Hyundai Leasing Vs Buying

 

Are you thinking about getting a new Hyundai vehicle but are unsure whether to buy or lease? To get behind the wheel of that Tucson or Palisade you have your eye on, you have a couple of options. While you may be more familiar with the traditional way of buying a car, leasing has become more popular in recent years. Both routes have advantages that may appeal to you depending on your lifestyle and current situation. Our team here at Hiley Hyundai of Fort Worth wants to help you make the right decision, so read our guide below to learn more.

What Are the Benefits of Buying a Car?

You can purchase a vehicle in one of two ways. The first is to pay the full amount in cash, but most people find that’s not the best option for them. The second and most common choice for completing the deal is to finance the vehicle.

The first significant benefit of buying a Hyundai is that it’s yours to use as you please. If you want to buy a crossover, you can customize it with accessories and drive it for as many miles as you wish each year. But if you lease a vehicle, there’s usually a mileage limit for each year you have it. You must pay an additional mileage charge if you go over this limit.

A further benefit is that buying your vehicle outright will save you money in the long term. For example, if you take out an auto loan for an Elantra with a four-year repayment period, you’ll still be able to enjoy driving it several years after you’ve finished paying back the loan. Or you might be ready to sell it at that point and put the funds toward purchasing a new one. If you lease a vehicle, you’ll have to continue covering your monthly payment until the agreement ends.

Finally, buying your vehicle can give you more flexibility than leasing. You must return a leased car to the dealership at the end of the agreement term in good condition or with no more than the average amount of wear and tear. If you’re a passionate off-roader or plan on using your SUV or truck for hauling heavy loads, you’ll probably be more reluctant to enter a lease because there’s a good chance your vehicle will take a few knocks over the years.

What Are the Advantages of Leasing?

You may prefer leasing your car if you want more affordable payments. The monthly amount you’ll pay is generally lower than if you were to finance a car because you only need to cover the vehicle’s depreciation during your lease. In contrast, if you make an outright purchase, you must pay off its total value. The savings each month from leasing can be better if you’re on a tight budget. In addition, since your payments will be lower with leasing, you may be able to choose a higher trim or a larger vehicle than you could by purchasing with an auto loan.

Another bonus of leasing is that you can look forward to a brand-new car every two or three years. All you need to do once your current lease expires is return your vehicle to the dealership in good condition. You’re then free to lease another car from the latest model year. If you buy a vehicle, you’ll most likely drive it while you pay off the loan. So if you want a different vehicle, you’ll first need to sell your car.

A final benefit of leasing is that you can enjoy driving your chosen vehicle during its best years. Leased cars are typically still under warranty, and our service department can take care of any maintenance needs. But if you buy your vehicle outright, the warranty may expire while you’re still driving it. You’ll then need to pay the extra cost of an extended warranty or possibly deal with more expensive repair bills as your vehicle gets older.

Why Should You Buy or Lease From Hiley Hyundai of Fort Worth?

Whether you ultimately choose to buy or lease a new vehicle, at Hiley Hyundai of Fort Worth, we’re here to help. Our finance team has extensive experience in helping drivers in the Fort Worth area access competitive auto loans. The local and national lenders we do business with offer multiple lending options, including low-interest loans and agreements with extended repayment periods to help you keep monthly costs down.

If you want to apply for a loan, you can fill out our online application form in just minutes. One of our team members can get to work creating your financial agreement, and it’ll be ready for your approval when you drop by. If you’re unsure how much you’d like to borrow, you can use our payment calculator to determine your monthly payments for your desired amount.

We can also handle lease agreements. We offer leases of various lengths depending on your needs, including one, two, or three years. You’ll typically make a down payment to start the lease and then pay off the balance in monthly installments for the remainder of the lease period. If this is your first time leasing a vehicle, we can walk you through the process and answer any of your questions.

Whether you buy or lease a car from us, you can get an even better deal by selling us your car. Our valuation tool will give you a no-obligation quote for your vehicle in a matter of minutes. This option is much more straightforward than locating a buyer on the private market, and it may generate thousands of dollars you can then put toward your loan repayment or lease deal.

As you can see, there are benefits to both buying and leasing a new Hyundai. Our finance team here at Hiley Hyundai of Fort Worth will be happy to answer any questions you have about leasing or buying a vehicle, so don’t hesitate to reach out. We can advise you on either option and help you decide. You can contact us by phone, send an online message, or drop by our Fort Worth dealership to chat with us.

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