Hyundai Lease vs. Buy: Which Should You Choose?

Are you buying a Hyundai? If so, you're probably wondering if you should lease or buy your vehicle. Here's a comparison between a Hyundai lease and buying a Hyundai vehicle.
Named among one of the top 10 most reliable car brands by Consumer Reports, Hyundai models are a worthy investment. Featuring sleek designs created with comfort in mind, it's a brand that feels good to drive while giving you peace of mind on the road.
But when it comes to how you get one, do you go with a Hyundai lease or do you buy?
This answer to this question isn't black and white. It varies depending on your needs, your lifestyle, and your budget.
What Is a Hyundai Lease?
Before you make a decision regarding buying or leasing, it's important to know how a lease works. Car leases aren't a universal deal. The terms will vary depending on your contract.
However, there are certain standards you can expect.
When you buy into a lease, you don't own the car you're paying money on. Like an apartment or house, you are merely renting it for a designated period of time. This period of time is typically anywhere between three to five years.
During this time, you pay a monthly fee for the vehicle. This fee is not the same as a car payment. It doesn't go toward the overall balance of the car, but rather your "monthly rent" to use it.
At the end of that designated period, you return the car or you may have the option to buy it outright. If you choose to buy, the overall price will be based on an appraisal of the car's current worth based on age, mileage, model value, and condition.
Leasing a Hyundai vs. Buying a Hyundai
There are many incentives for leasing a Hyundai vehicle. For many individuals, leasing a car means less commitment, cheaper payments, and the ability to stay up-to-date with new models.
Here are the perks:
* Most Leases Don't Require a Down Payment
Unlike buying a car, many leases allow you to sign up with no money down. You simply pay the monthly lease payments for the duration of the contract and then give the car back at the end of its term.
This is a great option for any individual looking for a new mode of transportation but doesn't necessarily have a lot of money saved up for a down payment. The terms are straightforward and you leave the same day with a brand new car.
* Leases Offer Cheaper Monthly Rates
Even without putting money down upfront, leases often provide you with a cheaper monthly payment than a vehicle you purchase. This is perfect if you're on a budget or you simply don't want to pour money into a car you don't plan to keep.
You also don't have to worry about taking out a car loan or paying interest payments. It's a temporary solution for getting you behind the wheel of a new vehicle without the heavy financial burden.
Many individuals use leasing as an opportunity to have a temporary vehicle while saving for a down payment on a new vehicle a few years down the road.
Others enjoy leasing because it means they don't have to commit to a vehicle for multiple years or worry about going upside down on their payments.
Because car values depreciate the moment they drive off the lot, many buyers worry about the value of their car dipping below their loan payment by the time they're ready to trade it in for something new.
Leasing frees you from this concern, allowing you to return the vehicle at the end of your leasing contract with zero obligation to buy it afterward.
* Leases Keep You in a New Car
Because leases are short-term contracts, you are able to get a new model every few years. If you're a car enthusiast or you simply aren't looking forward to the maintenance that comes with a car after it reaches a high mileage, this may be a great option for you.
Many locations offer maintenance as part of the leasing contract. That means you simply drop by the dealership whenever you need routine service.
The Limitations behind Leasing
However, there are some limitations that come with choosing a lease over buying a vehicle outright. Just like your apartment rental, when you lease a car, you are responsible for maintaining its condition.
If dents, scratches, or other damages are incurred while you are leasing the vehicle, you will be held financially responsible for its repair. This means anything other than normal wear and tear will be tacked onto your final bill.
The same goes for extra mileage. You don't want to buy into a lease if you do a lot of traveling by car. Most leases limit the amount of mileage you put on a vehicle.
This limitation averages to around 12,000 miles per year. Before you choose a lease, think carefully about the amount of driving you do on a regular basis to make sure it fits into your lifestyle habits.
Why Buy a Hyundai Rather Than Lease One?
With all the advantages listed above, why buy a Hyundai when you can lease one?
Buying the car you lease after your lease contract is up is almost always more expensive than buying a car outright. As we stated previously, all the payments you made prior are not applied to the overall cost of the car.
Instead, it's like buying a used model off the lot. You make your purchase based on what the dealership decides the car is worth.
If you do a lot of driving or you see yourself keeping the car on a long-term basis, buying will save you money in the long-run.
Buying also gives you more liberty with your vehicle, such as making modifications or adding new features.
Lease or Buy a Hyundai in Augusta, GA
Whether you're looking for a Hyundai lease or you're ready to buy, we'll help you get behind the wheel. We have tons of vehicle incentives to help you get the best deals.
Whether you're looking for a sedan, hatchback, SUV, or hybrid, you're bound to find something you love at Taylor Hyundai.
Drop us a line or come in and see us at our Augusta, Georgia location!

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