Should I Buy or Lease?

December 8th, 2018 by

man takes keys from ford sales woman

Deciding to upgrade with a new or used vehicle is only the first step on your next adventure, and once you’ve committed to the journey, you still have to find the financial path that will move you forward. Comparing the benefits of leasing vs. buying is an essential part of the process. Both paths offer certain benefits and drawbacks for the South Bend area driver, and your decision will be based primarily on your needs and your priorities. Find out which option is right for you before taking a trip to Jordan Ford.

Benefits of Buying

  • Total Ownership: For some drivers, the feeling of ownership is its own reward. When a vehicle is completely yours, no one else can tell you what to do with it.
  • Financing Options: Buying is still an option for drivers without great credit. What’s more, drivers who purchase their vehicles outright will have the option to refinance later on, adjusting their monthly payment as necessary.
  • Less Cost Over Time: Drivers who decide to purchase a vehicle will need to make a higher initial investment, but since the vehicle becomes less expensive to own over time, you’ll save money in the long term.
  • Customization: Drivers who lease their vehicle are prohibited from making significant alterations to its body or drivetrain. Those who buy will have the option to customize their vehicle in whichever ways they want.
  • Ability to Sell: If you desire flexibility, you’ll likely prefer buying vs. leasing. When you purchase a vehicle, you’ll have the option to sell it whenever you choose.
  • No Mileage Restrictions: Leased vehicles must be kept within certain mileage limits in order to remain under contract. If you plan on putting a lot of miles on your vehicle, buying is definitely a safer option.

Benefits of Leasing

  • Options: Leasing instead of buying makes it easier to drive newer, more well-equipped models. Since you won’t have to search far and wide for the lowest purchase price, you’ll have more options to choose from.
  • Trade-Ins: Trading up for a new vehicle is simpler when you lease. When you’re ready to make a change, simply pay any remaining fees at your local Mishawaka dealership, and then pick your next car.
  • High Approval Rate: It’s easier to get approved for a lease than it is to have a loan financed. Leasing is often a better option for folks with poor credit or no credit.
  • Lower Payments: Since you’re not purchasing the whole vehicle, your monthly payments will tend to be lower when you lease.
  • Lower Sales Tax: In %%di_state%%, you’ll pay a much smaller amount of sales tax when you choose to lease. In most cases, you’ll only pay tax on the payments you make, and not on the total price of the vehicle.
  • Great Coverage: When you lease a vehicle, you’ll drive with the peace of mind that only great warranty coverage can provide. All problems under your warranty will be covered as long as you stay under the mileage limit.

Explore Leasing and Financing Options at Jordan Ford

Ultimately, finding the perfect new Ford is more of an art than a science, and the solution you choose should be based on your unique needs and situation. Still, whether buying or leasing is the right path for you, you can get a great deal on your next vehicle when you visit Jordan Ford near Granger. Explore our current leasing deals or apply for financing today! If you have any questions about buying or leasing for personal or commercial reasons, don’t hesitate to reach out to our finance department! Thinking about buying a Ford truck? Learn how you can customize it to make it your own.

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