If you like to drive newer, safer, more reliable cars, but not make a sizeable down payment every 3-4 years, and also do not travel an enormous amount of miles annually, then a new car lease may be right for you. Leasing is best for people who prefer to bypass the annoyance of buying and selling every time they want to upgrade to a new vehicle.
Why Should You Buy a New Car?
Contrarily, if you prefer long term relationships with a greater sense of ownership and commitment, then buying may be what’s best for you. Car-buying is typically best for shoppers who don’t mind driving the same vehicle for more than five years or even until it’s no longer fit for the street.
Buying vs Leasing: Which Is Right for You?
Knowing the pros, cons, and overall benefits of leasing vs buying a car is critical. Be sure to consider potential savings, vehicle ownership, monthly payments, and repair costs when calculating the best new vehicle financing type for you.
Leasing vs Buying: Ownership
When it comes to vehicle financing, new car, truck, or SUV ownership surely comes along with many advantages, most associated with outright ownership of the car. You may not realize, but, there are also some great benefits of leasing, as well. It’s important to consider all financial aspects including down payment, monthly payments, term length, buyout payments, interest rate, depreciation, and maintenance & repair costs, before making a decision. A precise checkup of your current financial situation, future needs, and your preference for commitment, will likely ensure that you make the best choice between leasing and buying a new car, truck, or SUV.
Car, truck, or SUV lease payments are often less expensive compared to auto loan and car financing payments as the standard lease format is basically renting with the option to purchase near the end of your lease term. Keep in mind when leasing that you’ll need a higher credit score, and will be asked to carry collision and comprehensive insurance, although the same can be said for the lowest rate auto loans. Though it can increase your monthly payments, it is also best to get a model with the features you need or want, as personal satisfaction is often priceless.
Maintenance & Repair
Auto leasing often includes regular vehicle maintenance & repair. It is important to keep this in mind when projecting monthly costs of leasing vs ownership. Regardless of what make and model you buy, mechanic bills are an unknown cost that can quickly add up. And for those who aren’t certified auto mechanics with a hydraulic jack and full toolset in the garage, leasing can be the best option for peace of mind.
Investment vs Savings
In general, a new vehicle lease saves money in the short term with lower monthly payments, while buying gets you a long term investment, meaning absolute ownership of the value of the car, truck, or SUV at the time it is traded, sold, or paid-off. For best savings on a lease, avoid lease return fees for terminating the vehicle lease early, going over mileage, or putting on excessive wear and tear. For maximizing investment on a purchased/financed vehicle, you can pay it off quickly and also avoid excessive wear and mileage.
Poor Credit Financing
Pride of Ownership
Smaller Down Payment
Larger Down Payment
Smaller Monthly Payments
Larger Monthly Payments
Short Term Savings
Long Term Investment
Approx. 2-4 Years
Approx. 3-6 Years
Maintenance & Repair Costs
Kia Lease and Finance Offers Near Kansas City KS
Shawnee Mission Kia knows that choosing the right Kia car and financing option is never easy. Our team of experienced Kia lease and finance specialist are on hand to help you make the right choice. Visit us online, by phone, or in-person at our dealership location near Kansas City, KS. We look forward to serving you.