Will you lease or buy your new Hyundai? Many people don't know whether leasing or buying a car is the better option for their situation
. The choice should depend on how long you plan to keep the car, and several other factors. Here are some tips for deciding which option of getting a new Hyundai is better for you:
Keeping the car for a short period of time: If you're only going to drive the car for a couple years before wanting a new car, a lease is going to cost you less than buying the same car for the same amount of money. Leases generally cost around 30% to 60% less than a car loan, even if you are approved for a 0% interest loan.
Keeping the car between five to eight years: If you're expecting to keep the same car for about five to eight years, or what's considered a medium term, buying and leasing a Hyundai will cost about the same if the buyer sells the car at the end of the car loan term.
Keeping the car for ten years or more: leasing a car for many years will generally cost more than the cost of buying the same car, if the buyer keeps their Hyundai well after their loan has been paid in full. If you lease several cars over the same ten year period, you'll pay more than paying for your car with a loan and then keeping the car after the loan has been paid off.