Should I Buy or Lease?

Buying versus leasing a Ford vehicle

While car shopping it is always smart to thoroughly consider your payment options, and see whether financing or leasing better suits your lifestyle. With years of expertise in this matter, the friendly team of professionals at your local Ford dealership on the Eastern Shore of Virginia will gladly elaborate on all of your options. If you are considering whether to buy or lease a new car, we’ll happily provide you the peace of mind you need to make an educated decision.

Buying a Car 

If you purchase your car using cash or finance it by making monthly payments, either way, you’ll own the vehicle once you pay it off. If you opt to make monthly payments on your vehicle, before you fully own your new car you’ll have to meet all of the obligations required by the lender. These responsibilities may include putting down a minimum downpayment and fulfilling your monthly payments on time. If by chance you fail to meet the lender agreement terms, you may be subject to a repossession. 

Cost Up-Front 

If you are looking to finance your vehicle, your bank will most likely request you make a down payment. If you have a car to trade-in, you could always opt to apply the worth of your trade-in toward your next vehicle’s equity. The downpayment total ultimately depends on your credit score, along with whatever requirements your lender recommends. To learn more about the cost upfront when you buy or lease a car, talk with the financing team at your local Keller Ford dealership. 

Future Value of My Vehicle

Depending on how well you maintain your vehicle throughout your ownership will determine the value of your vehicle. To ensure your vehicle stays operating at its optimal level of performance for many years to come, be sure to schedule your Ford maintenance appointments here at your Kool Ford Service Center. Our expert service technicians will be sure to keep your vehicle operating like it just came off the production line. To find out the value of your car, truck, or SUV, stop by your Keller Ford dealership for a complimentary trade appraisal. 

End of My Payments

Once you have paid off your vehicle entirely per your contract, the buying process is complete. After your final payment, you’ll have one hundred percent ownership of your car and your lending institution will momentarily send you your Lien Release as proof. You’ll officially gain full ownership of your car once you fully pay it off and receive your Lien Release from the lender.

Leasing a Car

When you lease a car, you do not own the vehicle. Leasing is essentially renting. The payments you make toward your lease do not actually go toward your vehicle; instead, you are paying for the use of the car. The financing institution that you lease your Ford through is the actual owner of that vehicle. When you sign your lease agreement, you’ll typically pay less per month than if you were to finance your vehicle and your included warranty typically covers all repairs.

Cost Up-Front

There is no up-front cost required when you lease a car, though you may prefer applying a down payment to lower your monthly payment. Although you are not required to make any amount of down payment, you are required to pay the first month’s payment, a variable security deposit, your vehicle acquisition fee, plus any taxes or fees on the vehicle. You can always lower your overall monthly payments by simply paying more money upfront to lease your car. Applying for a lease may require an above-average credit score or a co-signer. 

Future Value of My Vehicle

You do not own your vehicle at the end of your lease term, therefore are not able to sell the vehicle you leased. It is important to maintain the value of Ford you lease because, within your lease agreement, you have mileage limits and wear and tear guidelines. If you exceed the limits stated in your lease agreement, it could cost you extra money at your lease-end. You can always opt to finance the vehicle you leased as one of your three lease-end options, though in most cases, the financing institution remains the owner of the leased vehicle. 

End of My Payments

Once your lease term ends and you’ve made your final payment, you have three options moving forward. Option one is to hand over your keys to your local Keller Ford dealership. Option two is to begin leasing or financing a new model, essentially trading in your lease for a new lease or purchase. Your third option is to buy the vehicle you have been leasing, and we can help you set up a finance plan. 

The knowledgeable team at your local Ford destination on the Eastern Shore of Virginia is eager to assist you in getting behind the wheel of the new car, truck, or SUV you’ve always wanted. Before making your final decision on whether to buy or lease, we encourage you to consider the amount of time you’ll be driving your vehicle, and the type of driving conditions that you experience on a day to day basis. If you are interested in customizing your sporty Ford Mustang or exploring off-road adventures in your rugged Ford F-150, it may be wise to buy instead of lease. If you have an easy commute and do not plan on modifying your new car at all, then leasing may be an excellent choice. Our knowledgeable finance team will be glad to help you choose the best option for your driving life, and find you a payment plan that accommodates your budget. Let us assist you in buying or leasing a new Ford today!

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