If you want to drive a new Hyundai long-term without paying for the car's full cost, consider leasing instead of buying. Leasing comes with its drawbacks, so it's important to know exactly what you're signing up for with a Hyundai lease ahead of time.

leasing a car

through Hyundai Motor Financing (HMF), you can drive a new model for a relatively low monthly rate—and without the maintenance expenses of owning a car.

When deciding if it is

better to lease or buy a car

, remember that paying for a lease doesn't help you build equity the way financing a car does. Plus, you may face restrictions such as mileage limitations.

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How to lease a Hyundai

Leasing a Hyundai may not be rocket science, but there are some basic things you need to know before heading down that path. Start by following these steps to make sure you score a good deal on a Hyundai lease:

Check your credit score. HMF usually requires its lease customers to have a

good credit score

, with a minimum 650. If your score is lower, you may need a co-signer for your lease.

Determine your budget. Make sure you can afford your monthly payment, which should not be more than 15% of your monthly income.

Estimate your upfront payment. For a good deal, expect to make a down payment of at least $1,000.

Figure out your annual mileage. Your lease terms will outline a maximum mileage limit, usually between 12,000 and 15,000 per year. You may purchase additional miles up front.

After sorting out these details, head to your local Hyundai dealership to compare lease offers. Cheaper lease options include the

Hyundai Elantra

and the

Hyundai Santa Cruz

. If you have more cash to spend, you might splurge on a

Hyundai Tucson

Your dealer will probably try to talk you into purchasing add-ons like accessories and cosmetic upgrades. Note that these add-ons are the only customizations you may make to a leased Hyundai.

Make sure to have a budget in mind before going to the dealership so you don't overspend.

The final step: shop for insurance

Your Hyundai lease agreement will not include car insurance. Once you've picked a model that suits your needs and budget, you'll have to buy insurance to cover it.

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How to calculate a car lease payment

How much does a Hyundai lease cost?

Technically speaking, leasing a Hyundai costs less than buying one. However, some say purchasing a car is a better investment. The exact cost of your Hyundai lease will depend on several factors, including:

The car model

Your negotiated price

Your lease term

The interest rate on your lease (determined in part by your credit score)

Cosmetic upgrades or other add-ons

Sales tax

HMF's lease offers vary, but most Hyundai leases run from 24 to 48 months. If you settle on a three-year (36-month) lease, your monthly rate will probably land between $366 for a Hyundai Elantra SEL and $507 for a Hyundai Santa Cruz SEL Crew Cab.

Your monthly lease payment won't be your only expense, either. For example, to lease a Hyundai Tucson for three years with a credit score of 700-749, you can expect to pay:

Down payment: $1,000

First month's payment: $498

Acquisition fee: $650

That leaves you with an initial cost of $2,148. This price excludes add-ons, sales tax, and other potential contributing factors.

By comparison, the Hyundai Santa Cruz would cost you $2,321 upfront. That's just a couple hundred dollars more than the Tucson, though the manufacturer's suggested retail price for a 2022 Hyundai Santa Cruz is over $5,000 more than that of a 2022 Hyundai Tucson.

Services included in a Hyundai lease

Leasing a car often comes with complimentary maintenance services. If you lease a Hyundai through HMF, you should be covered for three years or 36,000 miles (whichever comes first) for standard, factory-scheduled maintenance intervals.

These services include:

Oil and oil filter changes

Hyundai Genuine Oil filters and recommended oil

Tire rotations

Multi-point vehicle inspection

Keep in mind that these services do not include frequent maintenance as a result of severe conditions or driving. However, you can purchase an Extended Hyundai Protection Plan if you think you will need maintenance more often.

Find more details on the

Hyundai Complimentary Maintenance webpage

Key Takeaway Expect to pay over $2,000 upfront when you pick up your new leased Hyundai. Monthly rates hover between $350 and $500 per month for most models, though your lease may be more expensive.

What to do when your Hyundai lease is up

When your Hyundai lease ends, you can choose from these options: lease or purchase a new Hyundai, buy your current leased Hyundai, or turn in your leased car. If you opt to purchase or lease another Hyundai, keep in mind that you'll have to follow certain steps to turn in your current model.

How to return a leased Hyundai

To return your leased Hyundai, this is all you need to do:

Use Hyundai's Excess Wear and Tear Tool and Online Self-Assessment Tool to identify any excess wear and tear on the vehicle

Make any necessary repairs to avoid charges for excess wear

Call your Hyundai dealer to schedule a turn-in appointment

Clean the vehicle

Remove any toll tags or garage door notes

Complete Hyundai's Odometer Disclosure Statement and fax it to (972) 590-3968

Make sure all equipment originally provided with the car is accounted for

Delete any personal data from your car's electronic systems

Turn in your leased car to your Hyundai dealer

You will be required to pay a $400 disposition fee when you turn in your car, regardless of its condition.

How to purchase a leased Hyundai

HMF makes it simple to purchase a leased Hyundai at the end of its lease term. There are three ways to do this:

Call or visit your local Hyundai dealer

Call a lease-end advisor at (855) 463-5378

Get a buyout quote through your HMF online account

MORE:

Car leases vs. subscriptions. What are the differences?

How to find affordable car insurance for a Hyundai

Even after you've hammered out all the details of your Hyundai lease, you'll still need to purchase car insurance. Shopping for auto insurance can be a pain, but with

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FAQs

Is leasing a Hyundai worth it?

Deciding to lease a Hyundai could be right for you if you don’t want to make a long-term commitment to one model. Leasing also comes with lower monthly payments. Ultimately, it’ll come down to your finances and personal preferences.

What is the cheapest Hyundai you can lease?

For 2022 models, the Hyundai Elantra is among the cheapest to lease at about $366 per month. Older models may cost even less. Keep in mind that your lease price will depend on several factors.

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