A Honda Fit Lease: Everything You Need To Know
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The Honda Fit is a popular car for people who want a small vehicle but also want a little extra cargo space. As a subcompact hatchback, it’s a good option if you’re looking for versatility and convenience in the same car. Of course, that means that a Honda Fit lease might be a good idea, depending on your needs.
In this article, we’ll talk about the pros and cons of leasing a Honda Fit when it’s better to lease vs. when it’s better to buy and anything else you need to know to decide whether a Honda Fit lease is right for you.
Why Consider A Honda Fit Lease
If you’re looking for a compact vehicle that has a lot of cargo space and can fit a lot of needs in your life, A Honda Fit is a good option.
Honda vehicles are consistently durable, which is good for people who need a consistent daily driver. They don’t hold their value as well as Subaru and some other manufacturers, but that can actually be a good thing for leaseholders. After all, that means that buying your leased vehicle after the lease can be a little more affordable.
Leasing a Honda Fit is also a good option if you haven’t had a subcompact vehicle before. That way, you can see if the smaller frame is a good fit for what you need without being locked into owning the vehicle.
A Honda Fit lease may also be a more affordable option if you’re looking for a way to get a new vehicle for a little less. Of course, that only works if you have the credit you need to get a good leasing deal.
Since it’s always important to consider whether a lease is the best choice in your situation, let’s look at whether leasing or buying a Honda Fit is going to be the right option.
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Leasing Vs. Buying: Which Option Is Better For Honda Fit
If you’re trying to decide whether or not to lease or buy a Honda Fit, you need some basic information first.
For one thing, the average sale price of a Honda Fit is a little over $17,000. That’s not too bad for a vehicle in this class, though the total price does vary a bit depending on your location and which trim level you decide on.
Leasing a Honda Fit, on the other hand, usually comes with about a $2,000 down payment plus a monthly payment just under $200 for a 36-month lease. Available offers may vary a little depending on location, demand, the length of your lease, and mileage limits.
Looking at the two head-to-head, you’ll spend a little less on a lease even with the down payment, but only if you only want to lease the vehicle for a few years. That’s important to consider because buying is usually better if you want to own one vehicle for 4-5 years or longer, while leasing is a better option if you’re looking to own a vehicle for 2-3 years.
Buying may be a better option if you already know that you like Honda and like the Fit model since you’ll have a little more control over the vehicle and customizing. You may also have more trim levels available to really dial in which version you want if you decide to buy instead of leasing.
Leasing can be a good way to stay on top of the latest developments, though. After all, three years can have some big improvements in safety technology and cabin features, so trading in for a new lease every few years will help make sure you always have the latest features.
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How To Decide Which Option Is Best For You
The pros and cons of buying vs. leasing are pretty balanced, assuming you’ve got the credit to get a good leasing deal. Here are some of the most important things you should consider before you decide whether you want to get a Honda Fit lease or if you want to buy your new Fit.
Let’s dive in.
You like staying up to date on the latest trends: If you’re someone who often trades in your vehicle for a newer model or likes to upgrade every few years, leasing is usually going to be more affordable than buying your vehicle.
You are a high mileage driver: Leases come with maximum mileage and per-mile overage fees. That means that if you’re a high mileage driver, buying might be the better and more affordable option.
You have a family: having a family might make it more practical to buy your vehicle, especially if you have small children that are more likely to damage the interior. That way, you don’t have to worry about getting a professional cleaning or paying additional wear and tear fees.
You’re looking for a short commute daily driver: leasing might be a better option if you’re just looking for a daily driver with a relatively short commute. That’s because you’re more likely to stay inside of mileage limits and won’t have to worry as much about damage.
You don’t want to have high-coverage insurance: Buying might be a better choice if you want a more minimal insurance plan because you have more control over the kind of insurance you get. You’ll still probably need to carry more coverage for a while, but you’ll be able to downgrade after a couple of years. Leasing, however, you’ll need to have an acceptable level of insurance for the dealer, or you could be in breach of your lease agreement.
Your credit is okay, but not great: buying may be a better option here too. Leasing is usually only available to people with relatively good credit, and the better your credit score, the better a deal you’re likely to get.
8 QUESTIONS TO ASK WHEN BUYING A USED CAR
So you’re in the market for a used vehicle? We’ve gone ahead and prepped some essential questions to ask when buying a used car.
Final Thoughts
Choosing between a Honda Fit lease and buying the vehicle can be complicated. It’s a good idea to shop around a little and compare prices and lease offerings in your area. Remember that you can sometimes get a better deal buying your vehicle, while lease prices tend to be a little more stable. It’s good to factor in whether you want the freedom to do what you want with your vehicle or freedom to trade up a little more often.
Hopefully, keeping these criteria in mind will make it easier for you to decide whether a Honda Fit lease is right for you.
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