Buying vs Leasing: What’s the Difference?

So you have found a specific vehicle you like; you have taken it out on a test drive, and you know that this is a car or SUV you want to invest in. Your next step is to visit our financing team and find a payment plan that works for you.

One of the things you may be asked during this process is whether you would like to buy the car or lease it. What is the difference, though?

When you buy a car, you take out a loan to cover the initial cost of it (subtracting your down payment). You then pay this loan over time. Once it is entirely paid off you officially own the car. It’s a bit like buying a house in those regards.

When you lease a car, you are essentially paying a monthly amount over a predetermined period of time; it’s like you’re renting the car in a sense. Leasing is great for drivers who need a professional vehicle, or for those who don’t do a lot of extensive driving. However, leases do come with mileage parameters that need to be adhered to.

Depending on your budget and your driving habits either of these financing options could be good for you! Feel free to ask our financing team more about them if you would like further information or clarification.

If you have any questions please feel free to visit us at Ettleson Hyundai in Countryside, IL. Our team would be happy to help you find a specific model that suits your needs on the road and a payment plan that complements your budget.

Categories: New Inventory