Do you finance?... or do you lease?... These are common questions a lot of people ask when they go to buy their vehicle. Most people do not know or understand the benefits of each. Financing vs. leasing a car are both really good options, however, it has a lot to do with the lifestyle you live and what you really need each for… If you are leasing and you drive a lot more than the normal person, it may not be the best idea. There are limits as to the total amount of kilometres you can lease a vehicle for.
Here we will review the pros and the cons of buying or leasing a vehicle…
If you are buying or leasing a Ford, these are the main things you will want to consider to make sure which is the right decision for you.
How much can you drive with buying a Ford versus leasing a Ford?
With my lifestyle, there is no way I should consider leasing a vehicle. I drive to the mountains a lot for hiking, camping and also love long road trips with friends and family. I don’t do a lot of local driving for my own needs but I do also use my vehicle a lot for work. How much do you drive? If you drive a lot, going to and from work, driving your kids around, going on lots of road trips, or even use your vehicle for work, be sure you consider leasing as the kilometres for leases are limited. If you buy, you don’t need to worry about that limit.
Is a downpayment required for both buying and leasing a Ford?
Do you need a downpayment Buying requires you to have a large down payment? Typically a downpayment of 10-20% is required if you are buying. If you lease, you can bypass the payment as long as you have good credit.
How does customizing your vehicle work versus leasing and owning your Ford?
Is customizing your vehicle important to you? If you want to adjust the frame of your vehicle to raise it or lower it, swap the sound system out for a custom sound system, or even tint your windows or add decals, a lease is not the better option compared to financing your vehicle. If you buy your vehicle, you can customize it however you wish.
How long do you intend on keeping your Ford for?
If you intend on keeping your vehicle for a long time, it is better to buy it. Leases have expiry dates and you will have to return the vehicle by that date. If you want to keep your vehicle at that point, you can simply just buy out the vehicle. If you decide to go the financing route, the vehicle is simply yours once you finish paying out the payments on the term. Leases have a big advantage if you always want to keep updating your vehicle for a new one. I have a friend who loves taking advantage of leasing. He is the kind of person that likes to update his vehicle, TV system, and phone every couple of years… and because he leases, I always have the luxury of riding in class in his nice newer vehicles when we hang out.
What does the maintenance look like with leasing a Ford versus buying one?
Vehicle maintenance is always important and can also be very expensive at times. One of the biggest advantages of leasing a Ford is that you do not need to worry about paying for any maintenance or repairs to the vehicle. Your vehicle is under warranty so that means no worries. In your no worries obligations, you do have to follow the maintenance schedule according to the leasing contract to keep the car up to date and in good running condition.
Leasing is great in that you have a flexible and variety of terms available along with different mileage options in accordance with your needs. At the lease end, you have a few choices to be able to lease a new Ford, purchase it out or simply return your Ford at the lease end with no obligations.
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Finance