Buy vs Lease Dearborn | Ford Leasing Kingsland

 

Should You Buy or Lease Your Next Ford Vehicle from Fairlane Ford

If you're in the market for a new car, truck, or SUV in the Detroit area, understanding whether you should buy or lease is essential before you decide. Both offer unique benefits as well as some drawbacks to consider before you commit to one.

Why Lease?

Leasing appeals to many drivers in Dearborn, Allen Park, and across Illinois for a variety of reasons. If you like having the new and best of everything, you should consider leasing as a viable option. Typically, you can get a new vehicle every two to three years when you lease, so you'll always be at the cutting edge of new car technology. If you choose to lease your new SUV like the Ford Escape or Expedition, you'll be able to enjoy lower monthly payments.

How does leasing work?

Generally, when you lease, you're only paying for the portion of the car you are expected to use over the lease term. Think of it like you're paying for the two or three years you're using of the vehicle. That includes depreciation, mileage, and normal wear and tear. Most vehicles under lease are still covered under warranty, so you don't have to worry about an unpredictable cost of ownership. At the end of your lease term, you can easily avoid the hassle of selling or trading in, by just dropping the car off at the dealership with us. While the lower monthly payments are enticing, you have to consider a few drawbacks to leasing. Generally, most leases have a mileage restriction, usually 10,000 to 15,000 miles per year. If you frequently drive over that amount, you'll have to pay extra to cover those miles used.

Why Buy New?

 

Just like with Leases, you have to consider the benefits and drawbacks of financing your next Ford car, truck, or SUV with us in Warrendale, MI. A few more of the benefits of buying a new Ford vehicle are that you own the vehicle outright, once you sign the paperwork, no mileage restrictions, you don't need excellent credit, and once you pay off the loan, that's it for payments! You'll also be building equity with each payment you make, which doesn't happen when you lease a vehicle.

How Does Financing Work?

 

Once you've found your favorite new Ford from us, whether it's a new Fusion for Southfield or even an F-150 for the Jobsite in Taylor MI, you need to apply for financing to find the ideal payment plan for your budget and lifestyle needs. While your monthly payments will be higher than leasing, you'll actually spend less in the long run, than if you decide to buy-out your leased vehicle. Having a trade-in vehicle and a down payment are all ways to bring down your monthly payments. Most down payments are anywhere between 10 and 20 percent of the loan amount, so you need to consider if that's within your abilities. A few drawbacks to consider are the length of your loan, interest rates, and unpredictable depreciation rates. Longer term loans can often bring down your monthly payment, but sometimes can create a more expensive payment over the entire term.

If you're still not sure which is right for you in Dearborn Heights, don't worry! Our team is here to help you with any questions you might have. We can take a look at your credit score, budget, lifestyle and more to help you find the perfect vehicle for your needs. Browse our online inventory, apply for financing, and even schedule a test dive with us at Fairlane Ford all from the convenience of your own home!

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