Deciding between Leasing vs Financing in Albuquerque NM to Drive Home in the Kia of Choice

 With all the selections offered by Kia, prospective buyers might consider the choice of which Kia to drive home in to be of major importance. Consideration should be given to financial selection, not just if a sedan or SUV will do. The debate of Leasing vs Financing in Albuquerque NM applies to all selective buyers, unless fortunate enough to buy out right. Studying financial profile, buyer needs, and employment type are all factors to consider when determining which type of ownership road to travel down.

Standard Financing

There is something to be said with sticking with what works or what your grandparents did. Purchasing a car obviously goes back to the beginning when they were originally manufactured and hit the car lots. Financing a vehicle is typically more expensive than leasing a vehicle, but only due to full ownership once the debt is paid. In the end, whether the entire cost of the vehicle is paid in full up front or over a period, the buyer owns the vehicle. With a paid for vehicle comes equity, allowing the vehicle owner financial power located within. Purchasing power and ownership are crucial aspects to consider when discussing Leasing vs Financing in Albuquerque NM.

Leasing vs Financing in Albuquerque NM: Leasing Option

Up front, leasing a vehicle portrays the image of getting more for your buck. For a percentage of the vehicle's value, leasing allows the potential owner the option of getting more vehicle than they can readily afford. How is it done? By leasing, the owner never pays the full purchase price for the vehicle. Because the total will never be delivered, a more expensive vehicle can be selected. There are other reasons to lease as opposed to finance. Tax deductions typically influence decisions as well as various other factors. For buyers knowing exactly the Kia they desire, the lease package can provide benefit as well. An upgrade in packages and additional vehicle add-ons are now possible whereas they might not through financing.

Pros and Cons

The outcome of Leasing vs Financing in Albuquerque NM yields both favorable and undesirable effects. While financing a vehicle leads to ownership, it can be a long and expensive road. In fact, many buyers finance vehicles up to six years. That is a long period of time to be tied to a note with the vehicle possibly exceeding its warranty before it is ever paid for. Imagine having to foot the bill for a new transmission on a vehicle for which you are still paying a monthly note. Comparatively, leasing typica lly can be secured at a lower note and for a considerably shorter period of time. The result, however, is much different between leasing and financing. Once the last note is paid in full, the buyer receives the gift of the vehicle's title. It solely belongs to the buyer, who can then decide its automotive future. On the other hand, when the leaser makes that final payment, not only does the title never come, but the car is returned to the car lot. The leaser walks away with nothing more than a memory. On the flip side though, should a leased vehicle need mechanical attention, that beautiful and welcomed factory warranty brings a Christmas morning smile to the leaser's face. Only inconvenience is experienced with no exchange of money. Consider the two options when moving from the current vehicle to another. For the buyer who financed the vehicle, title and ownership allow for a potential down payment or trade-in on a new vehicle to repeat the process. The leaser, on the other hand, has no equity from the previous vehicle to lay down as a trade in or down payment. This should not discount the value in leasing though. Financial responsibility and planning can payoff big in the end. Consideration can be given to the difference between the financed note and the leased note. With the leased note being less, the difference can be saved monthly and accumulate. These funds can be saved and then later applied as a down payment on another lease or financed vehicle. Benefits include driving a vehicle that is always under warranty and two to three years new. One thing is easy to determine and that is the fact that the decision is not easy.

Which Road to Take

The decision is not necessarily simple in deciding between the finance or lease options. Financial stability, mileage estimated, and personal taste should all be considered when deciding how to financially obtain your new vehicle. Great thought should be made as owners can potentially lock themselves into a note that ranges from two to six years, depending on which route they take. Critical thinkers typically consider the financial aspects which would include gross income and the pesty debt to income ratio. Others wheeling on emotion alone will typically decide by how they can get exactly what they want in a vehicle with no compromise. No matter the path travelled, driving enthusiasts should weigh all options and decide what best suits their needs. For those coveting a new Kia and need assistance in making the lease or finance decision, contact Fiesta Kia at 7400 Lomas Blvd NE Albuquerque, NM 87110.