The Hyundai Elantra is a popular compact sedan known for its sporty design, affordability, and reliability. Those who enjoy driving the latest new vehicles will really enjoy driving a car like the Hyundai Elantra. Automotive leasing can be a great way to try out a new vehicle such as the 2022 Elantra for a lower monthly price. If you are considering going through with a Hyundai Elantra lease, read on for everything you need to know about the process.
What is a Hyundai Elantra Lease?
Leasing a car is essentially a means of conducting a long-term rental. Both the consumer and the dealership are protected via a lengthy lease agreement that outlines all of the terms and conditions for the transaction. To lease a car, you will owe a down payment upfront and a recurring monthly payment, just like with purchasing a vehicle. There are many advantages of leasing to both drivers and dealers.
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How to Get a Hyundai Elantra Lease?
To get a lease for your next Hyundai Elantra or another vehicle, you will need to visit your local automotive dealership and go through the application process, just like with financing. Many dealerships also now allow you to apply online to save time.
Your financial situation and creditworthiness will be verified and evaluated. Most of the time, this includes undergoing a credit check and submitting proof of your income and employment.
At the signing of your lease agreement, you will owe a variety of fees and charges upfront, including your first month’s payment, a security deposit, taxes, and other fees.
Important Things to Know About a Hyundai Elantra Lease
There are a few things to keep in mind when looking over your lease agreement. Knowing and understanding these terms can help save you a lot of money and hassles in the future.
- Termination Date – Most lease agreements are for 2 or 3 years, although lease terms can range anywhere from 12 to 60 months. The day that your lease ends is known as the termination date.
- Residual Value – This is the amount that your car will be worth at the end of your lease. It is calculated in advance to predict what the value of your vehicle will be at the termination date. You will have the option to purchase your vehicle for this price at the end of your agreement.
- Mileage Allowances – One of the most important things to know about your lease agreement is how many miles you will be allowed during the length of the lease. Typically, you will have the option of 12,000 or 15,000 miles per year. If you suspect that there is a good chance you will be going over these limits, you can either purchase additional miles upfront or pay overage charges for them when you return the vehicle.
- Early Cancellation Fee – If you decide to end your lease agreement early for any reason, you will most likely be charged an early cancellation fee. You will also have to pay the difference between the amount remaining on the lease agreement and the credited value of the vehicle.
- Disposition Fee – This fee is charged at the end of a lease period when you turn in your vehicle. It is designed to cover the costs of processing your vehicle’s intake and getting it ready to sell. In many cases, this fee will be waived if you are getting into another lease for a new car from the same dealership.
- Wear & Tear Fees – Be careful because you may be hit with additional out-of-pocket expenses if you turn in your vehicle with an excessive amount of wear and tear. Most lease agreements allow for a certain amount of damage, usually between $500-1,000 in wear and tear, before the dealership will begin to charge you.
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What Happens at the End of Your Hyundai Elantra Lease?
At the end of any vehicle lease period, you will have a couple of different options. You can either convert your lease into a purchase contract by paying the residual value, trade the car in to upgrade to a newer model, or you can return the vehicle to the dealership. If you are returning or upgrading your vehicle, your car will be inspected by the dealer to determine its current condition and value.
It is important to note that returning a leased vehicle does come with some risks. You may be charged for any wear and tear of the vehicle, and you could also be hit with hefty fees for any additional mileage accrued on the vehicle over the agreed-upon mileage limits. For this reason, many people choose to purchase their cars at the end of the lease agreement to avoid any hassles and unexpected charges.
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Should You Buy or Lease a Hyundai Elantra?
If you are someone who likes to change vehicles frequently in order to upgrade to the latest and greatest, you will probably enjoy the flexibility of leasing better than buying. Many people also prefer leasing over financing due to the lower monthly payment and lower down payment at the start of the lease agreement. And if you choose to jump from lease to lease, you will have the benefit of always having a brand new car that is covered under warranty. You will not have to deal with the depreciation or maintenance of an older vehicle. For some people, this perk makes the downsides of leasing worth it.
On the other hand, if you plan to keep your car for at least 5-10 years, the financial benefits of purchasing a vehicle upfront are greater in the long run. Additionally, if you think there is a high likelihood that you will go over the allowable mileage in a typical leasing agreement, buying your next Hyundai Elantra is a better choice for you than leasing. Not surprisingly, many people don’t like being locked into a certain amount of mileage per year and choose to steer clear of leases for this reason alone. For others, it is extremely important to own their own vehicles and pay off their debts, leaving themselves with no monthly payments.
The decision of whether to buy or lease ultimately will come down to your own personal financial situation as well as your goals and priorities.
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