Buying Vs. Leasing a New Ford Vehicle in Mt. Vernon, OH

Deciding whether buying or leasing makes the most sense for you is an important fact to consider when shopping for a new vehicle. Each scenario has numerous factors to take into consideration such as your desired monthly payment, your typical commute, and the impact on your trade-in. Having a solid understanding of the perks of both buying and leasing will make it easier to make the right choice. Donley Ford Lincoln of Mt. Vernon has compiled this helpful list of benefits for both buying and leasing your next vehicle.

Benefits of Buying a Ford or Lincoln

Flexibility

Buying a new Ford vehicle means that you'll enjoy the freedom to drive as many miles as you desire without any mileage overage fees that typically are included in a lease contract. Since the vehicle is yours completely, you can also modify or customize it with aftermarket parts and accessories to match your personality.

Affordable Payments

Donley Ford Lincoln of Mt. Vernon has loans available in a variety of term lengths to give you plenty of options for buying a new vehicle regardless of your financial situation.

Low Interest Rates

In addition to loan terms which are flexible, we offer a variety of financing rates with APR with qualifying credit on your next Ford or Lincoln.

Ownership Equity

On the day you pay off your vehicle, it's now 100% yours. You can leverage this equity as a down payment on your next vehicle.

Benefits of Leasing a Ford or Lincoln

No Effect on Trade-In

Once your lease agreement has reached its conclusion, you won't have to spend any time worrying about your vehicle's current value or even how it will impact the purchase of a new one.

Low Cost Repairs

Leased vehicles are most often covered under a factory warranty from the manufacturer for the entire duration of your lease, meaning that you can drive with peace of mind without worrying about expensive repairs.

Flexibility

As time passes, it's entirely possible that your needs and wants may change. By leasing, you can enjoy the flexibility of choosing a different model every 2-4 years (depending on the duration of your lease). At the conclusion of your lease you will have plenty of options. There are even times when it's possible to get behind the wheel of a new vehicle before your current lease reaches expiration.

Low Monthly Payments

Leasing a vehicle means that you're essentially driving it for a specific time period with a predetermined mileage amount. In other words, you're only paying for the portion of the vehicle's lifespan that you use. Since the value of this "portion" of the vehicle's lifespan is lower than the full purchase price -- your monthly payments can be significantly lower as compared to purchasing the vehicle's "entire lifespan".

Frequently Asked Questions About Buying vs Leasing a Vehicle

Am I allowed to purchase the vehicle at the end of the lease?

Absolutely! If your lease is approaching its end and your vehicle is fulfilling all of your wants and needs, then why change vehicles? Included in your lease agreement is the price at which you can purchase your current vehicle once your lease ends.

My daily commute is fairly long. Does it make more sense to buy or lease?

An important fact to consider is that the majority of lease contracts include a predetermined mileage limit. This limit can be increased or decreased to accommodate your driving habits. If your daily commute is long, our recommendation is to purchase the vehicle as it often makes the most financial sense.

How old do you have to be to lease a vehicle?

You must be 18 years old in order to lease a vehicle.

If you have enough money saved for a sizeable down payment, should you buy or lease?

Having a large down payment can go a long way towards keeping your monthly costs low while simultaneously helping you pay off the vehicle more quickly. A large down payment can bring your monthly payment down to a level similar to that of a lease.

I'm looking for the latest technology and features in my vehicle. Should I buy or lease?

Leasing a vehicle is a great way to always have the latest technology and features in your vehicle. When the time comes for a new lease, you'll be among the first to have access to the newest features in a new model.

Can you modify a leased vehicle?

Lease agreements generally include restrictions against modifying your vehicle, giving you less freedom to customize your ride. In certain cases, genuine OEM accessories can be permitted. See your Ford-Lincoln Sales Representative for more information regarding leased vehicle modifications.

When is the best time to lease a vehicle?

Shortly after the new model year is introduced is considered the best time to lease a vehicle. This is because the residual value will often be at its highest, giving you plenty of opportunity to save money on the depreciation cost. A Ford-Lincoln Sales Representative can provide you with the most current information on available lease incentives to help maximize your savings.