Lease a Hyundai in 2020 (Buy Or Hire Purchase) – Which Is Better?
Which is the best option when purchasing a new Hyundai: lease, buy or hire purchase?
For most people deciding how to finance the purchase of a car is almost as difficult as choosing the car in the first place.
Unless it is possible to buy the car outright with no financial worries associated with this then there are some important questions that need to be answered.
Let’s look at the options here with their pros and cons.
Why Go for Hire Purchase?
By paying for a car using a Hire Purchase agreement, a deposit will have to be paid initially and then the remaining debt on the car will be pain in monthly instalments.
Once all of the payments have been made the Hire Purchase agreement will come to an end and at this stage the car will become fully owned.
There are many favourable aspects to going down the Hire Purchase route.
- If unable to buy the car outright, then by signing a Hire Purchase agreement you can drive away in the car the same day.
- Once the final monthly payment has been made the car will become owned outright.
Things that need consideration will include: Monthly payments may be a little higher than when dealing with other financial institutions.
The car cannot be resold without settling any outstanding balance.
- Related: Hyundai news
Is it cheaper to buy or lease a Hyundai?
There is no simple answer. It really depends on personal choice. Some people really enjoy driving a new car and like to keep up with the latest models of choice.
In this instance, it is better to lease than buy because the car can be changed more often to keep up with current trends.
There is a huge selection of cars for lease at Car4Leasing.
Then, if it’s a case of liking a car because it feels like an extension of yourself buying is the right choice. Here are some pros and cons for both.
Hyundai buying – pros
Over time insurance costs will decrease. The trade-in equity may be used to buy another new car. There is no need to worry about mileage limits and all accessories can be changed as the owner pleases.
Hyundai buying cons
Because the car will have the same owner over an extensive amount of time, maintenance costs will creep up and may become costly. The car will depreciate very quickly. The down payment can be quite hefty.
Hyundai leasing – pros
The down payment is quite low and so also are monthly payments lower than loan repayments. Hardly any maintenance costs. There will be no depreciation liability.
Hyundai leasing cons
Insurance can be quite high. The down payment expense will be one incurred every time. At times, extra fees for damage are included.