New Lease Guidelines in Illinois Offer Leasing Advantages for Hyundai Customers

The new lease guidelines in Illinois can mean lower costs for those who lease new Hyundai vehicles. Illinois lagged far behind many states when it came to increases in leasing. While other states reported well over 25 percent of their new car sales as leases, Illinois didn't. One of the reasons was the sales tax law. Before the tax law change, consumers paid sales tax on the entire capitalized cost of the vehicle, which was rolled into the lease package, making it even more expensive. That's no longer true. 

The capitalized cost is the lease price. It's similar to the cost of the vehicle when you purchase. It is the price of the vehicle, less any trade-in. When you buy a new car, you pay sales tax on the entire amount. However, when you lease, since you're basically renting the car for the length of the lease, paying on the entire cost of the car is unfair. Lawmakers finally understood that and made changes to the sales tax law. Now, consumers pay sales tax on the down-payment you make when you lease and tax on every payment you make on the lease. That can save a substantial amount for those leasing new vehicles and substantially increased the incentive to lease.

There are other 2015 leasing advantages for Hyundai buyers besides the new sales tax change. When you lease a car, your monthly payment is normally lower than it is if you purchase a vehicle and most people don't pay cash, but calculate the car they can afford by the cost of the monthly payment.  The lower monthly payment can free money for other needs or desires, but many people use that difference to get more car for their money. The payment difference can allow a family to purchase a larger car, let a buyer get the luxury car of his or her dreams or even lease a money saving hybrid that saves money on gas.

New Lease Guidelines in Illinois Offer Leasing Advantages for Hyundai Customers

Another benefit of leasing, rather than purchasing a vehicle is the reassurance that you're always covered by a warranty. While the Hyundai has one of the most generous warranties in the car world, with some of the parts having a lifetime warranty, the first five years are the most inclusive. Most leases end in three to five years and the consumer then finds another car, with another warranty.  You never have to pay for expensive repairs, which often occur as the car gets older. Some people even joke that the constant repair costs of an older car is just like having continuous car payments, but without the new car smell.

You never have to worry about the price of a trade-in or upside down financing when you lease a vehicle. Every year new technology makes previous models antiquated and can affect the trade-in value of the car. Being able to enjoy the many changes in the automotive world, without having to worry about the decreasing value of your old car is another of the 2015 leasing advantages for Hyundai buyers.  
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