A Honda CR-V Lease: Everything You Need To Know

in Car Buying Tips
White Honda CR-V

Honda CRV by EurovisionNim — CC-BY-SA-4.0

The Honda CR-V is a mid-size compact SUV, ideal for exploring the open road. It’s got excellent gas mileage and a fancy interior, comfortable for both drivers and passengers alike. If you’re interested in this car, you might wonder if the Honda CR-V lease is right for you.

Read on to learn more about the Honda CR-V lease. It’s vital to know the differences between buying this car and leasing, as well as the pros and cons that come with selecting this unique option.

What is the Average Cost to Lease vs. Buy?

Before you decide that a Honda CR-V lease is right for you, it’s critical to compare leasing to the price of buying. Both have different costs and may be suitable for differing types of people.

According to carsdirect.com, the average costs to lease and buy a Honda CR-V include the following:

  • To buy for three years: Around $580 a month
  • To lease for three years: Around $259 a month

These prices can rise or fall depending on the model you want and anything extra involved in the deal.

For the most part, leasing is more affordable than buying if you only want to hang on to your car for a few years. It’s almost $300 cheaper a month to take on a lease rather than buying.

It’s critical to note that leasing is not always cheaper. If you want to have your Honda CR-V for more than five years, leasing will quickly become unaffordable. Buying is the best choice if you want a vehicle that will last you a long time and save money in the buying process.

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Pros and Cons of Leasing the Honda CR-V

As with any payment method for a vehicle, both good and bad things come with a Honda CR-V lease. For an intelligent decision, it’s vital to consider both the good and the bad.

Read on to learn more about the pros and cons that come with the Honda CR-V. Once you’re familiar with both, you can make a better financial decision that will positively impact your future.

Pros of Leasing the Honda CR-V

Many great things come with a Honda CR-V lease. Today, we’ll go over two of them so you can get a better idea of what you can get out of selecting this payment method for your car.

According to autonationhondahollywood.com, two of the best things about a Honda CR-V lease include:

  • Access to new cars
  • An option for purchase at the end

These are two excellent benefits that can serve you well on the road. 

Understanding the pros of a Honda CR-V lease is a single part of making an educated decision about this financial decision. Each of these assists you in a different way.

Access to New Cars

With a Honda CR-V lease, you can access new, updated vehicles much faster than if you bought a car for yourself. Since leases only last about three years, you can trade in your Honda CR-V for a brand-new one.

Having access to new features is a fun experience. You don’t need to worry about missing out because you can upgrade within a few years. This reason is why many people invest in a lease over a purchase.

Option for Purchase

At the end of your lease, you have the option to trade in your vehicle or purchase it. This technique gives you plenty of time to decide if you want to keep the car or get a newer one by the end of your contract.

If you have a hard time committing, this can be a huge benefit. You’ll be paying less per month, and you can still keep it if you end up changing your mind. It’s a great system many benefit from in the car world.

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Cons of Leasing the Honda CR-V

Some cons come with the Honda CR-V lease. Although it’s not necessarily fun to read about the negatives of a payment method, understanding these will make you feel more confident in your decision.

According to pattypeckhonda.com, two of the biggest cons that come with the Honda CR-V include:

  • Necessary excellent credit score
  • Damage fees at the end

Both of these can catch you by surprise if you’re not prepared for them ahead of time.

Below, we’ll go more in-depth about these negatives. They’re critical to understand when looking into a Honda CR-V lease.

A Good Credit Score is Often Necessary

For many dealers, you’ll need a fantastic credit score to discuss leasing a vehicle. If you have a bad credit score, you won’t have a shot at getting the opportunity to lease a Honda CR-V.

This problem makes the window of those who can lease limited. If you want to lease, you should get your credit score up beforehand to avoid running into disappointment once you arrive at the dealer.

Fees Come with Exceeding Mileage Limits

Most times, dealers will have yearly mileage limits on what you can drive as the person leasing a Honda CR-V. If you exceed these, you may have to deal with some pretty hefty fines when you turn in your vehicle at the end of your lease.

Because of this, leasing is ideal for those who need a car to drive to a location nearby. It’s not ideal if you need to make hour-long commutes every single day for your job.

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Conclusion

When you lease a Honda CR-V, you get access to a brand-new car for a limited amount of time. You don’t have to pay as much as you would if you were to buy the vehicle, and you can trade it out for a newer version once your agreed-on lease period is over. Although there are some restrictions, it’s still an excellent choice for many.

If you love the idea of getting a car without too much commitment, a Honda CR-V lease is for you. It’s a flexible option that allows you to take time on your financial decisions with a vehicle.

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