Many shoppers find the process of falling in love with a new or pre-owned Ford model simple. However, deciding how to finance your new car or SUV can be much more complicated. That's why the finance center at New Way Ford is here to help you make your decision with confidence. In the meantime, let's explore the differences between buying and leasing, and the benefits to both.
When a driver makes the decision to invest in a vehicle, weighing your financing options is always important. Here at New Way Ford we offer the help of our finance center when you're making the decision whether to lease or loan the vehicle you're interested in.
There are benefits and drawbacks to both leasing and purchasing a vehicle. It all depends on the individual driver, their budget and their preferences. We'd like to offer some insight on the advantages of both options so you can make the best choice.
Leasing a vehicle offers you the chance to drive a brand new model without the long-term commitment of purchasing. When you lease a vehicle you'll get to experience the latest model year for a lower monthly payment than when you buy. Leasing also allows you to drive a new car every few years if you prefer variety. One of the main drawbacks to leasing is you can't customize or personalize your vehicle and you must return it without surpassing a certain amount of mileage. However, if you do want to buy your car at the end of your lease you're able to. You're also able to renew the lease or lease another brand new car.
Purchasing offers more flexibility and the satisfaction of owning your vehicle outright. You're able to customize, accessorize and personalize your vehicle in whatever ways you want to, put as many miles on it as you want to and eventually sell it if you want to once you pay off your loan. Purchasing a new or used vehicle is the better option for someone who wants to truly make a vehicle theirs. You can also purchase a certified pre-owned model, which offers many similarities to buying a new model, but for a fraction of the cost.
We'd love to help drivers in the Coon Rapids, Jefferson, Panora Guthrie Center, Audubon and Carroll areas find their ideal new or used vehicle to lease or loan today. Simply fill out a finance application and come see us at your earliest convenience.
| Buying | Leasing | |
| Ownership | When you choose to buy a Ford model, you'll get to own it for the entirety of its life, which is appealing to many shoppers. | Lease terms are a set amount of time, and you're technically borrowing the vehicle, so you don't own it. |
| Up-Front Costs | Up-front costs associated with your purchase typically include a down payment, registration fees, and taxes. | When you sign your lease agreement, you can expect to pay for the first month, a security deposit, acquisition fee, down payment, and other fees that apply. |
| Monthly Payments | With buying, you're working towards paying off the entire price of your new vehicle, so your monthly payments are usually higher than if you were to lease. | Your month to month lease payment will most likely be less than if you purchased your car, |
| Early Termination | You can sell or trade-in your model whenever you want. If you do decide you want a new vehicle, you will have to initiate this sale yourself. | If you end the lease early, you'll usually experience fees. |
| Vehicle Return | There is no return date when buying your vehicle. | Returning your vehicle is simple and organized by your lease terms. |
| Mileage | Many drivers appreciate the freedom of limitless miles, no-fear wear and tear | If you've exceeded your mileage at the end of your terms, you'll pay additional fees. |
| Excess Wear and Tear & Customizing | Endless customization options | You'll pay additional fees for excessive wear and tear, damage, or remaining customization. |
| End of Term | As an added plus, when you reach the end of your loan terms, you won't have any more monthly payments, you'll instead have equity that you can use to pay for the next vehicle. | At the end of a lease, you can choose to purchase the car, or try out a new model. Many drivers appreciate the ability to switch up their models every few years, which is a major plus to leasing. |
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