Should I Buy or Lease My Next Hyundai in Nashua

Use our convenient questionnaire below to help determine whether leasing or financing your next new car is the right choice for you.

"I've always taken out an auto loan for my new car purchases, but would leasing a car be better choice for me?"

This is perhaps one of the toughest questions to answer when shopping for a new vehicle. Conventional wisdom would tell you that if you lease a car or SUV, you'll have nothing to show for your money when the lease term is finished.

That line of thinking, however, ignores the inherent downside in buying an auto - that is all the money you pay up front for the car could have been invested or saved otherwise.

Leases have several factors that make them more attractive than buying a new car:

  • Low down payments
  • Lower monthly payments
  • Leases are typically easier to obtain than auto loans
  • Low or no maintenance costs

 

There are some expenses that you?ll incur with a lease, however. Insurance rates have a tendency to be higher on leased vehicles since lease coverage may also include extra insurance features like gap insurance -- which pays off what is still owed on the lease in the event the car is totaled.

Also, since you return your car every few years, if you lease a car that requires a down payment, that payment will be out of pocket every time you sign on for a new lease.

There are also added fees when you turn in your vehicle at the end of the lease. When an auto is driven, it depreciates, or loses value. When you purchase a car, the depreciation is shouldered by the owner of the vehicle alone; and it will be reflected in the price you can sell or trade your car in for. On a leased vehicle, the dealership is the one who has to burden the depreciation, since they are going to be taking the car back once the lease term is finished.

What it all really comes down to is how leasing, or purchasing does, a new car impact your lifestyle and preferences.

Some people find that leasing works better for them than others do. For example, if you frequently entertain business clients, leasing a car would allow you to drive a luxury vehicle, like the Hyundai Genesis, for less money over the term of the lease agreement compared to financing the same vehicle.

Some people simply want to drive a brand-new car every few years. So for them leasing isn't really an issue of money ? it's about their personal priorities and style.

 

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