
Making the decision to buy or lease your next vehicle can seem difficult or confusing at first. Each option has numerous factors to take into consideration such as the impact of your trade-in, your desired monthly payment, and the length of your typical commute. Developing a clear understanding of the benefits of both buying and leasing can make it easier to select which one best suits your lifestyle and budget needs. Donley Ford of Shelby has created this helpful list of benefits for both buying and leasing for next vehicle.
Benefits of Buying a Ford or Lincoln
Benefits of Leasing a Ford or Lincoln
Frequently Asked Questions About Buying vs Leasing a Vehicle
Is it possible to buy the vehicle at the end of the lease?
Yes! We completely understand if you've grown attached. When the end of your lease is approaching and your vehicle is fulfilling all of your needs and wants, then why change vehicles? Contained in your lease agreement is a price at which you will be able to purchase your vehicle upon the expiration of the lease.
I have a long daily commute. Would it make more sense to buy or lease?
It's always important to consider the type of mileage you will be putting on your vehicle. The majority of lease contracts include a specified mileage limit which can be increased or decreased to suit your driving habits. In general, buying the vehicle will make more sense than leasing if you have a lengthy daily commute.
How old do you have to be to lease a vehicle?
You must be at least 18 years old 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 help keep your monthly payments low while also allowing you to pay off the vehicle more quickly. Placing a large down payment on a purchase often lowers your monthly payments down to a similar level to that of a lease.
If you always crave the latest technology and features in your vehicle, should you buy or lease?
A great perk of leasing is that you will always be driving a vehicle with the most current technology and features.
Can you modify a leased vehicle?
In general, most lease contracts include exclusions against modifying your vehicle, giving you less freedom to customize your ride. In some instances, genuine OEM accessories may be permitted. See your Ford Sales Representative regarding leased vehicle modifications.
When is the best time to lease a vehicle?
Shortly after the model year is introduced is considered the most ideal time to lease. This is due to the fact that the residual value will often be at its highest, meaning there is a good chance you will save money on depreciation costs. A Ford Sales Representative will be glad to provide you with the most current information on available lease incentives to help maximize your savings.