Buying or Leasing; Which is Right for You?

Whether you're looking for a new Ford or a pre-owned car, you're going to need to consider your financing options. That leaves you considering buying or leasing, but figuring out which is the right option for you isn't easy. You must weigh the pros and cons of each option to decide which fits best into your life and financial situation. Firstly, you need to decide whether you want a new Ford car, truck, or SUV or a pre-owned model. When you purchase a new Ford you have the option to lease or buy, but in the case of used vehicles you will want to look for a car loan.

Leasing

  • Pros
    • Easily upgrade to a new car every few years
    • Enjoy lower monthly payments with little or no down payment
    • Get more bang for your buck (drive a better car for your money)
    • Lower repair costs because the vehicle is protected under the factory warranty
  • Cons
    • You don't own the vehicle at the end of the lease term (but you have the option to buy it)
    • You have yearly mileage limits (but you can purchase extra mileage)
    • You can pay more in the long term for a lease vehicle than you will if you buy a car and keep it for many years

Buying

  • Pros
    • You own the vehicle so you can modify it as you see fit
    • You can save money over the long term if you keep it for an extended period
    • No mileage limits mean you can drive freely and as much as you'd like
    • You have flexibility to sell the vehicle whenever you'd like or use it as a trade-in for your next vehicle
  • Cons
    • You have to pay a larger down payment to avoid owing more than the vehicle's worth
    • You're responsible for maintenance outside of the factory warranty
    • You'll have a higher monthly payment than leasing
Categories: Finance
AdChoices
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