Alexandria Hyundai Smart Search

Buying vs Leasing: Pros and Cons

Buying vs Leasing

When it comes to shopping for a new car, you have two main options: you can lease a vehicle or you can buy one. Depending on your financial situation, driving habits, and personal preferences, this decision is not so cut-and-dry. Rather, what's better for you may not be best for the next guy. Thus, we at Alexandria Hyundai are here to break down the differences between buying and leasing. With a little help from us, you'll be able to determine which option is best suited to your needs. From mileage restrictions to monthly payments and resale value, we've done the bulk of the research for you.

Buying

Pros

  • It's All Yours
  • Sell it or trade at any time
  • No mileage restrictions
  • Vehicle modifications
  • Build equity

Cons

  • Substantial down payment
  • Higher monthly payments
  • Loses resale value quickly
  • Interest on payments
  • Repair costs are on you
  • Negative equity can accrue

Leasing

Pros

  • Lower down payment
  • Smaller monthly payments
  • General/routine repairs covered under warranty
  • A New set of wheels every 2-3 years

Cons

  • Mileage limit (and fees if you exceed it)
  • No vehicle modifications
  • No equity
  • Need a better credit score
  • The car is not yours

Whether you decide to buy or lease your new Hyundai will come down to personal preference. If you're going to drive your car into the ground–and have it for at least a few years after you finish paying it off–buying may be the better choice for you. However, if you don't mind returning the vehicle (and would like a new set of wheels every now again), leasing may be the better choice. We hope you have found this little list helpful.

If you have any questions, feel free to stop in for a visit or contact Alexandria Hyundai serving Virginia and Washington DC auto shoppers at (703) 535-6840. We are ready and willing to answer any questions you may have. We can't wait to see you off in a brand-new Hyundai.