Should I Buy or Lease a Car?
Should I Buy or Lease a Car?
If you’ve been weighing your options and still can’t decide whether to buy or lease a car, we’d like to help out. Depending on your budget, lifestyle, and several other factors, one of these plans might be a better fit, so Gilland Ford is here to explain both sides of the coin. If you have additional questions or wish to discuss the ins and outs of these options in greater detail, be sure to call our Finance Department!
Leasing
Since auto leasing has experienced an increase in popularity as of late, we’d like to clarify why more and more drivers are opting for this path. Unlike buying a vehicle, which requires you to pay off its full price over the course of up to eight years, leasing only charges you based on the new Ford’s depreciation. As a result, you can spend less each month while still driving a factory-fresh ride. Plus, you’ll have an easier time changing things up, as a standard contract only lasts three years. That being said, you’ll have to stick to a mileage allotment and will always have a car payment unless you buy something else down the road.
Buying
In addition to leasing, you can also choose to buy a new or used set of wheels. Typically, this will require you to make a down payment before covering the remaining balance and any interest that accumulates over the course of your agreement. While this can be more expensive than leasing, you won’t have to make any more contributions once the loan has been paid off. At this point, you’ll just need to maintain the model. Otherwise, you can drive as much as you please and hold on to your car until it’s time to trade it in or pass it down to your kids.
Choose Your Path
So, how can you decide if financing a purchase or enrolling in a lease makes more sense? Generally, clients who like to have the chance to change up their ride every few years prefer leasing, since such contracts range from just two to four years. In addition to swapping out your Ford, you can also adjust your mileage and term length to account for any lifestyle changes, making leasing highly flexible. That being said, if you drive a lot throughout the year or wish to view your vehicle as an investment, then buying it might be the better option. Our staff members are ready to explain each avenue in greater detail to ensure that you make a well-informed decision.
Should I buy or lease a car? Ultimately, the choice comes down to your personal preferences! Of course, Gilland Ford is familiar with both and can help you decide which is better suited for your needs, so feel free to contact us for assistance.