Lease vs. Buy: What’s the Best Option for Colonial Heights, VA Car Buyers?
Decisions To Make When Buying a New Hyundai
When shopping for a new Hyundai, you have several exciting decisions to make, especially regarding the model and trim level. You also get to choose the exterior color, interior options, and more. Before you drive off of the CMA’s Colonial Hyundai lot near Richmond and Newport News, you also get to choose whether to lease or buy your next Hyundai. Our team understands that this is an incredibly important decision, so we’ve compiled information to help you choose the best option for you.
Why Lease a Hyundai?
A popular financing option for many Hyundai drivers is a lease. When you lease a vehicle, you essentially enter into a long-term rental. Your monthly payments cover the time that you drive the car, along with interest and wear-and-tear expectations. Most leases have terms that last for 24 to 36 months. At the close of the lease, you return the car or purchase it for a predetermined price.
Leases offer several benefits. They usually have lower monthly payments than a traditional auto loan. Drivers who lease enjoy having a new car every two or three years because the new cars have the latest technology, safety features, and fuel-efficient powertrains. Lease terms fall within the factory warranty period, so you have fewer repair and maintenance costs.
Every lease contract has important details that drivers should know. They always have mileage limits, usually 10,000 to 15,000 miles per year. If you exceed the mileage limit, you’ll have fees to pay at the end of the term. Drivers cannot customize leased vehicles, and leasing companies charge fees if vehicles are returned with excessive wear and tear.
Why Finance a Hyundai?
Another payment option is the traditional auto loan. With an auto loan, you have more freedom to drive as many miles as you like and to customize the vehicle as you choose. However, most auto loans have higher monthly payments compared to leases, because auto loans are for the sticker price minus your down payment or trade-in equity.
At the end of an auto loan, you’ll own the vehicle, so you’re building equity as you make those monthly payments. While Hyundai has one of the longest warranties in the industry, it will eventually expire, so our finance team can help you choose an extended warranty for added protection for repairs and maintenance.
Lease vs. Buy: What’s Best for You?
So, what’s the best payment option for you? If you like to drive a new car every few years and you drive a limited number of miles annually, a lease might be right for you. You’ll have lower monthly payments and minimal maintenance costs, but you won’t have an asset when the lease is over.
If you plan to keep your vehicle for more than two or three years and drive more than 15,000 miles per year, an auto loan may be a better choice. We can also help you value your trade to get more trade-in money toward a new auto loan.
Explore the Best Finance Option for You at CMA’s Colonial Hyundai in Colonial Heights, VA We invite you to browse our online inventory and check out our financing incentives and offers, then visit CMA’s Colonial Hyundai in Colonial Heights, VA to take your favorite vehicle for a test-drive. We’re confident that our finance team can build a loan or lease that fits your budget and lifestyle.