Should I Buy or Lease?

You’ve put in the work to find the Hyundai that fits your performance, comfort, and budget needs, but now you’re wondering, “should I buy or lease?” As a common question seen by our finance center team at Green Family Hyundai, we’ve laid out the basics to inform your decision. When comparing leasing vs. buying, you’ll find that the better option is the one that fits your East Moline driving needs. Let’s dive into the differences between buying and leasing, and don’t hesitate to contact us if you have any questions. 

Leasing vs. Buying: Initial Costs and Cost Over Time

• From the beginning, you’ll notice leasing offers lower monthly payments, and less money spent on taxes and down payments. When starting a new lease every couple of years, your payments won’t see that much change, and you have the added benefit of not worrying about rising service and repair costs.
• You have the option to eliminate monthly payments with financing, and more affordable options are found when buying used, as opposed to leasing new vehicles. Paying off your financed vehicle means your spending less than those who continue to finance, however, growing repair costs are your responsibility. 

The Bottom Line: Many Rock Island drivers keep their vehicle for around 3 years on average. Leasing might be the right option if you like access to new technology every couple of years. If you’ve found your dream car, full ownership is a worthwhile investment. Discuss your options with the team in our finance center. 

Leasing vs. Buying: Mileage Limitations

• Financing a vehicle means you don’t have to worry about mileage limitations and other restrictions. 
• Your mileage with a leased vehicle depends on the terms of the lease and going that mileage results in an additional fee at the lease end. 

The Bottom Line: If you stick to your daily commute, most leases will fit your needs. However, long road trips and weekend getaways may be more suitable with a financed vehicle.

Leasing vs. Buying: Customization Options

• Purchasing a vehicle (or financing the full cost) means you’re not limited in your personalization options. While some parts and upgrades can void your warranty, the option is totally yours. 
• With a lease, the dealership still owns the vehicle, and likely intends to resell it after your lease ends. You’ll need to keep the vehicle as close to how you received it as possible. 

The Bottom Line: When you have off-roading adventures and performance enhancements in mind, leasing will hinder your customization options. 

Leasing vs. Buying: Process Flexibility and Convenience

• Financing offers flexible options in the car buying process. Although you’re entering into a contract when financing, it doesn’t limit your selling or trade-in options (given that your vehicle is worth more than what you owe). Financing towards ownership also means you can refinance for a lower interest rate down the line, and the vehicle is completely yours. 
• As long as you take care of the vehicle, leasing is easy and convenient. At the end of the lease term, you can deliver it back to the dealership and easily drive home in a new vehicle. Leasing also offers flexible purchasing options if you’re satisfied with your leased vehicle at the end of the lease. 

The Bottom Line: The big draw for leasing is the simplicity for Milan drivers. However, if you have no issue with maintaining and reselling a vehicle, the future trade-in value of your financed vehicle can lower your purchase price on a new vehicle. 

Explore Your Leasing and Financing Options at Green Family Hyundai!

Have you decided on your answer to “should I buy or lease?” Continue exploring your car buying options by taking a look at our other car buying tips. Then, whether you’re leasing or buying, be sure to check out our available offers and incentives, and find the model you love at Green Family Hyundai.