Should I Buy or Lease My New Hyundai in Cumming, GA?
Should I Buy or Lease My New Hyundai in Cumming, GA?
If you’re shopping around for a new Hyundai and the idea of purchasing or leasing has you confused, then you’ve come to the right place. At Hyundai of Cumming, we believe car buying shouldn’t be complicated! That’s why we’ve created this guide — to help you make the right financial decision to fit your lifestyle. And to make things even easier, you can get pre-approved online and access our payment calculator to get an estimate of your potential monthly payments — all from the comfort of home! But before you do, learn more about the differences between a loan and a lease, so you can decide which option is right for you.
How Do Car Loans and Leases Differ?
| Loan | Lease | |
|---|---|---|
| Path to Ownership |
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| Upfront Costs |
Cash price or a down payment, taxes, registration, and other fees. |
First month’s payment, refundable security deposit, acquisition fee, down payment, taxes, registration, and other fees. |
| Lower Monthly Payments |
|
|
| Customization Allowed |
|
|
| Covered Under Warranty |
|
|
| Future Value |
All vehicles depreciate, but you'll have equity when trading or selling. |
The future value doesn't affect you. |
| Unlimited Mileage |
|
|
| Fees for Excessive Wear and Tear |
|
|
| Fees for Early Termination |
|
|
| End of Term |
You'll have full equity to do what you want with the car. |
Purchase the vehicle, or buy or lease another car. |
| Vehicle Return |
Sell or trade. |
Return the vehicle at lease-end and pay any applicable fees. |
Why Purchase a New Hyundai?
Deciding to purchase a new ride gives you the freedom of ownership without all of the red tape. You’ll make timely monthly payments, and at the end of your loan term, you will have built 100 percent equity in your ride and can do with it what you please. There are also no unexpected fees to be concerned with or mileage limitations. Plus, you can customize your vehicle to fit your needs. From upgrading the audio system to adding exterior accessories and more, there’s no limit to what you can do with your new vehicle. Want to save on your purchase? You can trade in your ride, which will lower the cost of your new ride. We’ll give you a great deal when you sell to us. There are always cons to any purchase, some of which include higher monthly payments, credit approval and down payment requirements. trade in your current ride and use its value you built towards your upgrade. This will ultimately reduce your costs tremendously. Although there are cons to purchasing a new vehicle, like higher monthly payments, the credit approval process and down payment requirements, you’ll benefit the most from owning your ride in the long run.
Why Lease a New Hyundai?
With the rise in car prices not slowing down anytime soon, leasing a new vehicle may be an appealing option to budget-conscious drivers. This is because your monthly payments for a new lease can be a lot lower than your payments would be if you purchased the vehicle outright. You’ll also get the advantage of driving a leased vehicle during the most hassle-free period of its lifetime. Most lease terms can carry you through to the end of the vehicle's limited warranty. At the end of your lease term, after you pay any fees you incurred, you then have the following options: You can return your vehicle to the dealership, purchase it or lease a newer vehicle. There are also cons with leasing; these include mileage limitations, no customizations allowed and fees for wear and tear and early termination.
If you’re ready to be the proud owner or lessee of one of our new models, feel free to contact us or visit Hyundai of Cumming at 750 Peachtree Pkwy, Cumming, GA 30041 . We look forward to serving customers near Alpharetta, Johns Creek and Lake Lanier.
*Visit Consumer Reports’ page for more information on whether you should buy or lease.