Car Leases

Is Leasing a New Kia in El Paso for You?
Whenever you are shopping for a new Kia at El Paso Kia dealerships you have two options available for taking delivery of your new vehicle: purchasing or leasing. There are differences between the two, and understanding how leases work is essential to ensure you are making the best purchasing decision based upon your driving habits and needs. The primary difference is who actually owns the vehicle. With leasing, the car dealer or lease program underwriter retains ownership of the vehicle during the lease period. On the other hand, if you purchase the Kia vehicle, you have ownership in the vehicle and obtain full ownership once your car loan is paid off.
If you drive a low number of miles each year and desire a new Kia every three years, then leasing is better than purchasing the vehicle. Kia car leases in El Paso only require to you pay for the amount of car you are using during the lease period. Essentially, you are renting the car each month and, as a result, your monthly payments are much lower than with traditional financing. In addition, taxes are only paid on the monthly lease payment, rather than the actual purchase price of the vehicle. At the end of the lease, you simply turn the vehicle back in to your Kia dealer in El Paso and pick out a new Kia to lease. As long as you do not exceed the mileage restrictions, and have maintained the vehicle according to the lease agreement, there are typically no additional out-of-pocket expenses.
Now, consider you purchased a new Kia and financed $15,000. At the end of three years, you still owe $7,500 and decide to trade the Kia in for a new one. The trade-in allowance for the vehicle is $6,000, but you owe $7,500. The dealership is still able to help get you into the new vehicle and pay off your current car loan. However, the outstanding $1,500 is added onto the new loan, which results in your monthly car payment increasing. Had you originally leased the vehicle, there is no outstanding amount to refinance into a new loan. Instead, you simply choose your new Kia and start a brand new lease.
Leasing is not for everyone, as there are specific requirements and restrictions. Since you do not own the vehicle, you cannot make any aftermarket modifications to the vehicle. You are not allowed to upgrade the wheels and rims, add a new sound system, or make other modifications, since these will violate the lease agreement. Additionally, you must ensure all vehicle maintenance and repairs are performed at the manufacturer’s recommended intervals and kept current. For those people who are able to do this, in return they get to drive home in a new Kia every few years, with low monthly payments.
To learn more about leasing a brand new Kia in El Paso, contact Integrity Kia now at 915-856-2982.

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