Differences Between Buying and Leasing a Kia New Port Richey FL
Should you purchase your next Kia vehicle or lease it? This is a question everyone has to face when they plan to get their next vehicle. Our team at Friendly Kia has put together this guide that will walk you through the differences between buying and leasing a new Kia here in New Port Richey, FL.
If you’ve found yourself stuck between leasing and buying your new 2022 Kia Stinger, this guide is for you. Let’s see how buying and leasing a Kia differ below!
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Vehicle Leasing Basics
In the simplest of terms, leasing a vehicle is essentially renting it out from Friendly Kia for a specified period of time. Most often our leases occur on 36- or 48-month timelines, but your terms can be set at the time of lease signing. When your vehicle lease comes to a close you are faced with three options: return the vehicle to our New Port Richey Kia dealership, purchase the vehicle for the remaining and pre-determined amount, or re-lease the vehicle.
Often individuals lease vehicles to have lower monthly payments or to get the vehicle’s purchase price low so they can buy it out at the end of their lease. However, when you choose to lease a vehicle, you are not building any equity on the vehicle with your monthly payments.
Vehicle Financing Basics
Individuals looking to improve their credit score or who are looking for long-term ownership of their vehicle will want to go the financing route at Friendly Kia. When you finance a new Kia from our dealership you will be building your credit with each on-time payment and you will build equity each month. After paying off your loan your Kia will be entirely yours, meaning no contracts or limits on what you can do with your Kia.
Financing a Car vs Leasing
There are a variety of factors you must take into consideration when deciding between financing your next Kia or leasing it here at Friendly Kia. If you like to get a new vehicle every few years and want to keep yourself in the latest and greatest vehicle, then leasing your Kia in Tampa Bay is the way to go.
If you are someone who is looking to get a vehicle that you’ll keep for years to come, then financing and buying your vehicle is the right path for you. When you finance a car, every monthly payment is building equity and you will eventually own the vehicle in full.
There are a few key differences between buying and leasing a Kia here at our New Port Richey Kia dealership, some of which include:
- Monthly Payments: Often times a new vehicle will cost less per month to lease than to finance. If you are looking to get behind a brand-new 2021 or 2022 Kia, leasing the vehicle will likely save you money month-to-month.
- Maintenance Concerns: Kia offers a 10-year/100,000-mile powertrain warranty, meaning your vehicle will be covered throughout the length of your lease and likely your ownership as most people get a new car every 7 or so years. Basic Kia warranties last for the first 5 years or 60,000 miles, which is something to keep in mind when choosing between leasing and financing.
- Resale: If you lease your vehicle you won’t have to worry about selling or trading it in when it comes to getting your next Kia. However, if you finance and own your vehicle, you are able to trade in your vehicle and apply its value to your next purchase, giving you more options when it comes to your down payment.
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Find Your Next Vehicle in New Port Richey at Friendly Kia
Is buying or leasing your next vehicle the right fit for you? This guide is here to walk you through whether or not you should buy or lease your Kia vehicle from Friendly Kia in New Port Richey, FL. Our financial advisors are available by phone, 844-231-6306, or in-person to help you with any Kia finance questions.