Lease vs. Finance a Car: Which is Best?
If you’re shopping for a new Hyundai or Mazda and wondering about your lease vs. finance car options, Performance Auto Group is happy to help. Whether you lease vs. finance a car depends on your situation. Here we explain the pros and cons of a lease vs. finance plan so you can make a wise decision. Please contact our finance specialists in Wayne for more information or with any questions.
Leasing vs. Buying: Long and Short-Term Costs
- A car lease near Randolph offers lower monthly payments (assuming all other things are equal). You’ll have a smaller down payment and spend less money on taxes. Plus, if you opt for a lease vs. finance every few years, your payments won’t go up much, and you won’t have to worry about repair costs.
- Car financing costs more per month, but you’ll eventually own your vehicle, and buying a pre-owned car is usually more affordable than leasing a new one. If you pay off your financed vehicle, you typically spend less than those drivers who continually lease.
The Bottom Line: Most Hyundai drivers around Whippany keep their cars for at least three years. With leasing, you’ll have the flexibility to drive a car you enjoy and swap out. With financing, you’ll eventually own the car you’re driving.
Lease vs. Finance: Mileage & Restrictions
- Those drivers who finance their car and pay it off don’t have to worry about mileage restrictions, typically under 12,000 miles a year.
- Those who choose to lease their car must stay within strict mileage limits or pay a hefty fee at the end of their lease.
The Bottom Line: If you commute a short distance and have ample public transportation, leasing could be a good idea. If you live farther out and need a vehicle more often, financing is usually the better choice.
Lease vs. Finance a Car: Customization
- When you finance a vehicle (versus a lease), you may customize it however you please with all the new accessories you desire! You can modify your car with a new audio system or paint it a bright purple. You can’t do those things when doing a car lease near Pompton Plains.
- When you lease a new Mazda or another model, you agree to keep the vehicle close to factory condition because the dealership still technically owns it and will need to re-sell it at your lease end.
The Bottom Line: If you want to customize your vehicle for things like off-roading, it is best to do car financing near Union.
Leasing vs. Buying: Freedom
- Financing eventually gets your a car to call your own. You can sell or trade in the vehicle anytime when you are financing. You can also refinance at a lower interest rate. Plus, you can keep it for as long as you want.
- Leasing is more convenient. A lease is more convenient. Simply take good care of your leased vehicle while you have it, return it at the end of your lease, and drive home in another new car if you wish. You may always buy out the lease and keep it for good if you don’t want to let it go.
The Bottom Line: The ease of leasing is a significant advantage for many people. Still, if you’re okay with maintaining and reselling your car, the money you get for your trade-in can be used to purchase your next vehicle and offset future ownership costs.
Explore a Lease vs. Finance Option at Performance Auto Group
If you’re ready to move forward with car financing near Pompton Plains, we invite you to speak with our financing specialists at Performance Auto Group and go for a drive in a new Hyundai Sonata or another model! Start the process by applying for financing online before contacting us to schedule your next test drive!
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