Should I Buy or Lease A Ford?

Leasing vs. Buying a Vehicle

So, should you buy or lease a car? Leasing a car in Palm Beach Gardens and beyond is similar to renting a car for a long-term contract period. During this contract, you’ll be locked into monthly payments for a specific amount of time. You won’t build equity as you would from outright buying the vehicle. You’ll be paying for the ability to use a car for a specific set of months and the mileage agreed upon between you and the dealership. When the car lease is up, you can trade your vehicle in and replace one leased vehicle with a new one, buy the vehicle, or end your lease.

Pros and Cons of Leasing a Car

Pros:

• Lower Monthly Payments: You’ll have smaller down payments in general when you decide to lease a car in West Palm Beach.
• Worry-Free Maintenance: Many vehicles will come with a three-year lease. As a result, most repairs will be covered within the terms of an existing lease.
• No Worries About Resale: When you’re leasing, you’ll just return the car. If you do exceed the agreed mileage, or there’s some wear and tear, you might have some fees to pay.
• Get a New Car Every Few Years: You can return your car every couple of years, so you’ll get the latest vehicles and newest tech every so often.

Cons:

• Mileage Requirements: If you exceed the agreed-upon mileage, you’ll end up paying some fees.
• Constant Monthly Payments: You will have to maintain those monthly payments to keep your car and that’s going to be a constant during the time of the lease.

Pros and Cons of Buying a Car

Pros:

• Ownership: You will always buy the car and once you finish your monthly payments, you will own the car outright. If you want to sell it off or trade it in, you have the ability to do so.
• Customize Your Vehicles: Leases have rules regarding what can be done with your Ford vehicle in West Palm Beach. When you own the car, you won’t have to deal with that.
• No Restrictions: Never worry about mileage rules, wear and tear, and other issues. Repairs and other services are entirely at your discretion.

Cons:

• Higher Monthly Payments: Leasing a car means lower monthly payments for the same vehicle you might consider buying.
• Rapid Depreciation: New cars can lose between 15% and 50% of their total value in the first five years.
• Larger Down Payment: If you’re trying to get approved for a loan, you’ll have to consider making a larger down payment to do so. Leasing your vehicle will mean less chance of this occurring.

Buy or Lease Your Next New Car with Al Packer Ford West Palm Beach

Should you buy or lease a car? Now that you know the answer to that question, it’s time to explore your options with our new specials and pre-owned vehicle specials for unique savings. We look forward to helping make this new car dream a reality so apply for financing from your Lake Worth home, contact us, or visit our finance team in West Palm Beach to learn about your purchase options in person.