Shopping for a new Kia is an exciting time that involves more than test-driving different vehicles and then selecting the model, color, and features. You also need to decide if you would like to lease the vehicle or finance your new purchase.
In this guide, we will go over the pros and cons of each option, as well as how our friendly and experienced finance department makes buying a new Kia as easy as possible.
The Pros and Cons of Leasing
When you lease a vehicle, it essentially means you are renting it for a certain amount of time, and making a monthly payment that covers the depreciation of the vehicle
Pros:
- Monthly payments are typically low.
- Usually requires little or no down payment.
- You can upgrade to a new vehicle every couple of years.
- You don’t have to deal with reselling the vehicle.
- You might be able to afford a more upscale model.
Cons:
- Cancelling a lease early comes with pretty stiff financial penalties.
- There are strict restrictions on how many miles the car can be driven annually.
- You will not own the vehicle.
When trying to decide if you should lease vs. finance a Kia, there are a couple of points to keep in mind. If you don’t drive more than 12,000 to 15,000 miles a year, and you like the idea of being able to trade up to something fairly often, leasing might be your best option.
Pros and Cons of Financing
Financing a vehicle typically involves agreeing to a monthly payment plan. At the end of the plan’s term, the vehicle will belong to you.
Pros:
- Once you pay off the vehicle, the car is 100% yours.
- You can drive as many miles on it as you wish.
- You can keep it for as long as you want.
- You can make any modifications to the vehicle that you want.
Cons:
- Buying a vehicle often requires a down payment.
- Depending on the terms of the purchase plan, payments may go on for many years.
- Monthly payments may be higher.
If you want to own your vehicle outright, keep it for a long period, and drive a lot of miles each year, you may want to opt for financing a new Kia.
Lease or Buy? At Liberty Kia, We’re Here to Help!
At Liberty Kia, we pride ourselves on making the car-buying experience as easy and hassle-free, from start to finish. Our friendly financing department offers the options to either lease or buy a new Kia, and we are happy to work with our customers to help them decide which choice is best for them.
One of the ways we make the entire process stress-free is by providing our valued customers with quick and simple ways to get approved. Before you even come in for your test drive, you are welcome to fill out the Liberty Kia financing application; it should take about 10 minutes or so, and will be used to process the application.
People who would like to trade in their current vehicle can use our quick online appraisal form to see what their car is worth.
We also routinely offer financing specials to our customers; the current deals can be found on our website, or you can speak with a team member to get the latest offers, including Kia lease offers IL drivers can qualify for.
At Liberty Kia, we are proud to offer our customers both leasing and financing as options. If you have questions, you are welcome to reach out to us. We are also always happy to help set up some test drives and help you get into your dream Kia today!