Buying vs. Leasing a New Ford
When you come to Shults Ford South in Pittsburgh, Pennsylvania, in search of a new or pre-owned Ford vehicle, you won’t be short of options. And when it comes time to strike a deal, you’ll have options as well, including the choice between financing and leasing. The decision as to whether you should buy or lease a new Ford F-150, Explorer, or Bronco ultimately comes down to your specific wants and needs, but Shults Ford South is here to provide the facts so you can make the decision that works best for you.
The Benefits of Financing
Financing your next Ford Maverick, Escape, or Ranger is somewhat similar to getting a mortgage on a new house. You’re entering into an agreement where your down payment and monthly payment all go toward paying for the total value of the vehicle. Once you’ve made your last payment, you own the vehicle free and clear. This is why you tend to pay more up front and each month when you finance rather than lease. Every payment builds equity and gets you closer to paying it off in full.
Because the ultimate goal of financing is ownership, you have a bit more flexibility along the way. For one, there are no restrictions on the number of miles you can drive during your finance agreement, nor are there restrictions on modifications. So you can drive and customize your Ford to your heart’s content.
There’s also flexibility in place if you decide a few years in that you’d like to drive something else. You can trade in a vehicle that you’re financing and use the remaining value to pay off the balance of your loan and put any left toward a new vehicle. You could also sell your vehicle to a close friend or family member who needs a vehicle, or sell it back to Shults Ford South.
The Benefits of Leasing
Leasing is a great choice if you’re not exactly looking for a long-term commitment. Say you’re planning to grow a family in the next few years or are interested to see where things go as Ford continues to grow its lineup of all-electric vehicles. Leasing ensures that you have reliable transportation for the duration of your agreement, and flexibility to decide what comes next when it’s finished.
At the end of your lease, you’ll have a few options. If you loved your Ranger or Bronco Sport, you can opt to finance the remaining value of the vehicle and make it yours. You can also start a new lease or financing agreement on a new vehicle, letting you access the latest that Ford has to offer. Or you can hand in the keys and walk away. The choice is yours.
Leasing is a bit like renting, so you won’t be paying for the total value of the vehicle. Instead, you’ll pay a monthly price that covers the use of the vehicle, and that payment is often lower than what you pay when you finance. You also won’t need as much cash when you sign since you’re not making a down payment.
When you lease, you’ll have to make an effort to take care of the vehicle to avoid wear and tear fees and penalties at the end of your term. You’ll also want to stay within the maximum allowed mileage as overage fees can add up quickly. It’s also important to stay up to date with maintenance, which should be easier as your vehicle will likely be under warranty for the entirety of the agreement.
Not sure whether buying or leasing is right for you? Contact the team at Shults Ford South and tell us a bit about your situation and what you want from your next vehicle. Or, if you know what you want and you’re ready to move forward, try our Ready. Shop. Go. feature and complete the entire car-buying experience online.
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