If you are considering buying one of the new Hyundai models for sale at Elhart Hyundai, you are probably wondering if it's better to buy or lease. There are many factors to consider. Take our quick quiz to find out what's right for you! Continue reading to discover more about the differences between leasing and financing.
A significant factor is your monthly income. Leasing a car may have lower monthly payment than financing, but might require a larger down payment. Another factor is, the amount you plan to drive the car. If you drive fewer than ten-thousand miles per year, leasing could be a good option. Lease agreements typically have certain mileage restrictions to help keep the cost down.
The length of time you want to own the vehicle is another factor. When you buy a car, you own it, and call sell, donate, or trade it at any time. However, if you lease a new Hyundai Elantra, there may be early termination fees if you decide to part ways with your vehicle before the end of your lease. When your lease term ends, you can return your car to us and walk away. If you own your vehicle, you have to deal with the hassle of selling it to another party when you are ready to upgrade. If you like to always have a new car to enjoy with today's latest innovations, then leasing is likely for you.
If you've decided on if you should finance or lease and are ready to make your purchase, don't rush to see us just yet. Take a moment to make sure you have everything you are going to need to make your purchase. Do you plan to trade in your current vehicle? If so, you'll need to have a few things with you. Take a moment to check the list below, so you don't forget anything. You don't want to arrive and realize you've forgotten an essential piece of identification or document.
Knowing what to bring with you when it's time to buy or lease is as important as knowing which new car you're going to drive home. Now that you've made your decision, taken your test drive, and are ready to buy, read our checklist, so you'll be sure to have everything you need.
What Should I Bring With Me When I'm Ready To Buy Or Lease?
- Your driver's license: You'll need your license for proper identification when completing the paperwork.
- Your Social Security card: Even if you know your social security number by heart, it is good to bring your social security card with you. We will need it for tax purposes even if you are paying cash for your vehicle. Financial transactions valued at over $10,000 need to be reported to the IRS.
- Proof of car insurance: You can't buy a car without proof of insurance. Drivers are legally required to be insured and must provide proof of auto insurance coverage. Whether you buy or lease, you'll need to have this with you.
- Your checkbook or wallet: You'll need to pay for the car somehow. Whether it's by cash, cashier's check, credit card, or financing, you should know the best way to pay for your vehicle. Lease agreements typically require a down payment.
- Proof of residence, employment, and salary: Depending on your credit score, you may need to bring these documents with you.
- The title of the vehicle you are trading in and your appraisal estimate. You'll need to turn over the title since you're releasing ownership.
- A few hours to complete the sale and fill out the paperwork. Buying a car is a time-consuming process. If you're applying for financing or trading in your current vehicle, be sure to budget your time and your finances.
See us at Elhart Hyundai for your next car purchase or lease. We look forward to serving drivers throughout Holland and Grand Rapids, MI, areas!
You're more likely to buy
- When you lease a car, you are typically capped at 15,000 miles a year. Additional mileage can cost you up to 35 cents per mile. And that can really add up.
- If you like to personalize a car, this investment can be lost on a leased car.
- If you like the idea of ownership, you are less likely to be happy with the lease option.
- If you like the feeling of accomplishment that paying off a large purchase brings and should consider that when you lease a car, the payment ends only when you return the car.
- If the car you presently own is over 3 years old you are more likely a buyer. While not always true, you can usually drive for less if you're willing to buy and drive for at least 3 years.
- If you don't mind doing your own car repairs, you probably don't mind driving a car after the warranty expires.
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You're more likely to lease
- Lease arrangements usually involve a 15,000 miles-per-year cap and charge for extra miles. If you drive very little, you may be a candidate for a luxury lease.
- When you negotiate a 24 or 36-month lease, you can be sure you'll always be driving a new vehicle.
- Although you need to maintain and repair your leased vehicle just as you would an owned vehicle, because you typically lease for 2 to 3 years, the car is normally under warranty.
- Many people prefer to drive a vehicle that is priced above their means and leasing provides the solution.
- If you don't mind not owning the car, you are free to enjoy the benefits of leasing like low monthly payments and a low down payment.
- If you own the company, and you use your car for business, check with your tax advisor. You may be able to deduct your auto expenses, including your monthly lease payment. And if the company you work for gives you a monthly car allowance, you may want to lease since you'll be able to drive a nicer car for a lower monthly payment.
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