If you’re interested in driving around in a new Ford, you have a lot to think about. Of course, you need to consider which make and model marks off all the boxes on your checklist. But once you’ve found the car of your dreams, how will you pay for it?
Let’s take a look at the differences between leasing and financing.
Should You Lease?
Leasing a vehicle essentially means that you’re renting it. Leases are generally for a period of three years and provide plenty of financial benefits.
Much like financing, leasing requires monthly payments. However, because the lease is only for a shorter period, and you won’t be paying for the entire price of the car, your monthly payments will generally be lower.
Lower monthly payments not only save you money, but they can allow you to expand your search to vehicles that would be too expensive if you tried to finance them. Having a more affordable monthly payment will allow you to look at the latest models with the most exciting features.
Leasing also provides a special peace of mind. Because you only have the car for the first three years, the vehicle will be much less likely to need a major repair. Some lease plans even include regular maintenance for the length of the lease.
Lastly, when your lease is up, in most cases, you can still choose to buy the vehicle outright.
Or Should You Finance?
Financing an automobile is a more traditional method, but still offers a lot to like. First and foremost, when you finance, you’re on your way to owning the vehicle. After you’ve finished paying it off, you won’t have anymore monthly car payments. This is a big plus.
When financing, you don’t have to worry about limitations. Many leases come with terms and stipulations that you have to adhere to, but financing means you can drive it off of the lot and use it as you see fit.
Finally, financing means you’ll eventually own the vehicle. When it’s time for a new one, you can trade your old one in or sell it yourself to bring some exact cash to the table.
Purchase Your Next Car in Burlington, NC
Stop by the Stearns Ford Finance Center in Burlington, North Carolina, to let our friendly and staff help you find and drive off in the car you’ve been waiting for. For more information, check out our Ford lease deals and specials.
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