Leasing vs. Buying a Car

What are the benefits of buying and leasing a Kia?

Getting a vehicle is the second largest purchase a person will ever make, so no decision is to be taken lightly - especially when it comes to your wallet. That's why the people at KiaLoan.com work so hard to make sure your wallet is protected every step of the way. Before we can even get to the loan part, there are a few things to consider such as whether you should Lease or Buy your car. There are pros and cons to both approaches. Here are some of the things that you should take into consideration when making a decision.

Buy:

You don't call it 'buying' a car for nothing. Everyone likes the idea of truly calling a car their own. So here are the pros of buying a new or preowned Kia vehicle.

•    You get full ownership of your vehicle when your loan term is completed - it's your car, no one else's
•    You can customize your vehicle as you like without penalty and not worry about excess wear and tear
•    There is no limit on the mileage that you put on your car when you buy it
•    Factory warranty will cover major repairs during the duration of the Kia warranty

Lease:

Leasing can give you access to brand new cars every few years, so you can get that new car smell. But, you are constantly having to deal with a lease payment. Plus, you can get a Kia with more options as the payments are typically lower than buying a new car outright.


•    Payments are usually lower, compared to purchase
•    Opportunity to drive a new car every two to three years
•    Factory warranty to cover major repairs
•    Minor repairs and services may be covered
•    Lease payments can build your credit over time


As you can see there is a lot to consider whether you are leasing or buying your next car. Regardless of what you choose, the pros at KiaLoan.com can help you with getting the best APR possible.

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How long is my financial contract?

Buy: Usually 36 to 72 months
Lease: Usually 24 to 48 months


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What are my up-front costs?

Buy:
•    The amount you want to put towards a down payment, or what your trade-in value is worth
•    Plus taxes, registration and other fees
Lease:
•    Leases are generally customizable. You can choose:
•    A sign and drive lease without a down payment or a lease with a specified amount due at signing
•    Security deposit, 1st month's payment, registration, and fees can be included or not included

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How many miles can I drive my vehicle?

Buy: No specified mileage. However, the amount of miles may determine the resale value of your vehicle
Lease: A Kia lease generally includes 12,000 miles. However, you are able to purchase up to 15,000 miles at an extra charge

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Vehicle return:

Buy: You can choose to drive your vehicle up to and beyond the 10 year/ 100,000 mile warranty or sell it after desired length of ownership
Lease: You can return your vehicle at end of lease term, with no trade-in concerns


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Peace of mind when you buy or lease a Kia with Kia's 10 year, 100,000 mile warranty, which consists of:
  • 10-year/100,000 mile limited powertrain warranty
  • 5-year/60,000-mile basic warranty
  • 5-year/100,000-mile anti-perforation warranty
  • 5-year/60,000-mile roadside assistance plan