Buying vs Leasing a Car
Leasing vs Buying a Car: Which is Better
When it comes to bringing home a brand-new vehicle, consumers can take the traditional route of purchasing a vehicle, or they may decide to lease a new car.
There are benefits associated with both options. The final decision is ultimately based on what the vehicle will be used for and how frequently it will be driven.
Benefits of Leasing a Ford
There are several advantages for those who are considering leasing a new Ford.
A major benefit of leasing is knowing you will always sit behind the wheel of a new vehicle that is equipped with the latest technology and accessories. Since many lease options last approximately three years, you will be able to keep up with the latest and greatest vehicles from the manufacturer.
Leasing a new vehicle also comes with manufacturer warranty coverage that will protect the vehicle for the duration of the lease period.
Having a new vehicle every few years also means being able to keep up with any changes or necessities in your lifestyle — think going from no kids to needing to fit a car seat in your vehicle!
What to Consider Before Leasing
Before deciding if you should lease a car, consider the following:
- Payments: It is possible that your lease will have a lower monthly payment than if you were to take an auto loan and buy a new car.
- Resale: Something you won’t have to worry about is trying to resell your car when you’re ready for something new. Simply bring the vehicle to DePaula Ford at the end of your lease and let us help you with the transition to a new vehicle.
- Mileage: Although you will be able to enjoy a new vehicle every few years, you could be restricted by the number of miles allotted for the lease period. There could potentially be fees for going over miles.
- Maintenance: While leasing a vehicle, it’s important to maintain the integrity of the vehicle, especially if it is outlined in the lease contract. This could include keeping the interior of the vehicle in top shape, performing timely oil changes, and routine maintenance as necessary.
Benefits of Buying a Ford
Purchasing a new vehicle can feel overwhelming, in part because you will be paying the entire cost of the vehicle. In the end, you will have a vehicle that is truly your own that you can do with as you see fit.
Owning a car provides you the ability to accessorize and make modifications that suit your lifestyle.
Purchasing a new car also comes with the assurance of manufacturer warranties that cover many aspects from powertrain warranties to bumper-to-bumper warranties.
What to Consider Before Buying
Before purchasing a new Ford, it’s important to consider the following:
- Financing: Leasing tends to favor consumers with exceptional credit whereas auto loans are obtainable for anyone. Additionally, if you finance an auto loan, you can refinance down the road, which can lower your monthly payments and/or interest rate.
- Selling Ability: When you purchase a car, you own it for as long as you want. After only a year, it would be easier to sell the vehicle than it would be to get out of a lease. So, if you find that the vehicle you bought isn’t compatible with your lifestyle, you can sell it and purchase one that could be a better fit for you.
- Equity: While monthly lease payments are typically less than monthly loan payments, with each payment made towards an auto loan you are building equity for the future.
- Mileage: If you need to drive a substantial number of miles each year, buying a vehicle may be a more viable option for you. Lease options typically have a cap on the number of miles you can drive per year, otherwise resulting in a fee if the limit is exceeded.
Ultimately, the decision to buy or lease a car, truck, or SUV is yours to make. There are pros and cons on both sides to be taken into consideration. Whether you choose to lease or purchase, when you work with us at DePaula Ford, we will help you find a vehicle and monthly payment that you are comfortable with.