SHOULD YOU BUY OR LEASE?
Have you ever considered the option of leasing a car? Many people think that car leasing is the same as renting a car, but the easiest way to look at is another way of financing your car. When deciding whether to buy or lease a car, first decide what your priorities are and what is important to you.
“The short-term monthly cost of leasing is always significantly less than the cost of buying. For the same car, same price, same term, and same down payment, monthly lease payments will always be 30%-60% lower than loan payments,” according to LeaseGuide.com. Therefore, leasing a car is a better financial option than buying one if you enjoy driving a new car every two or three years and want lower monthly payments.
Also consider leasing if you…
- are not concerned about building ownership equity
- have a stable, predictable lifestyle
- drive an average number of miles
- properly maintain your cars
- do not have a desire to customize your car
- are willing to pay more over the long haul to get these benefits
Also, if you decide to lease, you can have the peace of mind knowing that your car has the latest safety features and is always under warranty, and, unlike buying a car, you don’t have to worry about trading or selling your car when you are done using it.
On the other hand, if you enjoy the idea of having ownership of your car and plan on holding on to it for a while, you should buy. Although you will have higher monthly payments at first, it will be less expensive than leasing in the long run.
If you decide that leasing is the best option for you, consider leasing a Ford vehicle. Ford is fairly lenient when it comes to the amount of acceptable wear and tear your leased car is allowed to sustain without accruing excessive fees. Learn more about the numerous advantages of leasing a Ford vehicle in the next blog post in our leasing series.