Leasing 101 – Why It’s a Fantastic Option

leasing 101

If you’re shopping around for your next vehicle, you may feel a little hesitant to lease a car. After all, it seems like most people are buying, so should you do the same? Actually, leasing is a really great option for lots of individuals with lots of unique situations. Don’t let that option scare you away just because it seems unfamiliar. Read on for some basic leasing 101 from Empire Hyundai and learn when and why leasing is a perfect option.

 

A Smart Way to Save

When you lease a car, you essentially rent it long-term. There’s still often a down payment, just like there is when you buy a new car. However, with leasing the down payment is remarkably lower. There are also monthly payments, but these payments are typically lower than those on a car loan as well,

 

More for Less

Since the initial and the monthly costs are lower on a leased car than on one you would purchase, buyers can use these savings to opt for a nicer, more expensive car. This is great for people who want a fancy car for work, or simply for those who want a high-end trim level with all of the available safety and technology features.

 

Always Stay Up to Date

A typical lease lasts around two years. When the lease is up, as long as you have not exceeded the maximum mileage or broken any part of the contract, you simply turn the car back into where you leased it. It beats the hassle of selling an old car. Plus, when you’re on a two-year rotation with cars, you can always have the latest in technology, safety, and efficiency, which means a lot to some people.

2018 Hyundai Vehicles

New red 2018 Hyundai Elantra GT in Fall River, MA
The 2018 Hyundai Elantra GT is just one of the models to look forward to in the new model year!

It’s that exciting time of the year when our favorite auto manufacturers begin to reveal the newest versions of their lineup. If you’re dying to know what to expect from the 2018 Hyundai lineup, and when you can expect to see them at Empire Hyundai, read on.

2018 Hyundai Sonata

The new Hyundai Sonata has received an updated exterior and smarter standard and available features than ever before. Systems like Apple CarPlay™, Android Auto™, and wireless charging add to the cabin’s modern feel, and safety tools like standard Blind Spot Detection and Lance Change Assist make every commute a secure one. The 2018 Hyundai Sonata began arriving at dealerships earlier this summer.

2018 Hyundai Kona

The 2018 model year debuts an all-new, entry-level crossover SUV, the 2018 Hyundai Kona. This sporty five-seater will feature an available turbocharged engine, available all-wheel drive, smart driver-assist safety features and three different levels of infotainment. The 2018 Hyundai Kona is expected to be on sale late summer or early fall 2017.

2018 Hyundai Elantra GT

This wagon-inspired hatchback features an athletic appearance to match its athletic performance. Powered by a 1.6-liter inline-four engine and a six-speed manual transmission, the 2018 Hyundai Elantra GT delivers 201 horsepower for a zippy ride. With plenty of storage, a cute design, smart technology, and many standard features, the new Hyundai Elantra GT promises to be a popular choice in the upcoming model year.

Should You Keep or Replace Your Car?

Deciding to keep or replace a car

Sometimes when you are making financial decisions, deciding whether or not to pay off and keep your current vehicle or trade it in to get a new one is a tough choice. However, you have a third option if you’re looking to replace your car: leasing. If you’re daunted by the idea of having a high monthly payment and having to pay off a brand-new car, then you might want to consider leasing a car instead.

So when, exactly, should you get rid of an old car? Probably when the cost of keeping it alive and kicking outweighs the benefits of having a paid-off vehicle, or when your car is old enough that you’re considering a newer model with more innovative features and designs. However, a new car might be above your budget.

That’s when leasing becomes a good compromise. When leasing, you don’t have to pay off the full cost of the vehicle, only the cost of the vehicle’s depreciation over the life of the contract. So, for example, if your leased vehicle cost $20,000 at the beginning of a three-year term and $13,000 at the end, then you’ll only have to pay $7,000 altogether. That means a lower down payment and lower monthly payment, too. Of course, you don’t get to keep the vehicle once it’s paid off.

So should you keep your old vehicle, replace your car, or lease? The choice is yours, but we here at Empire Hyundai can help you out no matter what. Just call or stop by today.