Patrick Hyundai Explains: The Difference Between Buying and Leasing a Car
When it comes down to the ultimate decision of choosing to buy or lease a car, the choice is ultimately in your hands, but we at Patrick Hyundai believe it is best for us to educate you on both options so that you can make an informed choice with us.
Leasing a vehicle is basically renting a vehicle. Your payments are usually lower when leasing a vehicle and you are usually in and out of newer vehicles quicker than you would be with a car that you bought. When you’re in a lease contract you also are likely to be covered by the vehicle’s warranty which means that you don’t have to worry about paying out of pocket for any service needs.
However, when leasing a car it’s always important to keep in mind that you don’t own the vehicle. This means that any alterations you make to the car during the lease term need to be removed when returning the vehicle to the dealership. There are also mileage limits that the dealership imposes on the vehicle itself, you will encounter overage fees for ever mile you go over. In addition to those restrictions there may be others imposed on you.
Buying a car is usually less complicated than leasing one. With less restrictions imposed on you. You can drive it wherever and however you’d like. Additionally, you can customize the car to your liking because you bought it. However, it’s important to note that buying a car is more expensive in the short term and your monthly car payments are going to be more expensive than a lease payment.
While you are making payments on your car you are building equity, which is something you never have to use on a future vehicle. And you can sell the vehicle on your own schedule which makes for getting into a new car that much easier.
However, to get the best terms when buying a car you’re going to have to make a down payment which is something to keep in mind as well. Additionally, the car’s future value is unknown. This is unlike a lease which declares the vehicle’s worth at lease-end in the lease contract.
What to do?
Ultimately choosing whether or not to lease or buy a car depends on a variety of things Leasing allows you to get more car for less money, since you only pay for the value of the vehicle that you drive instead of paying for the entire value. And it allows you, if you choose, to consistently be in a newer vehicle model on a routine basis. On the other hand, buying gives you the freedom of complete ownership and the ability to pay off the vehicle and build up your own personal credit.
No matter your choice, our sales team at Patrick Hyundai can help you. Feel free to check out our inventory or come see us at 1020 E. Golf Road to help make your decision easier.