Buying Vs. Leasing a New Vehicle in Galion, OH

Choosing whether to buy or lease your next vehicle is a very important decision to make. Each option has numerous factors to take into consideration such as your typical daily commute, the impact of your trade-in, and your desired monthly payment. By having a clear understanding of the benefits of both buying and leasing, you'll be prepared to make the right choice for your lifestyle and budget. Donley Ford of Galion has created this helpful guide which explains the benefits of buying and leasing your next vehicle.

Benefits of Buying a Ford or Lincoln

Flexibility

Buying a Ford means that you'll enjoy the freedom and flexibility to drive as many miles as you desire without any worries regarding mileage overage fees typically found in a lease contract. Because you're the owner of the vehicle, you can modify or customize it with aftermarket parts or accessories to give it your own personal touch.

Affordable Payments

Donley Ford of Galion offers loans which are available in a variety of term lengths. This gives you plenty of additional options to consider when buying a new vehicle, regardless of your current financial situation.

Low Interest Rates

Along with flexible loan terms, we offer a selection of new financing rates with APR with qualifying credit on your next Ford.

Ownership Equity

On the day you've paid off your vehicle, it's 100% yours. This equity you hold can be leveraged as a down payment towards your next vehicle.

Benefits of Leasing a Ford or Lincoln

No Effect on Trade-In

After your lease agreement reaches its conclusion, you won't have to worry about your vehicle's current value or how it will impact the purchase of your next one.

Low Cost Repairs

Because leased vehicles are most commonly covered by the factory warranty for the entire duration of the lease, you're free to drive without worrying about expensive or unexpected repairs.

Flexibility

As time passes, it's entirely possible that your needs and wants could change. By leasing, you have the flexibility to choose a different model every 2-4 years (depending on the duration of your lease). Rest easy, at the end of your lease you will have plenty of options. In certain situations, it may even be possible to get behind the wheel of a new vehicle before your current lease reaches expiration.

Low Monthly Payments

By leasing a vehicle, you're essentially driving it for a specific time period with a predetermined mileage limit. Put another way, you are only paying for the portion of the vehicle's lifespan that you will use. Since the value of this "portion" of the vehicle's lifespan is not equal to the full purchase price - your monthly payments may be significantly lower compared to purchasing the vehicle's "entire lifespan".

Frequently Asked Questions About Buying vs Leasing a Vehicle

Can I buy the vehicle at the end of the lease?

Absolutely! If your lease is nearing its end and you're completely happy with your current vehicle, then why make the change? Contained in your lease contract is the price at which you will be able to purchase your leased vehicle at the expiration of the lease.

My daily commute is fairly long. Will it make more sense to buy or lease?

It's always important to consider the type of distance that you typically drive as the vast majority of lease contracts contain a specified mileage limit. This limit can be increased or decreased to suit your driving habits. If your daily commute is long, it typically makes more sense to purchase the vehicle.

How old do you have to be to lease a vehicle?

You must be at least 18 years old to lease a vehicle.

If you've saved enough money for a sizeable down payment, should you buy or lease?

Having a large down payment can contribute to keeping your monthly costs low while helping you pay off the vehicle faster. Placing a large down payment on a purchase can reduce your monthly payments down to a similar level to that of a lease.

I'm always looking for the latest technology and features in my vehicle. Should I buy or lease?

Another great benefit of a lease is that you'll always be driving a vehicle with the latest features and technology.

Can you modify a leased vehicle?

In general, most lease contracts include restrictions against modifying your vehicle. There are some cases where genuine OEM accessories may be allowed. Please see your Ford Sales Representative regarding leased vehicle modifications.

When is the ideal time to lease a vehicle?

Shortly after the model year is introduced is considered the best time to lease. This is because the residual value is often at its highest, meaning there's a decent chance for you to save big on the depreciation cost. A Ford Sales Representative can provide you with the most current information on available lease incentives to help identify which one is best for your situation.