Buying vs Leasing Your Car
August 16 2018,
One of the most important things to consider when visiting your Winter Haven area Ford dealership, Bartow Ford, is whether you want to buy or lease your car. There is no “right” decision, as leasing will make sense for some drivers while buying makes sense for others. To figure out which option is ideal for your situation, consider these key differences.
A major difference between buying and leasing your next car is the monthly payments that you’ll have to make, along with the down payment. In almost every situation, leasing a car will cost you less every month and require a lower down payment than if you were to buy an identical model. This is because when you buy a car, you pay off it in its entirety. With leasing, by contrast, you just pay off the depreciation. This lets those who lease their cars drive a more expensive Ford for less money than those who buy.
When You Get a New Car
Those who prefer to drive the latest vehicle on the market should strongly consider leasing over buying, assuming you can handle a car that is up to three years old. With a lease, you will get the car at the end of the contract, which typically has a three-year period. If, however, you want to get a new car every year, you would have to find a lease that has this short period or put up with high early-termination fees. If you can’t find a one-year lease, then you would be best off buying the car. Those who do not mind having an older vehicle and plan to drive their car until it cannot run should strongly consider buying.
Customization and Wear and Tear
Two of the most important considerations when debating between buying and leasing is how hard you are on a vehicle and whether you want to customize it with aftermarket accessories. Leases do not typically allow for aftermarket accessories unless you remove them fully at the end of the contract, which can become costly. Similarly, leases tend to have limits for mileage accrued and wear and tear. This means those who drive a great deal or have destructive pets or kids should avoid leasing unless they want to risk high fees at the end of the contract.
Your Winter Haven area Ford dealership, Bartow Ford, offers the option to buy or lease, including with financing, so you can find a vehicle regardless of which option better suits your needs. If you need help choosing between buying and leasing or require assistance selecting a car, give us a call at 800-303-4016, chat with us online, or visit our dealership.