When it’s time for a new car, there are many factors to consider. You will spend time researching, exploring Hyundai lots, and test-driving new cars at the dealership. But when it comes down to paying for your new Hyundai, there is another important decision to make: Are you going to buy or lease your new car? Both options contain pros and cons which we have outlined below:
Advantages to Buying:
When it comes to purchasing a new car, most people prefer to buy a vehicle, often on a payment plan. Your local Hyundai dealer can help you with financing, which creates a monthly payment to budget for. However, after your Hyundai is paid off, you will own it completely and will be able to drive it without worrying about a monthly payment.
Disadvantages to Buying:
Buying a car usually requires a down payment, as well as a higher monthly payment than with leasing. This can be undesirable if you need a car quickly but have little in savings. In addition, the owner absorbs the cost of the vehicle’s depreciation over time.
Advantages to Leasing:
If you are interested in leasing, then your new Hyundai dealer can help you with this as well. Leasing is a great option for anyone who likes to upgrade cars frequently or who does not want a large monthly payment. There is no large down payment required by the dealer when you lease, so saving up for years on end is unnecessary.
Disadvantages to Leasing:
The biggest drawback to leasing a Hyundai is that at the end of the lease period, you have no car to show for all the money spent. Essentially, you are paying to drive someone else’s car—and financiers may reflect your using the vehicle in its best years by charging a higher monthly bill.
Whether you are looking for a brand-new Hyundai or a pre-owned vehicle, Bohn Hyundai can help you take home the perfect Hyundai. We offer both new and certified used vehicles, and as an added bonus, our new Hyundai dealer location offers a service center for all of your automotive needs.