Buying vs. Leasing: Which Should You Choose?
If you’re not buying your next vehicle outright with cash, you have two auto financing options: buy or lease. When it comes to buying vs. leasing, there are pros and cons to each. It’s important to understand how both options work before you choose a new Ford, so you can make the best financial decision for yourself.
When you lease a vehicle, you are basically borrowing your new Ford for a predetermined amount of time. When the lease term is up, you can return the vehicle, or you might have the option to purchase it. Some of the benefits of leasing include:
- More Cost-Efficient: Leasing a vehicle typically requires a smaller down payment, and your monthly payment will usually be lower as well. This is a good option if you don’t have much to put down upfront.
- Updated Features: Most leases last 24 or 36 months. If you’re someone who loves the most up-to-date features in your vehicle, you can return your current vehicle and get the latest model year.
Instead of paying for the vehicle, you pay for its depreciation over time.
Drivers who plan on keeping their Ford for a while might find that financing is a better option than leasing. The benefits of buying include:
- It’s an investment: When you purchase a Ford, you own that car for as long as you want. You’re building equity, and you can hopefully make some money if and when you choose to sell it.
- Customization options: Since you’ll own the car, you can make whatever modifications you want. Whether it’s a new paint color, and upgraded stereo system, a racing stripe down the middle, you can do what you want.
Explore Your Buying vs. Leasing Options at Auffenberg Ford South Belleville
Now that you know the benefits of both buying and leasing, you will know which is the better option when you purchase your next Ford vehicle. Contact us to learn more or visit our dealership in Belleville to meet with our finance department. If you’re considering financing a small SUV, check out the convenient Ford Escape interior dimensions.