January 5

Buy New vs. Lease vs Used: What’s the right option for me?


When it’s time to choose your next vehicle, you have three main options: buy a new one, lease a new one, or purchase a used vehicle. Each option has its benefits, making it hard to choose a path. Below, we’ll outline the key benefits of each choice to help you select the option that best works for you.

Benefits of Buying a New Vehicle

Buying a new vehicle comes with some great benefits:

Long-Term Value

First, a new vehicle gives you great long-term value. If you’re looking for a vehicle you can own for a long time, a new vehicle is in the best condition and will typically last the longest. Best of all, if you can finish paying off your loan within a few years, you can own a car without making any payments for a long time afterward. Finally, if you decide to sell your vehicle in a few years, it will still have plenty of value, making it easier to afford your next purchase.

Fewer Repairs

Vehicle repairs are an unwanted expense that comes with ownership. If you’ve suddenly found that your vehicle isn’t working, you know how frustrating and expensive this problem can become. You’ll want to buy a new vehicle to limit the number of repairs. This is because new vehicles don’t have any wear and tear, meaning they are less likely to need repairs soon.

Latest Features

The last reason to consider a new vehicle is that they come with the latest features. Each year, car manufacturers find new ways to improve their vehicles, whether through more comfort features, technology, or improved performance. By getting a new vehicle, you’re getting the best the manufacturer has made to date. This typically results in a more enjoyable driving experience.

Benefits of Leasing a New Vehicle

The other way to obtain a new vehicle is through leasing. With a lease, you’re essentially paying to rent the vehicle for a few years, after which you return it to the dealership. Leasing provides some unique benefits:

Lower Monthly Payments

Lease agreements often have lower monthly payments. If one of your primary concerns when shopping for a new vehicle is how much you can afford each month, a lease may make it easier to get the vehicle you want. A good strategy is to find a vehicle you like and compare the monthly cost of leasing it to the cost of buying it. You’ll likely notice that the leasing option is lower.

Lower Repair Costs

Most lease terms are around three years. Since it’s a new vehicle, and you’re returning it in three years, you won’t have to worry too much about repairs. Your vehicle will be in great shape throughout your ownership, lowering the amount you’ll need to spend on repairs. On top of this, many leases come with warranty protection, which covers the cost of common repairs while leasing.

New Vehicle Every Few Years

If you like the feeling of driving a new vehicle, you’ll likely love going with a lease. With a lease, you get to drive the latest vehicles on the market, then return them after a few years. You can then repeat the process, taking out a new lease on the latest models. Opting for a lease allows you to drive the latest models every few years, granting you access to the most recent innovations and features.

No Need to Resell It

Finally, with a lease, you don’t have to worry about selling your vehicle when you’re done with it. You don’t have to haggle a price with buyers or spend money on repairs to fix it up before selling. You simply return the vehicle to the dealership, then decide on what you want to get next.

Benefits of Buying a Used Vehicle

Your third option is to buy a used vehicle. When you buy a used vehicle, you get the following benefits:

Lower Costs

The biggest reason many people opt for a used vehicle is the lower price. Used vehicles are often significantly more affordable than new ones, even if they are only slightly used. If you’re looking for a vehicle and you’re on a tight budget, you may find it easier to afford a used vehicle or to secure financing for a loan.

Lower Insurance Rates

An additional cost of vehicle ownership is the cost of insurance. Insurance providers consider the value of the vehicle when determining your rates. If you want to lower your monthly insurance costs, you may be able to do so with a used vehicle.

Less Depreciation

Most of a vehicle’s depreciation happens within the first few years. This means that by getting a used vehicle, you’re buying something closer to its actual value. You can save yourself a significant amount of money in the long run by purchasing a used vehicle. You can sell it later, as there won’t be much of a difference between the value and the sale price.

More Options Available

Lastly, when you go with a used vehicle, you have more options available to you. With new vehicles, you can only select from those made within the past year or so. Used vehicles, on the other hand, can come from any year. This gives you more options, making it easier to find a vehicle that fits your specific needs and budget.

Learn More at Huffines Hyundai in Plano

There are benefits to buying a new vehicle, leasing one, or opting for a used vehicle. If you want the latest model available and the best long-term value, buying a new vehicle is your best option. However, consider leasing if you still want the latest models but want to lower your monthly payments. Finally, explore used models if you’re on a tighter budget and want more options to choose from.

While every buyer is different, we hope these suggestions get you started on the right path to finding your next vehicle. If you need help selecting a vehicle in the Plano, Texas, area, Huffines Hyundai is here. We have a wide selection of new and used vehicles to browse. Our Finance Center can answer any questions you have about buying or leasing a vehicle, so please feel free to contact us with your questions.

Image by Scott Graham | Licensed with Unsplash License


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