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Should I Buy or Lease?

2021 Hyundai Accent Limited

You know you’ll be heading home to Humboldt in a new Hyundai, but what you may not know is whether buying or leasing is the best fit for your needs. Whether you’ve got your eye on a new Sonata sedan or Palisade SUV, buying a car doesn’t have to be a hassle! Keep reading to find out which path will fits your needs best, and get answers to these common car-buying questions:

  • Should I buy or lease?
  • What are the benefits of leasing vs. buying?
  • Does leasing a car build credit?

What Are the Advantages of Buying?

There are several practical reasons to choose buying over leasing. Unlike leased vehicles, financed vehicles aren’t subject to mileage restrictions — a big advantage if you log heavy mileage on work trips beyond the Lexington area. Here are few other points to consider as you compare leasing vs. buying options:

  • Freedom to Upgrade – Leased vehicles can’t be upgraded with custom accessories, but there are no limits when you own your car!
  • Sell Anytime – You are free to sell or trade your financed car at any point, while leased vehicles must be returned to the dealership at the end of the lease term.
  • Bad Credit Financing – With in-house financing at your local dealership, it’s possible to finance a Hyundai vehicle with bad credit.
  • Save Money Over Time – Financing does cost more upfront, but you’ll save money after you finish paying off your loan and build equity in the meantime.
  • Trade Up – When it’s time for your next vehicle, you can offset the cost by trading in.
  • Build Credit – As long as you make your payments on time, taking out an auto loan is a great way to build or rebuild credit!

Benefits of Leasing vs. Buying

So, why mightDyersburg drivers choose leasing vs. financing? For one, leasing a car can build or rebuild credit, although not as much as financing. But the biggest perk is the smaller payments: you can expect to pay less upfront and less each month with a lease. Other benefits of leasing include:

  • Lower Tax – The sales tax rate in most states is lower for leased vehicles than financed vehicles.
  • Easy Trade-In – Trading in a leased vehicle is quicker and easier than trading in a financed vehicle. Simply drop off your car at the dealership, and you’ll be headed home to Milan in no more than an hour!
  • Warranty Coverage – Just like a financed vehicle, a leased vehicle will be fully covered by your Hyundai factory warranty.
  • New Technology – Looking for the latest performance and infotainment features? Leasing a new vehicle every three years is a great option.

Explore Your Auto Leasing vs. Buying Options in Jackson 

Questions about leasing vs. buying? To speak with an auto finance expert about any part of the car-buying process, contact our finance center today. You can even get started from home with an online financing application!

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