Buying vs Leasing

Buying vs. Leasing
What are the options?

There are many options when it comes to financing a new or used vehicle and we understand it can sometimes seem overwhelming. To make it easier for you, we have put together some basic details on the main options to choose between. We hope you find the information valuable and use it to make an educated decision on the best choice for you.

Before we get in to the details, let's get the basics squared away. You have two main options for the vehicle of your choice; you can either buy the vehicle or lease it. If you buy the vehicle, you then have another two options of either paying the full price of the vehicle upfront or paying for the vehicle over a fixed period of time by financing the vehicle. 

When you buy the vehicle, you pay the full cost of the vehicle (either upfront or over time) and then become the owner of that vehicle. When you lease the vehicle, you only pay for the portion of the vehicle during the time that you actually use it and don't actually own the vehicle.


Who Owns It
Whether you pay for the vehicle with cash, or choose to finance and make monthly payments, you still own the vehicle. Of course, if you're financing it, you will have to meet the obligations the lender requires. For example, a certain down payment amount and keeping your monthly payments on time is required. If you don't, the lender may look to take back ownership of the vehicle.

Up-front Costs
If you are financing it, the lender will often request a down payment. You can also trade-in another vehicle and use any equity towards your down payment. The amount of the down payment is usually based on the lender's requirements and your credit score.

Future Value
Your vehicle will be worth whatever you can sell it for in the future and that depends on how well you maintain it. Be smart and protect your investment with regular scheduled maintenance by our factory-authorized facility! 

End of Payments
If you are financing, once you have paid off what you owe on your contract - that's it! You retain 100% ownership of the vehicle and it's yours to do with as you will. The lending institution will send you documentation as proof that the vehicle is completely paid off and all yours.


Who Owns It
You do not own the vehicle when you lease, the financial institution that you leased it through actually owns it. This is why you pay less per month in a lease than if you were to buy the vehicle. Instead, you are paying for the use of the vehicle during the time that you have it instead of the entire cost.

Up-front Costs
Leases often do not require any type of a down payment. All you usually have to pay is the first month's payment, a security deposit, the acquisition fee and any other applicable taxes and fees. However, similar to financing, if you want to lower your monthly payments you can make a larger down payment initially.

Future Value
In most leases you don't end up owning the vehicle so you don't have to worry about selling it at the end of your term, that's the financial institution's job. Although you may have mileage limits and wear and tear guidelines that, if you exceed them, could cost you extra money when you turn your vehicle back in.

End of Payments
Most people return the vehicle at the end of the lease term, but some like to purchase it during their lease or once the lease has finished. Others like to trade it in before their lease is over and switch to a different leased vehicle. Just ask us about these different options before signing any paperwork and we'll make sure you have your lease set up the way you want it.

Best vehicles to Lease
The best vehicles to lease are those with the best value after the term of the lease, since they depreciate less you pay less. Review the lease ratings and speak to our helpful staff to see which vehicles retain their value and would be a good choice for you.

The Hyundai name, logo, product names, feature names, images and slogans are trade marks owned by Hyundai Auto Canada Corp. Accessory Pricing. Accessory Pricing and availability is subject to change without notice. For calculation purposes only, our accessory pricing includes the estimated cost of installation (if necessary). Prices do not include painting if required (e.g. Spoilers). However, the cost of doing business varies in different parts of the country, therefore the installed price may not be the exact cost of installation depending on the dealership. Please contact your local Hyundai dealership to confirm the pricing in your area. Vehicle Pricing. Total Vehicle price includes Delivery and Destination charge ($1,550.00). Delivery and Destination charge includes freight, P.D.E., administration fees and a full tank of gas. Applicable license fees, insurance, registration, and taxes extra. Leasing. Lease monthly payment includes Delivery and Destination charge. $0 security deposit. Applicable taxes, lien registration fees, license, and insurance extra. Leasing offers available on approved credit from Hyundai Financial Services. Delivery and Destination includes freight, P.D.E., dealer admin fees and a full tank of gas. Additional charge of $0.12/km on all models except Genesis Sedan, Veracruz and Equus where additional charge is $0.25/km. Financing. Finance monthly payment includes Delivery and Destination charge. Applicable taxes, lien registration fees, license and insurance extra. Prices shown are suggested retail selling prices only, actual costs may vary. Installed options may vary by dealer. Delivery and Destination includes freight, P.D.E., dealer admin fees and a full tank of gas. 
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