What Are The Differences Between Leasing And Buying Your Next New Ford From Don's Ford?

You've found it; the perfect new Ford car, truck, or SUV. Now you have to decide whether you want to lease or buy.

While both options are viable, they do come with their own sets of pros and cons. Let's take a closer look to see the differences between leasing and loaning.

Upfront Costs

At the beginning, leasing will require less money up front. When you buy, you should have a larger down payment to help lower your final bill and will most likely end up spending more a month in payments than a lease. Leasing may include a down payment, but most of the time it's not as large. You may also spend less money in taxes on a lease than you would a loan.

During Your Driving Period

After the initial upfront costs, you can drive away knowing that the vehicle is yours if you chose to buy. You may be paying more a month on the payment, but you won't have to worry about fees for driving over the mile limit, excessive wear and tear, or from violating any of the other terms that your lease may hold. Of course, because you will only be leasing your vehicle for two or three years, you shouldn't have to worry about repairs, since the new-car warranties should cover them for the life of the loan.

Long-Term Possibilities

The best thing about buying a car is that, once you've paid off the loan, the car is yours to keep. In the long-run, loaning is less expensive, but it also means that you have the same car for many years. When you lease, yes, you will always have a payment, but you'll also have the latest Ford vehicles with the most up-to-date technology and powertrain features.

Which Financial Option Should I Choose?

The choice really comes down to your preferences and personality. Do you want to own your vehicle? Do you travel a lot or like to customize your car, truck, or SUV? Are you worried that your kids will ruin the interior? Are you okay with having the same vehicle for as long as you're able? Then you'll want to buy your new Ford. Do you want the newest Ford models on the market? Do you want something that you can drive around town? Do you want to pay less a month and would rather have the opportunity to trade up in a few years? Then you'll most likely want to lease.

If you'd like to go over your financial options, feel free to visit our Don's Ford dealership, located in Utica NY and just a short drive from Rome NY, Whitesboro, Herkimer, and New Hartford NY. We'd love to help you with all of your financial questions, find you an estimate for your trade-in, help you fill out your finance application, or find out what your credit score may be.

Categories: New Inventory, Finance

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