One of the most important decisions that you’ll make here at Hall Hyundai Elizabeth City is whether to finance or lease a new Hyundai model. With so much conflicting information out there, much of which is incorrect, it can be difficult to choose if leasing or financing is right for you. Our friendly team of Hyundai dealers is happy to dispel these three common Hyundai lease and finance myths.
Myth #1: Leasing is Only for People Who Don’t Drive Much
While mileage limits certainly play a role in drivers' lease versus buy decision, they are not as restrictive as some believe. When you lease a Hyundai car at Hall Hyundai Elizabeth City, you can choose from various mileage options. If you anticipate exceeding the standard mileage allowance, you can purchase additional miles upfront at a lower cost than paying overage fees at the end of the lease.
Myth #2: Leasing is More Expensive in the Long Run
The total cost depends entirely on your driving habits and priorities. Leasing often leads to lower monthly payments than buying the same vehicle. If you enjoy driving a new Hyundai car every few years and prefer lower monthly payments, leasing can be a financially savvy choice. On the other hand, financing makes sense if you keep the car for many years and drive a high number of miles.
Myth #3: Financing Always Builds Equity, but Leasing Never Does
While financing eventually leads to ownership, your initial payments are applied to interest rather than principal. Depreciation also plays a role, as a new car loses value quickly in the first few years. When you lease, you pay for the depreciation during the lease term. Like the other myths, the truth here is murkier and depends on your specific automotive needs.
Lease or Finance a Hyundai Car in Elizabeth City, MD
The best way to determine if leasing or financing is right for you is to discuss both with a professional at Hall Hyundai Elizabeth City. We’ll explain the options, answer your questions, and get you behind the wheel of a stylish Hyundai car!
