When purchasing a new vehicle, you have two options: buying or leasing. Our VanDevere Kia team wants you to have the facts, so we put together this guide.
When you choose to buy a vehicle, the process is pretty straightforward. You can either pay for the vehicle in full or get a loan that you pay off in a certain timeframe. However, budgets vary and you should consider what you’re getting into before choosing to buy. For example, if you are able to make a large down payment on a vehicle when you buy it, your monthly loan payments are going to be smaller. Additionally, if you have a vehicle that you’re planning on trading in, the value of your old car can go toward the purchase of your new car. When you’re able to pay off a large amount of the vehicle up front, you can also likely afford to select a shorter loan with less interest, which means you are paying less than those who choose a longer loan term.
Another benefit of buying a car is that you can customize it however you like once you drive off the lot. This includes changing the paint color, upgrading its wheels or stereo system, adding bumper stickers or decals, and more. You own the vehicle, so you can do what you want with it! Not only that, but there won’t be any limitations on driving, allowing you to take as many road trips as you want. When you’ve paid off the loan in full, you can choose to sell your vehicle or keep it for many years and give it to your child when they are able to drive.
Leasing a vehicle is different from buying in that there are some restrictions. However, you’ll still have a handful of benefits to consider as well. For instance, when you lease a vehicle, your monthly payments are probably going to be lower since you’re only paying for the vehicle for a certain amount of time. Once that time is up, you return the car and you can get a different one if you like. You may also have the opportunity to buy your leased vehicle if you absolutely can’t let go of it. Due to your monthly payments being lower, you may be able to afford to splurge on a higher trim level with more premium features and amenities. This could be things like a high-end audio system, heated and ventilated seats, a panoramic sunroof, a hands-free power liftgate, and more! In addition to premium perks, most leases offer complimentary service and maintenance during the term. That means you don’t have to stress about costly repairs.
On the other side of the coin, there are some limitations with leasing a vehicle. The first is that you don’t have the freedom to change the vehicle drastically. Sure, you can put temporary seat covers on or put an air freshener up, but you can’t make any permanent changes. Leasing also usually comes with mileage limits, meaning no extensive road trips (unless you want to pay for those additional miles). When it’s time to return your leased vehicle, you want to be sure it is clean and in generally the same shape as it was when you got it, or you might have to pay a fine.
If you would like to know more about these financing options or if you have any additional questions regarding these processes, feel free to contact our team at VanDevere Kia in Akron, Ohio. Our goal is to ensure that you get exactly what you want at the best price!