Honda Odyssey Forum banner

Lease / Finance?

1711 Views 9 Replies 9 Participants Last post by  Homer
I am struggling b/w leasing / financing. I basically will keep the vehicle for around 4 years. If I lease, I simply just pay per month and when the 48 month is reach, I just have to return the vehicle. Again, I always have to option to purchase..which I don't think I will, but want to keep this option open, just in case I love the vehicle. If I finance, I will do a 60 month finance, but most likely will sell the vehicle after 4/5 years (maybe b4 the 60 month finance period ends). I am a newbrie in this lease and finance terms. So I don't know the pros and cons. Can some of u give me some suggestion as to which one will cost me less?
1 - 1 of 10 Posts
Leasing is not as bad as some people think as long as you know what you are doing.
From my experience, firt of all you need to understand leasing and know the terms and calculation. One good place for newbie to learn is, you go there and click 'advise', then 'leasing', you'll learn all the basic terms and calculations with examples. Then you can go back to edmunds' homepage and click 'townhall', there you go to 'finance, warranty & insurance' and then click 'lease questions-ask here'. In there, you can ask the host who is working in the auto industry and has all the most recent lease info on almost every car. I have asked him about the Ody, this van has quite high residual value and Honda provides reasonable 'money factor' for it.
Hope this info helps you out.
Also, leasing makes sense only for cars with high residual value such as Mercedes/BMW/Lexus... and vehicle with high demand such as Ody, because leasing is basically paying for the car's depreciation with interest. Cars with high residual value (less depreciation) cost less to drive. However, you have to know how many miles/year you normally drive and lease accrodingly.
Overall, just prepare yourself with all the terms and calculation, then ask the host for the most recent 'money factor' and 'residual value', calculate yourself the monthly payment. Armed with all these, you can walk into the dealer showroom and negotiate with confidence.
See less See more
1 - 1 of 10 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.