Should I Buy or Lease a Ford?

Are you debating leasing vs. buying when it comes to choosing your next Greenacres ride? Whether you’re considering a new or certified pre-owned model, it’s worth debating which works for your needs. If you ask, “Should I buy or lease a car?” you’ve come to the right place.

At Al Packer Ford Royal Palm Beach, our finance team knows that car buying is time-consuming, and that’s why we’ve put together the following guide comparing whether to buy or lease. Learn more below and if you’re ready, apply for financing from the comfort of your home.

Leasing vs. Buying a Vehicle

Should I buy or lease a car? When you lease a vehicle around West Palm Beach, it’s similar to renting the model for a long-term contract period. During this time, you’ll be locked into monthly payments for the entire duration. You won’t be able to build equity as you would from outright purchasing the car. You are paying for the ability to use the vehicle for a specific period and the mileage agreed upon between you and the dealership, When the lease ends, you can trade your model in, replace one leased vehicle for another, buy the car, or end your lease.

Pros and Cons of Leasing a Car

Pros:

• Lower Monthly Payments: You’ll have smaller payments when you lease a car in the Wellington area.
• Worry-Free Maintenance: Many vehicles will come with a three-year lease. As a result, any service repairs will be covered within the terms of an existing lease.
• No Resale Worries: When undertaking a lease, you only have to return the model. If you exceed the agreed-upon mileage or have wear and tear, you might have some fees to pay.
• Get a New Car Every Few Years: You can return your vehicle every couple of years, so you’ll have access to the latest models and automotive tech.

Cons:

• Mileage Requirements: If you exceed the agreed-upon mileage, you’ll have to pay some fees.
• Constant Monthly Payments: You need to maintain those monthly payments to keep your vehicle and they must be consistent throughout the lease.

Pros and Cons of Buying a Car

Pros:

• Ownership: You can always buy the car and once you finish your monthly payments, you will own the vehicle outright. If you want to sell it or trade it off, you can do so.
• Customize Your Vehicles: Leases have rules on what can be done with our Ford model in Royal Palm Beach. When you own the car, you won’t have to deal with that.
• No Restrictions: Never worry about mileage rules, wear and tear, and other potential issues. Repairs and other maintenance are entirely at your discretion.

Cons:

• Higher Monthly Payments: When comparing leasing vs. buying, you’ll have lower monthly payments when you lease a vehicle instead of buying.
• Rapid Depreciation: New cars can lose between 15% and 50% of their total value in the first five years.
• Larger Down Payment: If you’re trying to get approved for a loan, you’ll have to consider making a larger down payment. Leasing a car means you’ll have less chance of this occurring.

Buy or Lease Your Next Vehicle with Al Packer Ford Royal Palm Beach

So, should you buy or lease a car? The truth is that this depends on what works better for your needs and budget. At Al Packer Ford Royal Palm Beach, we want to provide you with all the tools and information you need to make the best decision. After browsing our inventories, check out our new and pre-owned vehicle specials to see what catches your eye. Find your next vehicle with Al Packer Ford Royal Palm Beach!