When you’re in the market for a new vehicle, you might find yourself asking: Should I buy or lease? Both options have their pros and cons, and the right choice depends on your personal preferences, lifestyle, and financial situation.
With the help of our financial experts at Lithia Springs Ford, let’s dive into the key differences between buying and leasing to help you make an informed decision.
Buying a New Ford Vehicle
Ownership
When you buy a new Ford car or SUV, you own the vehicle outright once it’s paid off. This means you can keep it as long as you want, customize it to your liking, and sell it whenever you choose.
Mileage Flexibility
If your lifestyle requires a lot of driving—whether for work, weekend getaways, or running errands around Northern Douglas County—buying might be the better option. When you own a Ford vehicle, there are no restrictions on how many miles you can drive.
Long-Term Costs
Buying a vehicle tends to be more cost-effective in the long run. Once the loan is paid off, you’re free from monthly payments, and the only ongoing costs are maintenance, insurance, and taxes. Over time, your new Ford SUV or truck becomes more economical compared to leasing, where payments continue as long as you’re in a lease agreement.
Resale Value
Ford vehicles are known for their durability and reliability and therefore tend to hold their value well. When you own a Ford, you have the option to sell or trade it in whenever you want. This can be an advantage if you’re looking to upgrade to another new Ford car in the future.
Leasing a New Ford Vehicle
Lower Monthly Payments
Leasing typically comes with lower monthly payments compared to buying. This can be a big plus if you’re working within a budget but still want to drive a new Ford SUV or car. Leasing allows you to get behind the wheel of a higher-end model, such as the Ford Edge or Ford Expedition, that might otherwise be out of reach if you were purchasing it outright.
Driving a New Car More Often
If you love driving the latest models with the newest technology, leasing is a great option. Lease terms usually last two to three years, meaning you can upgrade to a brand-new Ford vehicle regularly. This is perfect for those who always want the latest in safety features, fuel efficiency, and infotainment systems.
Worry-Free Maintenance
Leased vehicles are typically covered by a warranty for the duration of the lease, which can give you peace of mind. You won’t have to worry about unexpected repair costs, as your new Ford car will likely be under warranty for most, if not all, of the lease period.
Mileage Limits
Unlike ownership, leasing does come with mileage restrictions, which could be a downside if you drive a lot. Exceeding the mileage limit can result in additional fees, so it’s important to consider your driving habits before opting for a lease.
What’s Right for You?
Deciding between buying and leasing a new Ford vehicle depends on your individual needs and preferences.
If you value ownership, long-term savings, and the freedom to drive as much as you like, buying might be the way to go. On the other hand, if you prefer lower monthly payments, driving a new car every few years, and minimal maintenance worries, leasing could be the better choice.
At Lithia Springs Ford, we understand the importance of making the right decision for your lifestyle. Whether you’re considering a sturdy Ford F-150, a versatile Ford Explorer, or any of our other new Ford cars and SUVs, our team is here to help you. Contact us today to find your perfect Ford vehicle!
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