Buying vs. Leasing a Hyundai
Deciding whether to lease your next car, or purchase it outright can be a confusing choice. There are plenty of opinions regarding the benefits and risks of both options, which tend to muddy the already murky waters, rather than offer any substantial clarification on which one is right for you. If you are quickly approaching your deadline for determining the best course of action to take, then take a moment to discover the advantages and disadvantages of both, by referencing this handy guide.
Buying vs Leasing a Hyundai
For our purposes, let’s consider both of these options by using a hypothetical Hyundai lease as an example. Here at Keffer Hyundai, we offer great incentives for buyers who choose to finance their vehicle, as well as for individuals who opt for a Hyundai lease. Just as it is true with any major decision, there are risks and benefits regardless of which one you choose. The best way to conclude which path you will take to vehicle ownership is to consider your own personal situation as you read through the following guide.
Advantages to Buying
Advantages to Leasing
When you purchase a new Hyundai vehicle from a reputable dealership like Keffer Hyundai, you will be securing an investment for the future. The car that you buy today through various financing outlets is your car for as long as you choose to drive it. Owning your own vehicle ensures that you will have a reliable form of transportation for years into the future, and the freedom to sell it and buy another one when it makes the most sense to do so. Car shoppers who opt to buy a new or used Hyundai will not be limited to certain restrictions that lessees will need to adhere to, such as annual mileage allotments. When you buy your Hyundai outright, you can customize it to your exact specifications, including unique add-ons, exterior paint enhancements, and aftermarket performance boosters. As the owner, the sky is the limit when it comes to tricking out your ride.
Leasing a car has a ton of great advantages, including less cost than buying a vehicle outright. A Hyundai lease at Keffer Hyundai is a great option for buyers who don’t want to be tied down to a single car for a long period of time, and those consumers who desire flexibility. When you lease a Hyundai or other new vehicle, you won’t have to worry about whether or not you will be able to sell it somewhere down the line, because at the end of your lease agreement, the dealership will resume possession of your car. Leasing a car allows buyers to always have the latest in-vehicle technology and features, because most vehicle lease agreements only last a few years. Because the cost of leasing is typically lower than buying, there is also a better chance that you will be able to drive a higher end car that you wouldn’t be able to afford, otherwise.
Who Owns It
When you buy your new or used Hyundai, you are the sole owner. Even if you take out a loan from a bank, you are ultimately the owner of your vehicle – just as buyers are considered homeowners despite having to pay off a 30-year mortgage loan. That being said, if you neglect to pay your agreed upon loan back in the amount of time specified, then the financial institution can repossess your car to make up for those losses.
Who Owns It
When you lease a vehicle from a dealership, the institution that issues the lease, ultimately owns your vehicle. To put it simply, when you obtain a Hyundai lease, you are essentially renting the vehicle for an extended period of time. Every lease is different, and when you sit down with a representative at a dealership like Keffer Hyundai, you will be able to determine the lease terms that work best for your situation.
Up Front Costs
When you purchase a car, either through financing or with cash, you will be responsible for covering any up front costs associated with the purchase. Typically, an initial down payment is necessary when you choose to finance your car, and is calculated based on your credit score and income-to-debt ratio. If you currently own a car, you have the option of trading it in to the dealer, and using that money toward your down payment. It is also important to keep in mind that you will be responsible for securing proper insurance to protect your new car purchase as soon as you take possession of your vehicle.
Up Front Costs
When you lease a car, there are typically no up front costs, aside from the first month’s payment. Be sure to study your leasing agreement thoroughly so you understand the terms to their full extent, prior to signing any paperwork.
Every car experiences depreciation over time, but when you own your own vehicle, you will have the ability to sell it when it makes the most sense for you and your financial situation. It is important that you properly maintain your vehicle, especially if you plan to sell it down the road. Taking your new or used Hyundai to a certified service center such as the one at Keffer Hyundai, is a great way to ensure that your vehicle is maintained properly over the time that you own your car.
Because you don’t own the car, you will turn it in to the leasing agency at the end of your lease. However, pay close attention to any mileage restrictions or wear and tear guidelines—excessive use may cost you extra when you return your vehicle.
End of Payments
One of the best things about buying your own car is that once you make the final payment, it is yours to do with what you please. The financial institution that provided you with your automotive loan, will issue you a Lien Release, proving that the vehicle have been paid off in full, and is entirely yours.
End of Payments
At the end of your leasing agreement, you will simply turn your vehicle in to the institution that issued your lease. Typically, there aren’t any end-of-lease payments that are due, as long as you adhere to the terms of your lease. Mileage restrictions that were not followed, and any damage to the vehicle, will be the financial responsibility of the lessee at the end of the contract. When you inquire about a Hyundai lease, be sure to discuss all of these restrictions and potential hidden costs with your financial agent, prior to signing on the dotted line.
Best Cars to Lease
Lease agreements are determined based on a wide variety of factors, including the amount of time you expect to keep the vehicle, and the car’s expected rate of depreciation. A Hyundai lease that is on the lower end of the cost spectrum will be for a vehicle that is expected to hold its value better than other potential leasing candidates. You can review the different lease ratings online, to help determine which vehicle is the right option for your Hyundai lease.
Lease a Hyundai with Keffer Hyundai
The decision whether to lease or buy a Hyundai is one that all car shoppers will eventually have to make. When you come down to Keffer Hyundai here in Matthews, North Carolina, our financial team will sit down and discuss your options, and help you determine which is the best course of action for your individual needs. Don’t leave this all important decision up to chance. Rather, let Keffer Hyundai guide you through the process with accuracy and an unmatched dedication to your satisfaction. Come down to explore a Hyundai lease or purchase today!