Buying vs Leasing

Many drivers around Bloomington, Columbus, and Ellettsville, Indiana, 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 offers this comprehensive guide on leasing vs. buying for our customers.

Buying vs. Leasing:

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Benefits of Leasing a Hyundai

When you lease a car, you can trade up frequently, similar to how you would with a cell phone. With this kind of setup, you’ll get the latest technology and safety features every few years, with benefits including:

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

Enjoy lower monthly costs since you’re essentially paying to borrow the car from the dealer. With warranties and service plans available at the service center and tax savings in several states, you can stay prepared for the road ahead.

When you lease, your mileage is restricted, so this is a good choice for when you’re looking for a vehicle for the short term, such as for a few years.

Benefits of Buying a Hyundai

On the other hand, there are plenty of benefits to buying a car outright, such as:

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

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 or excess wear clauses. Also, even people with subpar credit can purchase a car.

Monthly payments may be more expensive, and you can face significant depreciation the second you drive off the lot. So, invest in a purchase when considering the benefits of keeping a Hyundai for the long run.

Hyundai Finance and Lease Offers

Ultimately, choosing between buying and leasing a Hyundai comes down to your priorities.^* If you crave the latest tech, enjoy swapping vehicles every few years, and prefer lower monthly payments, leasing is likely your best bet.

However, buying could be the more brilliant move if you put high mileage on your car, want to build ownership equity, and plan to drive your Hyundai well past the typical three- to five-year horizon.

We’ve streamlined our online application so you can get pre-approved quickly and get behind the wheel of your dream ride.

FAQs

Can I buy my leased Hyundai near Bloomington, IN, at the end of the term?

Absolutely! Many of our lease contracts allow you to purchase the car for its residual value. If you’ve fallen in love with your Hyundai and it’s in excellent condition, buying it out can be smart.

How do I know if buying or leasing a Hyundai is best for me near Bloomington, IN?

Consider a lease if you prefer driving a new Hyundai every few years. If you plan to keep your car long term, rack up many miles, or want to build equity, consider buying.

Can I apply for Hyundai buying or leasing online near Bloomington, IN?

Yes! Take advantage of our online application to jump-start the buying process.

Who can buy out my Hyundai lease – can I use any dealer or only Hyundai?

Typically, only authorized Hyundai dealers can facilitate a lease buyout. Our team can help you confirm your options.

What happens to my down payment if a leased Hyundai is totaled?

If your leased Hyundai is totaled, your down payment is usually not refunded. It's applied toward the lease upfront, reducing monthly payments, but it doesn’t carry over or get reimbursed if the vehicle is declared a total loss.

Learn More About Buying vs. Leasing a Hyundai Today

If you’d like to discuss leasing vs. buying with one of our professionals, we encourage you to lean on our finance department. We’re a short drive from Bloomington, Columbus, and Ellettsville, IN, and we're ready to help you get out for fun at Indiana University Memorial Stadium. Contact us at Andy Mohr Hyundai today.

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