If you haven’t shopped for a car in the greater Federal Way area recently, it’s normal to forget the differences between leasing and buying. However, Sunset Kia of Auburn’s finance team makes it a point to educate our customers on the benefits of each option. Explore the distinctions between leasing vs. financing below, then take a look at our new inventory to find your next vehicle with Sunset Kia of Auburn in Auburn!
So, what is leasing?By choosing to lease, drivers in Sumner opt to rent their car for a few years, without the option to accumulate equity or sell the vehicle. However, the payment structure is different since they only pay for the car’s depreciation throughout the lease term. As a result, they can enjoy lower monthly payments and a smaller down payment. Additionally, the sales tax is lower than when purchasing a vehicle. Leasing also offers flexibility. After the lease ends, lessees can renew it, exchange it, terminate it, or finance the remaining lease balance.
Should you buy or lease a car? Properly answering that question requires taking a look at financing. If you opt for a financing plan, you will usually have a loan for the full value of the vehicle, and when it’s paid off you’ll own the vehicle. The full value of a vehicle is more than the depreciation, so you’ll have to make a larger down payment, pay more sales tax, and make larger monthly payments. The benefit of this is that you can sell the car whenever you like, and regain the investment you’ve placed into the loan. Financing is almost always the most cost-effective strategy, but it requires larger upfront and month-by-month costs which can be a big commitment.
If you’re still undecided about whether leasing vs. buying a car is the right choice for your budget, contact the financial experts at Sunset Kia of Auburn online or at (253) 891-6675. Our expert financiers are available to help our Puyallup customers navigate their options and find the best fit for their financial situation. To get started, consider applying for financing with our secure online portal, or take a look at the value of your trade-in to start planning your budget for your next vehicle at Sunset Kia of Auburn.
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