
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
Benefits of Leasing a Ford or Lincoln
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.