Is a Honda Lease Right for You in Roanoke, VA?
At Priority Honda Roanoke, leasing a Honda can be a smart move if you enjoy driving a new car every few years and want to keep your monthly payments lower. But leasing isn’t for everyone. Consider this: do you prefer the long-term benefits of ownership or the flexibility of a short-term lease?
What is a Car Lease?
A car lease allows you to drive a new vehicle for a specified term—usually 24 to 36 months—by paying only for that portion of the car’s value that you’ll use during that time. Your payments typically much lower than if you financed the full purchase because they are determined based on the vehicle’s expected depreciation and “residual value” — the amount the vehicle is predicted to be worth at the end of the lease.
Why Lease a Honda from Priority Honda Roanoke?
- Lower monthly payments
- Smaller down payment
- Drive a new car every 2–3 years
- Stay covered with a full manufacturer’s warranty
- Enjoy the latest safety and technology features
- Potential tax benefits for business use (consult your tax advisor)
Honda Leasing vs. Honda Financing
Leasing a Honda in Virginia
- Typical lease term: 24–36 months
- Standard mileage allowance: 10,000–12,000 miles/year (higher options available)
- Lower down payment and lower monthly payments
- Minimal maintenance costs—your vehicle remains under factory warranty
- You don't own the car but may have equity at lease-end if it’s in excellent condition
- Always drive a newer Honda model with the latest features
- Ideal for drivers who want flexibility and affordability
Financing a Honda
- Loan terms up to 84 months (7 years)
- Unlimited mileage – no penalties for your driving lifestyle
- Higher down payment and monthly costs
- Long-term maintenance responsibility after warranty expires
- You own the car at the conclusion of your auto loan
- Better if you prefer to keep your vehicle long-term
More Information on Honda Leases in Roanoke
What Happens at the End of Your Lease?
When your Honda Lease ends in Roanoke, you have options:
- Return the vehicle and pay any fees (mileage/wear & tear)
- Buy out your Honda at the pre-set residual value
- Lease or finance a new Honda—trade in your current lease
You may even build up lease equity, where your Honda is worth more than the residual value, especially if you’ve kept it in great condition and stayed under the mileage limit. But even if your leased Honda has a few dings and scratches, you’ll be happy to know that Honda offers a $500 Excessive Wear-and-Use Waiver and up to $1,000 in total waived fees for loyal customers who lease or purchase another new Honda within 30 days either side of the lease return date.
What will it cost if I exceed my allowed miles on my Honda Lease?
If you exceed your lease mileage, Honda charges $0.15 to $0.20 per mile, depending on the model. The exact cost per mile will be stipulated in your lease agreement.
What insurance is required for a leased Honda in Virginia?
When leasing from Priority Honda Roanoke, you’ll need:
- Collision and comprehensive coverage*
- Liability insurance as required under Virginia law
Note that GAP insurance is included at no extra cost on Honda Leases.
What is GAP Insurance?
Guaranteed Asset Protection (GAP) are designed to cover the difference between what your vehicle is worth and what you still owe if it's totaled or stolen. Honda leases include GAP coverage.*
What if My Leased Honda Is in an Accident?
If your leased Honda is:
- Repairable: File a claim with your insurance company as usual
- Totaled: Notify Honda Financial Services immediately
Your included GAP will cover the shortfall between insurance payout and remaining lease balance.*
What if I Move Out of State During my Honda Lease?
No worries! Just a couple things to take care of if you move out of state during your lease term:
- Update your vehicle registration within 30 days of moving
- Notify your insurance provider of your new address
- Update your address through Honda’s My Account portal
- Return your leased Honda at Lease-end to any authorized Honda dealer in the U.S.
Talk to the Roanoke Honda Leasing Experts At Priority Honda
Our finance team is here to help you determine whether leasing or buying is right for your driving lifestyle. Contact us today to explore current Honda lease specials in Roanoke, VA, and get behind the wheel of a new Honda Accord, Civic, CR-V, or Pilot with confidence.
Priority Honda Roanoke – Your trusted Honda dealership in Southwest Virginia
Shop New Honda Contact Us*Insurance requirements for leased vehicles may differ slightly from those for purchased vehicles, so review your lease agreement for specific details. Consult your lease agreement for any GAP coverage exclusions and/or limitations that may apply, or contact Honda Finance Customer Service for details.
