Should I Buy or Lease My New Hyundai? | Kennesaw G
Should I Buy or Lease My New Hyundai in Kennesaw, GA?
Purchasing or leasing a new Hyundai is a breeze when you have a team like Hyundai of Kennesaw to guide you through the decision-making process. In the chart below, we’ve created a list of the pros and cons of car-buying and leasing to help you decide which financial option best fits your needs. Plus, you can get pre-approved online for the vehicle you desire and use our payment calculator to estimate your potential monthly payments — all from the comfort of home. If you’re ready to get started, contact us today! But first, continue reading to discover whether purchasing or leasing a new vehicle is right for you.
How Do Car Loans and Leases Differ?
| Loan | Lease | |
|---|---|---|
| Path to Ownership |
|
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| Upfront Costs |
Cash price or a down payment, taxes, registration, and other fees. |
First month’s payment, refundable security deposit, acquisition fee, down payment, taxes, registration, and other fees. |
| Lower Monthly Payments |
|
|
| Customization Allowed |
|
|
| Covered Under Warranty |
|
|
| Future Value |
All vehicles depreciate, but you'll have equity when trading or selling. |
The future value doesn't affect you. |
| Unlimited Mileage |
|
|
| Fees for Excessive Wear and Tear |
|
|
| Fees for Early Termination |
|
|
| End of Term |
You'll have full equity to do what you want with the car. |
Purchase the vehicle, or buy or lease another car. |
| Vehicle Return |
Sell or trade. |
Return the vehicle at lease-end and pay any applicable fees. |
Why Purchase a New Hyundai?
If you’re looking to enjoy the total freedom that comes with vehicle ownership, then purchasing a new Hyundai is the right choice for you. Once you’ve completed your payments on time, you’ll have 100 percent equity in a vehicle you are proud to call your own. At this point, you can do whatever you like with it. There are no additional fees or mileage limitations to worry about when you buy. Plus, one of the best parts about ownership is having the option to customize your vehicle. You can upgrade the audio system, add accessories and more — the choice is yours! And when you’re ready to move on from your ride, you can trade it in and we’ll give you a great offer for it that you can put towards your next vehicle purchase (which can lower the cost of your next ride). This is not possible when you lease. There are also cons to purchasing, like higher monthly payments, which can depend on your credit score and down payment amount.
Why Lease a New Hyundai?
In light of the recent surge in car prices, which shows no sign of stopping, opting to lease a Hyundai instead of purchasing it may be the better choice for savvy drivers. This is primarily because monthly payments, when you lease, are typically lower than monthly payments when you buy. Leasing not only provides you with a cost-effective way to enjoy the latest Hyundai models but also allows you to drive during the hassle-free phase of the vehicle's lifespan, which often extends up to the end of its limited warranty. When your lease term is finished, you have the flexibility to return the vehicle to the dealership, purchase it or settle any outstanding fees and select a new vehicle. However, leasing does come with cons that you should be aware of, like mileage restrictions, no customization options and potential fees for wear and tear, as well as early termination charges.
If you’re ready to be the proud owner or lessee of one of our new models, feel free to contact us or visit Hyundai of Kennesaw at 2878 Barrett Lakes Blvd., Kennesaw, GA 30144 . We look forward to serving customers near Marietta, Acworth and the greater Atlanta area.
*Visit Consumer Reports’ page for more information on whether you should buy or lease.