Over the years, leasing cars has become more and more popular in the US — but is it the right move for you? The short answer: It depends.
The long answer: While leasing may be the best decision for one driver, it could be less appealing than buying. It depends on a variety of factors, including one’s financial situation, their driving habits, and what features they appreciate the most in their vehicles.
To help you decide, the experts at Loveland Ford have broken down what you should keep in mind before buying or leasing your next Ford car, truck, or SUV.
Ford Leasing vs. Buying
Auto Leasing
General highlights of leasing a new vehicle:
- Lower down payment
- Lower monthly payment options
- Don’t have to sell the vehicle
- Lease warranty often covers repairs
This option is best for people who:
- Love having the latest tech features and gadgets in their vehicle
- Can’t wait to upgrade to the latest model
- Don’t know the vehicle they want to own long term
This option is not ideal for people who:
- Drive long distances — many lease agreements include penalties for going over mileage limits
- Love to modify their vehicles — some contracts don’t allow this
- Like to go off-roading, or other activities that could result in wear and tear on the vehicle
Car Buying
General highlights of getting an auto loan to purchase a car:
- Own the vehicle outright once loan payments are complete
- Enjoy the resale value of the vehicle
- No contractual obligations or constraints once loan payments are complete
This option is best for people who:
- Drive frequently and for many miles
- Know they want to drive the vehicle for a long time
This option is not ideal for people who:
- Love to check out the latest model years of their favorite vehicles
- Are unsure about the higher down payment needed
Shop New Ford Vehicles in Loveland, CO
The experienced staff at Loveland Ford is here to guide you in your purchase, be it an auto lease or loan. Start by exploring our new Ford cars for sale in Loveland, CO, and make sure to also check out our current new Ford specials.
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