| Features | Buying | Leasing |
|---|---|---|
| Requires less money upfront, a lower down payment | ||
| Protection from potential negative equity, if your vehicle loses value it's not held against you | ||
| Lower repair bills due to being almost entirely within the manufacturer warranty periods | ||
| Only pay for time in which the vehicle is in your possession | ||
| Once the vehicle is paid for in full, the title and the vehicle are 100 percent yours | ||
| You have multiple options at the end of your agreement with the dealership | ||
| Typically require longer financing terms to reach lower payments | ||
| The consumer takes on all of the risk of unforseen depreciation | ||
| Must pay the total cost of using the vehicle, even if upside down | ||
| Once vehicle is paid off, if leased, then purchase after lease term ends, you are free to sell the vehicle at any time | ||
| Never have to worry about mileage limitations | ||
| Insurance costs are generally lower | ||
| Lower monthly payments for new vehicles | ||
| No upfront sales tax fees | ||
| Can still be financed by some lenders even with low credit scores | ||
| If vehicle is used only for business purposes, you can claim tax deductions |
Is buying right for you? Or do you prefer to lease? Most likely you’re on the fence and don’t know the benefits of each. If you’re not sure, we’ve put together a list of features to show you which is more representative of buying or leasing. After you’ve made your way through our list, please call us directly at (234)-287-8149 so that we can assist you further.
Should I Buy or Lease My New Ford in Canfield, Ohio?
Will leasing save me money over a traditional car loan?
The biggest draw of leasing is that it is cheaper. You don’t pay for the entire cost of the vehicle; rather, you pay what is called the “residual value.” You pay for the amount that the vehicle’s value has depreciated by the end of the lease. This translates to lower monthly payments as well as a lower down payment. The lease term is also usually the amount of the vehicle’s warranty period, so you are almost always covered out on the road. Leasing gives a more affordable way to always drive the latest models. Once your lease is up, you can buy it at a reduced price, or you can lease the newest model again.
Are there benefits to buying my car versus leasing it?
Of course, there are downsides to leasing too. The biggest draw of buying is that once your loan is paid off, the car is yours. Even before it’s fully paid off, you can still drive however you want. Leasing a car gives yearly mile limits; going over that limit can get costly, as you need to pay by mile. Since the car is yours, you can modify it however you want; a leased vehicle still belongs to the dealership, so you can’t change it. If you buy your car, you can also sell it at any time, even it is still being financed.
How do I know if leasing or buy a car is best for me?
Buying vs leasing a new car really depends on what’s best for your lifestyle. The chart above can be a helpful guide. If you still have questions, our auto finance experts are happy to help. Just give us a call at (888) 299-1527, or stop by our Ford finance department in Canfield, OH. We’re happy to help you figure out the best option. They can tell you what to bring and talk you through the auto loan approval process with ease. If you’re looking for a Ford lease or auto loan in Canfield, or even if you’re looking for one in Youngstown, Warren, Salem, or New Castle, we’re here to help.
