Lease vs Buying

Lease or Buy your New Kia Vehicle

Should you lease or buy your next Kia Vehicle from Quirk Kia in Manchester, NH

When it comes to buying or leasing a new Kia vehicle the options can be confusing. To help you make an informed decision we have provided the information below. We at Quirk Kia NH hope you find it informative and useful. When you buy a new or used Kia you pay for the entire cost of the vehicle. When you lease the new or used car, you pay for only a portion of the Kia’s cost, which is the part you use during the time you are driving it.

Buying

Leasing

Who Owns It

You own it! It doesn’t matter if your pay for your new Kia vehicles upfront or finance it and make monthly payments, that new Kia is yours. If you are financing through a lender, you will have to abide by the lenders requirements. Monthly payments, money down, credit score etc.

Who Owns It

When you lease a vehicle, you do not own it – The bank or lender owns the vehicle. You are paying to use the vehicle. This is usually why you pay less per month in a lease than if you were to buy the car.

Up-front Costs

If you’re financing your new Kia, the bank will usually ask for a down payment. You can also trade in a vehicle use any equity from it as a down payment. The amount of the down payment varies based on vehicle price, lender requirements and your credit score.

Up-front Costs

There are two types of leases. Money down and zero money down. When you put a down payment on a lease your payments will be even lower. However it is not necessarily required by the lender. All you usually have to pay is the first month’s payment, a security deposit, and the various fees.

Future Value

Maintain your Kia with regularly scheduled maintenance and you will be able to get the most resale value out of your vehicle.

Future Value

The lender owns the vehicle so when your lease is up the bank is responsible for the next stage of the vehicles life. However if you exceed mileage restrictions or cause damage to the vehicle the bank will require you to pay extra at the term of your lease.

End of Payments

Once you have made the last payment on your vehicle that vehicle becomes yours! The bank will send you a lien release and your title as proof you own the vehicle and you have fulfilled your contractual obligation with the bank.

End of Payments

At the end of the lease term most people will return the vehicle. Some people like their car so much they will purchase it at the end of the lease term. Others might want to trade it in before their lease is over. Just ask our friendly staff members about your different options before signing any paperwork and we’ll make sure you have your lease set up
the way you want it.