

Show Details

2020 Accord Sedan

Offer 2 of 2
$229/month

2020 Honda Accord Sedan 1.5T L4 LX Continuously Variable FWD (CV1F1LEW)

$229/month for 36 months with $2,699 due at signing. Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.

Available only for residents of AK, AL, AR, DC, GA, HI, ID, KS, LA, MD, MO, MS, NC, OK, OR, SC, TN, TX, VA, WA, WV, WY Closed-end lease for 2020 Accord Sedan Continuously Variable Transmission LX available through 11/02/2020, to approved lessees by Honda Financial Services in select states. MSRP $25,225.00 (includes destination; excludes tax, title, license, registration, options, insurance). Actual net capitalized cost $22,224.28. Total monthly payments $8,244.00. Option to purchase at lease end $14,630.50. Lessee responsible for maintenance, excessive wear/tear and up to 20¢/mi. over 10,000 miles/year. Dealer participation may affect actual payment. Dealer sets actual prices. See participating dealers for details.

Show Details

2020 Civic Sedan

Offer 1 of 2
$270/month

2020 Honda Civic Sedan 2.0 L4 LX CVT Continuously Variable FWD (FC2F6LEW)

$270/month for 35 months with $0 due at signing. Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.

Available only for residents of AK, AL, AR, DC, GA, HI, ID, KS, LA, MD, MO, MS, NC, OK, OR, SC, TN, TX, VA, WA, WV, WY Closed-end lease for 2020 Civic Sedan Continuously Variable Transmission LX available through 11/02/2020, to approved lessees by Honda Financial Services. MSRP $21,755.00 (includes destination; excludes tax, title, license, registration, options, insurance). Actual net capitalized cost $18,385.74. Total monthly payments $6,804.00. Option to purchase at lease end $13,053.00. Lessee responsible for maintenance, excessive wear/tear and up to 20¢/mi. over 10,000 miles/year. Dealer participation may affect actual payment. Dealer sets actual prices. See participating dealers for details.

Show Details

2020 Civic Sedan

Offer 2 of 2
$189/month

2020 Honda Civic Sedan 2.0 L4 LX CVT Continuously Variable FWD (FC2F6LEW)

$189/month for 36 months with $2,999 due at signing. Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.

Available only for residents of AK, AL, AR, DC, GA, HI, ID, KS, LA, MD, MO, MS, NC, OK, OR, SC, TN, TX, VA, WA, WV, WY Closed-end lease for 2020 Civic Sedan Continuously Variable Transmission LX available through 11/02/2020, to approved lessees by Honda Financial Services. MSRP $21,755.00 (includes destination; excludes tax, title, license, registration, options, insurance). Actual net capitalized cost $18,385.74. Total monthly payments $6,804.00. Option to purchase at lease end $13,053.00. Lessee responsible for maintenance, excessive wear/tear and up to 20¢/mi. over 10,000 miles/year. Dealer participation may affect actual payment. Dealer sets actual prices. See participating dealers for details.

Show Details

2020 CR-V

Offer 1 of 2
$310/month

2020 Honda CR-V 1.5T L4 LX Continuously Variable AWD (RW2H2LEW)

$310/month for 35 months with $0 due at signing. Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.
Expires November 2, 2020

Closed-end lease for 2020 CR-V Continuously Variable Transmission AWD LX available through 11/02/2020, to approved lessees by Honda Financial Services. MSRP $27,770.00 (includes destination; excludes tax, title, license, registration, options, insurance). Actual net capitalized cost $26,655.82. Total monthly payments $10,850.00. Option to purchase at lease end $17,217.40. Lessee responsible for maintenance, excessive wear/tear and up to 20¢/mi. over 10,000 miles/year. Dealer participation may affect actual payment. Dealer sets actual prices. See participating dealers for details.

Show Details

2020 CR-V

Offer 2 of 2
$310/month

2020 Honda CR-V 1.5T L4 LX Continuously Variable FWD (RW1H2LEW)

$310/month for 35 months with $0 due at signing. Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.
Expires November 2, 2020

Closed-end lease for 2020 CR-V Continuously Variable Transmission 2WD LX available through 11/02/2020, to approved lessees by Honda Financial Services. MSRP $26,270.00 (includes destination; excludes tax, title, license, registration, options, insurance). Actual net capitalized cost $25,796.19. Total monthly payments $10,850.00. Option to purchase at lease end $16,287.40. Lessee responsible for maintenance, excessive wear/tear and up to 20¢/mi. over 10,000 miles/year. Dealer participation may affect actual payment. Dealer sets actual prices. See participating dealers for details.

Show Details

2020 CR-V Hybrid

Offer 1 of 1
$330/month

2020 Honda CR-V Hybrid LX Continuously Variable AWD (RT6H2LEW)

$330/month for 35 months with $0 due at signing. Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.
Expires November 2, 2020

Closed-end lease for 2020 CR-V Continuously Variable Transmission Hybrid LX available through 11/02/2020, to approved lessees by Honda Financial Services. MSRP $28,970.00 (includes destination; excludes tax, title, license, registration, options, insurance). Actual net capitalized cost $28,839.96. Total monthly payments $11,550.00. Option to purchase at lease end $18,830.50. Lessee responsible for maintenance, excessive wear/tear and up to 20¢/mi. over 10,000 miles/year. Dealer participation may affect actual payment. Dealer sets actual prices. See participating dealers for details.

Show Details

2020 Fit

Offer 1 of 2
$210/month

2020 Honda Fit CVT LX Continuously Variable FWD (GK5H4LEW)

$210/month for 35 months with $0 due at signing. Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.
Expires November 2, 2020

Closed-end lease for 2020 Fit Continuously Variable Transmission LX available through 11/02/2020, to approved lessees by Honda Financial Services. MSRP $17,945.00 (includes destination; excludes tax, title, license, registration, options, insurance). Actual net capitalized cost $16,096.86. Total monthly payments $6,084.00. Option to purchase at lease end $11,305.35. Lessee responsible for maintenance, excessive wear/tear and up to 20¢/mi. over 10,000 miles/year. Dealer participation may affect actual payment. Dealer sets actual prices. See participating dealers for details.

Show Details

2020 Fit

Offer 2 of 2
$169/month

2020 Honda Fit CVT LX Continuously Variable FWD (GK5H4LEW)

$169/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 November 2, 2020

Closed-end lease for 2020 Fit Continuously Variable Transmission LX available through 11/02/2020, to approved lessees by Honda Financial Services. MSRP $17,945.00 (includes destination; excludes tax, title, license, registration, options, insurance). Actual net capitalized cost $16,096.86. Total monthly payments $6,084.00. Option to purchase at lease end $11,305.35. Lessee responsible for maintenance, excessive wear/tear and up to 20¢/mi. over 10,000 miles/year. Dealer participation may affect actual payment. Dealer sets actual prices. See participating dealers for details.

Show Details

2020 HR-V

Offer 1 of 4
$270/month

2020 Honda HR-V LX Continuously Variable AWD (RU6H3LEW)

$270/month for 35 months with $0 due at signing. Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.
Expires November 2, 2020

Closed-end lease for 2020 HR-V Continuously Variable Transmission AWD LX available through 11/02/2020, to approved lessees by Honda Financial Services. MSRP $23,540.00 (includes destination; excludes tax, title, license, registration, options, insurance). Actual net capitalized cost $23,106.91. Total monthly payments $9,450.00. Option to purchase at lease end $14,594.80. Lessee responsible for maintenance, excessive wear/tear and up to 20¢/mi. over 10,000 miles/year. Dealer participation may affect actual payment. Dealer sets actual prices. See participating dealers for details.

Show Details

2020 HR-V

Offer 2 of 4
$179/month

2020 Honda HR-V LX Continuously Variable FWD (RU5H3LEW)

$179/month for 36 months with $2,699 due at signing. Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.
Expires November 2, 2020

Closed-end lease for 2020 HR-V Continuously Variable Transmission 2WD LX available through 11/02/2020, to approved lessees by Honda Financial Services. MSRP $22,040.00 (includes destination; excludes tax, title, license, registration, options, insurance). Actual net capitalized cost $19,209.30. Total monthly payments $6,444.00. Option to purchase at lease end $13,885.20. Lessee responsible for maintenance, excessive wear/tear and up to 20¢/mi. over 10,000 miles/year. Dealer participation may affect actual payment. Dealer sets actual prices. See participating dealers for details.

Show Details

2020 HR-V

Offer 3 of 4
$250/month

2020 Honda HR-V LX Continuously Variable FWD (RU5H3LEW)

$250/month for 35 months with $0 due at signing. Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.
Expires November 2, 2020

Closed-end lease for 2020 HR-V Continuously Variable Transmission 2WD LX available through 11/02/2020, to approved lessees by Honda Financial Services. MSRP $22,040.00 (includes destination; excludes tax, title, license, registration, options, insurance). Actual net capitalized cost $19,209.30. Total monthly payments $6,444.00. Option to purchase at lease end $13,885.20. Lessee responsible for maintenance, excessive wear/tear and up to 20¢/mi. over 10,000 miles/year. Dealer participation may affect actual payment. Dealer sets actual prices. See participating dealers for details.

Show Details

2020 HR-V

Offer 4 of 4
$179/month

2020 Honda HR-V LX Continuously Variable AWD (RU6H3LEW)

$179/month for 36 months with $3,599 due at signing. Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.
Expires November 2, 2020

Closed-end lease for 2020 HR-V Continuously Variable Transmission AWD LX available through 11/02/2020, to approved lessees by Honda Financial Services. MSRP $23,540.00 (includes destination; excludes tax, title, license, registration, options, insurance). Actual net capitalized cost $23,106.91. Total monthly payments $9,450.00. Option to purchase at lease end $14,594.80. Lessee responsible for maintenance, excessive wear/tear and up to 20¢/mi. over 10,000 miles/year. Dealer participation may affect actual payment. Dealer sets actual prices. See participating dealers for details.

Show Details

2021 Odyssey

Offer 1 of 1
$359/month

2021 Honda Odyssey EX 10A FWD (RL6H5MEXW)

$359/month for 36 months with $3,399 due at signing. Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.
Expires November 2, 2020

Offer excludes accessories and premium paint color. Closed-end lease for 2021 Odyssey 10 Speed Automatic EX available through 11/02/2020, to approved lessees by Honda Financial Services. MSRP $36,310.00 (includes destination; excludes tax, title, license, registration, options, insurance). Actual net capitalized cost $32,769.22. Total monthly payments $12,924.00. Option to purchase at lease end $22,512.20. Lessee responsible for maintenance, excessive wear/tear and up to 20¢/mi. over 10,000 miles/year. Dealer participation may affect actual payment. Dealer sets actual prices. See participating dealers for details.

Show Details

2020 Odyssey

Offer 1 of 2
$410/month

2020 Honda Odyssey EX 10A FWD (RL6H5LEXW)

$410/month for 35 months with $0 due at signing. Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.
Expires November 2, 2020

Closed-end lease for 2020 Odyssey 10 Speed Automatic EX available through 11/02/2020, to approved lessees by Honda Financial Services. MSRP $35,910.00 (includes destination; excludes tax, title, license, registration, options, insurance). Actual net capitalized cost $33,255.96. Total monthly payments $14,350.00. Option to purchase at lease end $20,468.70. Lessee responsible for maintenance, excessive wear/tear and up to 20¢/mi. over 10,000 miles/year. Dealer participation may affect actual payment. Dealer sets actual prices. See participating dealers for details.

Show Details

2020 Odyssey

Offer 2 of 2
$329/month

2020 Honda Odyssey EX 10A FWD (RL6H5LEXW)

$329/month for 36 months with $3,399 due at signing. Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.
Expires November 2, 2020

Closed-end lease for 2020 Odyssey 10 Speed Automatic EX available through 11/02/2020, to approved lessees by Honda Financial Services. MSRP $35,910.00 (includes destination; excludes tax, title, license, registration, options, insurance). Actual net capitalized cost $33,255.96. Total monthly payments $14,350.00. Option to purchase at lease end $20,468.70. Lessee responsible for maintenance, excessive wear/tear and up to 20¢/mi. over 10,000 miles/year. Dealer participation may affect actual payment. Dealer sets actual prices. See participating dealers for details.

Show Details

2020 Passport

Offer 1 of 1
$309/month

2020 Honda Passport EX-L 9-speed Automatic AWD (YF8H5LJNW)

$309/month for 36 months with $3,099 due at signing. Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.
Expires November 2, 2020

Closed-end lease for 2020 Passport 9 Speed Automatic AWD EX-L available through 11/02/2020, to approved lessees by Honda Financial Services. MSRP $39,530.00 (includes destination; excludes tax, title, license, registration, options, insurance). Actual net capitalized cost $34,444.57. Total monthly payments $11,124.00. Option to purchase at lease end $25,299.20. Lessee responsible for maintenance, excessive wear/tear and up to 20¢/mi. over 10,000 miles/year. Dealer participation may affect actual payment. Dealer sets actual prices. See participating dealers for details.

Show Details

2021 Pilot

Offer 1 of 1
$359/month

2021 Honda Pilot EX-L 9-speed Automatic 4WD (YF6H5MJNW)

$359/month for 36 months with $3,299 due at signing. Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.
Expires November 2, 2020

Closed-end lease for 2021 Pilot 9 Speed Automatic AWD EX-L available through 11/02/2020, to approved lessees by Honda Financial Services. MSRP $41,480.00 (includes destination; excludes tax, title, license, registration, options, insurance). Actual net capitalized cost $36,227.92. Total monthly payments $12,924.00. Option to purchase at lease end $26,132.40. Lessee responsible for maintenance, excessive wear/tear and up to 20¢/mi. over 10,000 miles/year. Dealer participation may affect actual payment. Dealer sets actual prices. See participating dealers for details.

Show Details

2020 Ridgeline

Offer 1 of 1
$329/month

2020 Honda Ridgeline With Leather and Navigation RTL-E 9-speed Automatic AWD (YK3F7LKNW)

$329/month for 36 months with $3,299 due at signing. Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.

Available only for residents of AZ, CA, CO, CT, DE, FL, IA, IL, IN, KY, MA, ME, MI, MN, MT, ND, NE, NH, NM, NJ, NV, NY, OH, PA, RI, SD, TX, UT, VT, WI Closed-end lease for 2020 Ridgeline 9 Speed Automatic AWD RTL-E available through 11/02/2020, to approved lessees by Honda Financial Services in select states only. MSRP $43,140.00 (includes destination; excludes tax, title, license, registration, options, insurance). Actual net capitalized cost $38,516.63. Total monthly payments $11,844.00. Option to purchase at lease end $29,335.20. Lessee responsible for maintenance, excessive wear/tear and up to 20¢/mi. over 10,000 miles/year. Cannot be combined with Texas Honda Sales Credit. Dealer participation may affect actual payment. Dealer sets actual prices. See participating dealers for details.

Show Details