Should I Buy or Lease?

Couple sitting at sales desk at dealership
 


So you’ve found the perfect car for your Kyle commute in our online inventory! Now the only part left is to decide whether buying or leasing is better for you. While both are great options with their unique benefits, you’ll want to choose the option that makes the most financial sense for your current circumstances. Compare the pros and cons of buying vs. leasing with the finance center at South Point Hyundai to see which option is the right choice for you. 

Leasing vs. Buying: Costs

If you’re wondering, “should I buy or lease?”, then you’ll first want to fully consider the long-term and short-term costs of both options. Here are some things you should know regarding costs of buying and leasing:

Leasing

Pros:

  • Lower monthly payments
  • Tax savings
  • Lower down payment
  • Covered repair costs

Cons:

  • Lease payments won’t change much from lease to lease

Financing

Pros:

  • Chance to eliminate monthly payment altogether
  • More affordable than leasing when buying used

Cons: 

  • Increased repair costs as vehicle ages

Leasing vs. Buying: Restrictions

If you plan on putting some miles on your vehicle and cruising through Round Rock and beyond often, then you should consider the restrictions with leasing compared to buying:

Leasing

  • Mileage restrictions that are susceptible to a penalty fee if broken

Financing

  • No mileage restrictions or limitations

Leasing vs. Buying: Ownership

Should you buy or lease? If you aren’t ready to commit to full ownership, then leasing might be the better option. Here are some things to consider regarding ownership:

Leasing

  • Required to keep the vehicle in as close to factory condition as possible

Financing

  • Ability to customize and upgrade as you please

Because the dealership will need to resell the vehicle after your lease term ends, they will restrict any modifications to the vehicle that you can make. When you finance, you have the option to upgrade and customize, but be aware that it could affect your vehicle’s warranty.

Leasing vs. Buying: Flexibility

If you’re like most Cedar Park drivers, then you like to have flexibility and freedom. If you’re not sure if you should buy or lease, consider the following:

Leasing

  • Easy return process at the end of the lease term
  • Option of buying out the lease or upgrading to a newer model

Financing

  • Ability to sell or trade the vehicle at any time 
  • Can refinance at a lower rate later on
  • Can keep the vehicle as long as you like

If you finance and decide to trade in your vehicle later on, just be sure the vehicle is still worth more than what you currently owe. Ultimately, if you want a quicker and overall cheaper option, then leasing is a better choice. However, if you don’t want any mileage restrictions, then financing might be your best option. Visit South Point Hyundai to learn more about your buying options, and explore our lease deals.

Lease or Finance Your Vehicle at South Point Hyundai

Still wondering, “Should I buy or lease?” Contact us to speak with a team member, and visit us in Austin to discover your options.

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