As your lease term nears its end, you have several important decisions to make. Whether you’re planning to upgrade to a new Honda, buy your current vehicle, or return your lease, we’re here to help you navigate the process.
Option 1: Trade-in For a New Vehicle
When your lease is up, you have the opportunity to upgrade to the newest models available. Trading in your leased vehicle provides a seamless way to drive home in a new Honda.
Benefits of Leasing Again:
- Drive the Latest Models: Always have access to the latest technology and safety features.
- Lower Maintenance Costs: Many lease plans include maintenance coverage, reducing your expenses.
- Potentially Lower Payments: Depending on several factors, your monthly payments for a new lease might be lower or comparable to your current ones.
Option 2: Purchasing Your Lease Vehicle
If you’ve grown fond of your vehicle and want to keep it, purchasing it at the end of your lease is a solid option.
Evaluating a Buyout Option:
- Vehicle Condition: Inspect the vehicle’s condition, including any wear, tear, mileage, and potential repair needs.
- Market Value: Research the market value of your vehicle to see how it compares to its buyout price.
- Financial Considerations: Weigh the ownership costs, monthly payments, and depreciation against the buyout price.
Option 3: Returning Your Lease
Returning it is a straightforward process if you’re ready to move on from your lease.
Pre-Return Inspection:
- Timing: Schedule a pre-return inspection a few weeks before your lease ends.
- Process: A representative will inspect your vehicle for wear and tear and interior and exterior damage.
- What to Expect: The inspection will evaluate the vehicle’s condition based on your lease agreement.
Finalizing the Return and Potential Charges:
- Required Items: Bring the lease agreement, all vehicle keys, the owner’s manual, maintenance records, and accessories.
- Mileage Overages: If you’ve driven more miles than agreed upon, there may be an additional per-mile charge.
- Excess Wear and Tear: Any damage beyond normal wear could lead to extra charges.
- Disposition Fee: This fee covers the costs of processing your vehicle’s return.
As your lease comes to an end, take the time to consider your options. Leasing again gives you the flexibility to enjoy the latest models, while buying out your vehicle may be perfect if you’ve grown attached to it. Returning your lease is simple and stress-free if you’re ready to move on.
Contact us or visit the Honda website for more information on lease return options.
