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We know there are a lot of decisions that you have to make when getting a vehicle. One of them is, should you buy or lease the vehicle you want? Here at Jim Hudson Hyundai, we think you should know the pros and cons of both purchasing methods.
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Here then are the pros and cons of buying:
Pros:
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The vehicle is yours until you choose to get your next one
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There are no restrictions on mileage or economic penalties
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If you damage your vehicle there is no extra cost to fix it on top of the repair charge like there would be if you leased the vehicle
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The ability to customize your vehicle to who you are
Cons:
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Monthly payments may cost you more than leasing payments
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Must have a substantial down payment
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Loss of equity because of the monthly payments going primarily toward interest instead of the principle
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The "Upside-down situation" - owing more than what the vehicle is worth
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Here are the pros and cons of leasing:
Pros:
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Down payment will mos tlikely be less, some situations may not need one
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Monthly payments are lower
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The ability to get a new car every few years because there is no long term commitment
Cons:
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The vehicle is never actually yours
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Restrictions with mileage
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Coverage costs with insurers are higher
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Receiving a low residual velue from other dealers because they'll place more depreciation costs on it
Choosing whether to buy or lease the vehicle really comes down to what fits your lifestyle the best. If you like switching cars in and out of your life every few years with no commitment to a single one, then leasing is for you! If you want to have complete ownership over the vehicle and not have to worry about any restrictions, then buy! Jim Hudson Hyundai would like to help you make this decision, please stop by our dealership for more information! |
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