Take Our "Should I Lease Or Buy A Car" Quiz

Since you were young, buying a car has been presented as a crucial step for getting where you want to go, which might be why you are only now debating the concept of leasing vs. buying a car. What the former involves might also be a bit more vague in your mind. It might help if you think of it as renting the vehicle. The pros and cons of this route depend on your circumstances. To figure out whether to lease vs. buy a car, read on and take this helpful quiz provided by the Gunther Kia team.

If you identify more with the statements in the first half of the quiz, financing may be best for you. Those on the bottom are more in line with leasing. Either way, please read on to learn more about leasing vs. buying a car.

Buying vs. Leasing: Key Differences

When you buy a vehicle, you usually take out a loan to finance the purchase. Should you take this route, you'll generally provide a down payment, and then a monthly financing installment until the remainder of the loan is paid off.

If you lease, you still typically provide a down payment and monthly installments. These payments are generally smaller than those you make when financing, however, since you're just paying the expected depreciation of the automobile.

At the time of signing a lease, you and our sales advisors will agree to terms that match your personal situation. For example, leases typically last 24 or 36 months. At the end of the designated period, lessees return their vehicles to our lot and have the freedom to explore other opportunities, whether that be a new lease of a similar model, a lease of a completely different automobile, or buying a car of their own.

Benefits of Leasing a Car vs. Buying

Many people have reasons to prefer leasing. Because they are "renting" a car, their monthly payments are usually more competitive than they would be if buying the same new vehicle. In a similar vein, people may prefer this option over purchasing a used ride because it lets them get behind the wheel of a brand-new automobile with its new-car smell and modern features. Because you don't keep the vehicle into its old age, you also typically don't have to worry about taking it in for serious repairs, as well.

Leasing can also be a great means of experimenting with a specific type of vehicle. For example, perhaps you've been intrigued by hybrid or electric models but don't want to commit to owning one long-term. With a lease, you can see what it's like to drive a hybrid or all-electric car before buying your own.

That being said, there are a number of reasons why individuals and families like to buy a vehicle instead. The monthly payments they make toward their auto loan amount to building equity, which works well for many motorists.

There are also fewer limits involved when you finance. When you lease, there is usually an annual mileage cap, such as 12,000 or 15,000 miles. Exceeding this amount incurs additional fees. When you finance your new car near Miami, FL, it's yours to do with what you wish. You can drive as much as you'd like, customize the vehicle to suit your preferences, and more. While leasing offers future flexibility, there is also nothing stopping you from selling the automobile you buy a few years down the road if you think another type of car would suit you better, and used vehicles are retaining their value especially well in South Florida in recent years.

Buy or Lease a Car at Gunther Kia

If you're wondering, "Should I buy or lease a car," we believe that ultimately depends on your driving style, family, commute, and preferences. Take our quiz to see which option might make more sense for your situation. You can also talk to our team in Fort Lauderdale, FL. We will help you explore our new Kia inventory and give you a quote on how much it would cost to finance or lease.

Frequently Asked Questions

Is it better to lease or buy a car?

To decide whether buying vs. leasing a car is better, consider which advantages best suit you. Leasing a vehicle usually means lower monthly payments, convenient lease-end options, and no long-term commitment. Buying an automobile ultimately results in full ownership with no restrictions on mileage or customization. The best option is the one that resolves the needs of you and your family!

What is the 1% rule in car leasing?

The 1% rule in car leasing is a guideline that suggests a good lease deal will have a monthly payment that's no more than 1% of the model's MSRP. Of course, it's important to consider other factors, like annual mileage limits and the length of the lease. If you'd like to explore leasing options, stop by our finance department at Gunther Kia.