Lease vs Buy Bloomington IN | Andy Mohr Hyundai

Lease paperwork

Lots of drivers around Bloomington, Martinsville, and Ellettsville have been asking us: Should I lease that new Hyundai that I’ve had my eye on? Or should I just outright buy it? It’s the lease vs. buy debate, a classic question IN the automotive world.

Luckily, our team here at Andy Mohr Hyundai wrote this comprehensive guide on leasing vs. buying for our customers IN Indiana. We’re happy to help!

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Pros And Cons: Leasing And Buying

We created this at-a-glance table to help break down the general pros and cons of leasing and buying. If you have any questions about anything IN the table, either keep reading or get IN touch with us today.

Benefits of Leasing

Trade up frequently
Lower monthly costs
Potential tax savings
Warranties/service

Drawbacks of Leasing

Mileage restrictions
Excess wear fees
Ride share restrictions
No equity developed

Benefits of Buying

Chance to pay off
No mileage limits
Excess wear okay
Standard credit

Drawbacks of Buying

Often more expensive
Major depreciation
Down payment $$$
Long-term contracts

IN-Depth Analysis: Benefits And Drawbacks

Now that you’ve seen the quick view, let’s dive a bit deeper into each of the points that we made above.

Benefits of Leasing. When you lease a car, you can trade up frequently—similar to as you would with a cell phone. With kind of setup, you’ll get the latest technology and safety features every few years. Plus, you’ll enjoy lower monthly costs since you’re essentially paying to borrow the car from the dealer. Lastly, warranties and service plans are available at the service center, along with tax savings IN several states.

Drawbacks of Leasing. However, for every yin, there’s a yang. When you lease, your mileage is severely restricted. Also, you might have to pay extra if you wear the car down too much. Usually, too, you can’t drive for Uber, Lyft, or other ride-sharing companies. Finally, you can’t sell the car and cash IN on any equity.

Benefits of Buying. On the other hand, there are plenty of benefits to buying a car outright. You could theoretically pay it off, continue to drive it, and live auto-debt free. You can drive it until it breaks down, with no mileage limits and no excess wear clauses. Also, even people with subpar credit can purchase a car.

Drawbacks of Buying. Still, there are plenty of drawbacks to buying. First off, it’s usually more expensive. You can also face significant depreciation the second you drive off the lot. Plus, you’re expected to slap a hefty down payment on the table, and you might find yourself engaged IN a long-term contract.

Contact Our Andy Mohr Hyundai Finance Department Today

If you’d like to discuss leasing vs. buying with one of our professionals, we encourage you to reach out to the team of wizards at our finance department today. They’ll help you sort through all the pros and cons and come to a decision about what’s better for your lifestyle: leasing or buying!

We’re a short drive away from Ellettsville, Martinsville, and Bloomington, IN. Contact us at Andy Mohr Hyundai today.

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