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Buying vs Leasing: Pros and Cons

New Hyundai models available

It’s good to put in the time and do research when you begin your search for a new vehicle. You may already know the kind of vehicle you want to drive, but one of the most important questions car shoppers face is: buy or lease? There’s no right or wrong answer to this question because there are pros and cons for each one. It all comes down to what you need from your next car, truck, or SUV. That’s why we broke down the buying vs. leasing question so that you can see the benefits and drawbacks of each. This way you can see which one best fits your needs.

Buying

Pros:

  • You own the car
  • There are no mileage restrictions
  • Modify the vehicle however you see fit
  • Sell or trade it whenever you want
  • Build equity over time

Cons:

  • Large down payment
  • Can lose resale value quickly
  • Monthly payments are higher
  • Interest on monthly payments
  • Vehicle repair costs are on you
  • Negative equity can accrue

Leasing

Pros:

  • Lower down payment
  • Smaller monthly payments
  • Can switch to a new model every 2-3 years
  • Normal repairs are typically covered under warranty

Cons:

  • Extra fees if you exceed mileage restrictions
  • Not allowed to customize vehicle
  • Can’t build equity in vehicle
  • Must keep vehicle in new condition

There is a lot to consider when it comes to buying or leasing a car at Hyundai Of St. Augustine, but once you do, our team is ready to help you out. The experts at our financing center have plenty of experience and great resources at their disposal, which helps them better serve you when you shop with us. They can help find the best auto loan options for your financial situation so that you can realize your dream of owning a new car. If you’re looking for competitive Hyundai lease options, then let our team show you what they can do.

You’ll find great lease options that make sense for your financial situation on the vehicle you really want. If you want to learn more about our financing and lease options, then it’s time to contact Hyundai Of St. Augustine. We’re proud to serve customers from the Jacksonville area and if you have any questions, feel free to give us a call today at (888) 694-3235.