Should I Buy or Lease My New Car?

As you shop around for a new Kia sedan or SUV in the Raleigh area, there are lots of factors to consider, including cargo space, tech features, and plenty more. Once you narrow down your favorite vehicle, one important question remains: Should I buy or lease? In the guide below, Hendrick Kia of Cary compares the key benefits of the option to lease vs. buying your next car so you can reach a confident decision before visiting our Cary, NC dealership!

Key Perks of Buying a Car

• Fewer Restrictions: If your daily commute takes you far outside of Durham, buying your car may be the best option due to the lack of mileage restrictions associated with leasing.
• Freedom of Ownership: Whether you purchase your car outright or finance it with a loan, the end result is total ownership of the vehicle. This leaves you free to do anything you’d like to it, modifications and more.
• Modifications: Whether you want to cover the bumper in stickers or lift your truck for off-road capabilities, you can do so without hesitation when you’ve bought your vehicle.
• Potential to Sell: Without a lease agreement to adhere to, you can sell your vehicle any time you see fit.
• Flexible Financing: For some car buyers, financing a car is more straightforward than leasing. Additionally, if your credit score isn’t perfect, you may have an easier time with financing than with leasing. In the future, there’s also the potential to refinance for a better rate.
• Cheaper to Own Over Time: Initially, your car loan payment will be a bit higher than a lease payment would be. However, it becomes cheaper to own with each loan payment you make. The longer you have your vehicle, the less expensive it is to own.

Key Perks of Leasing a Car

• Less Expensive: Both your down payment and your monthly payment will be lower when you choose to lease vs. buying your car.
• Less Sales Tax: In many states, you’ll enjoy a lower sales tax when you lease. Depending on your location, you may only pay tax on your down payment and monthly payments!
• Simple Trade-Ins: At the end of your lease term, the trade-in process is simple! All you need to do is head to the dealership, settle any fees that remain, then choose the next vehicle you would like to lease.
• Warranty Coverage: Your car will be covered by a warranty through the total duration of the lease period, meaning service and maintenance is stress-free! So long as you don’t exceed your mileage limit, everything outlined in the warranty will be covered.
• Enjoy a New Car More Often: When you lease your vehicles, you get to drive a brand-new model every few years. You can cruise through Apex enjoying all the latest and greatest features!

Learn More About Lease vs. Buying at Hendrick Kia of Cary

Still asking “Should I buy or lease?” Our finance team can help! Contact us to set up an appointment in Cary today. We’ll get to know you, your driving needs, and your financial situation to help you reach the most advantageous purchase option. Whether you choose leasing or buying, you can drive home for less with our rotating offers and incentives! In addition to financing and standard leasing options, there’s also the ability to opt for car lease takeovers. Learn more about car lease takeovers today with our experts!