Buying vs Leasing A Car in Shelby, OH

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

Flexibility

By buying a Ford vehicle, you will have the freedom to drive as many miles as you'd like without any worries about mileage overage fees generally found in a lease contract. Since the vehicle is owned by you, you can also customize or modify it with aftermarket parts and accessories to reflect your own unique personality.

Affordable Payments

Donley Ford of Shelby has loans available in a variety of term lengths, providing you with plenty of options to buy a new vehicle no matter what your financial situation looks like.

Low Interest Rates

Along with flexible loan terms, our team of finance experts have a variety of new vehicle financing rates with APR for those with qualifying credit on the purchase of their next Ford.

Ownership Equity

Once you've paid off your vehicle, it's now 100% yours. You can use this equity as a down payment towards your next vehicle.

Benefits of Leasing a Ford or Lincoln

No Effect on Trade-In

Following the conclusion of your lease agreement, you won't have to worry about your vehicle's current value or even how it will impact the purchase of a new one.

Low Cost Repairs

As most leased vehicles are generally covered under the factory warranty for the duration of the lease. This means that you can drive with confidence without worrying about costly repairs.

Flexibility

Over time, it's possible that your needs and wants could change. Leasing a vehicle gives you the flexibility to select a different model every 2-4 years (depending on the term length of your lease). At the end of your lease you'll have plenty of options. In certain cases, you could get behind the wheel of a new vehicle even before your current lease reaches its expiration.

Low Monthly Payments

When you lease your Ford, you're essentially driving it for a fixed time period with a specified mileage limit. In other words, you're just paying for the portion of the vehicle's lifespan that you will use. As the value of this "portion" of the vehicle's lifespan is not equal to the full purchase price -- your monthly payments can be much lower as compared to purchasing the vehicle's "entire lifespan".

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.