Should I Buy or Lease?

Couple Going Over Finance Documents

Unsure what the best financial path is for you to get behind the wheel of a new Ford Explorer or new Ford F-150? As you ask yourself, “Should I buy or lease?” keep in mind that it all depends on your specific desires, driving demands, and financial situation. And of course, both options have their perks. Here, Sam Leman Ford compares lease vs. buying and delves into the benefits of each so that you can make an informed decision for your Normal drives!

Reasons to Buy a New Ford

You may be considering buying a model in the new Ford lineup to drive around Decatur. If so, remember that purchasing a vehicle comes with benefits such as:

  • Unlimited Mileage: Purchasing a car means you can drive as much as you please around Champaign. That’s because you won’t have to manage the mileage limits that are in place on leased vehicles, leaving you with endless possibilities.
  • Complete Ownership: If you decide to buy a vehicle outright, it means you will completely own the vehicle. If you take out a loan for the purchase, the car will be yours once the loan is paid off. All of this is to say you have total freedom, so you can customize your car or modify it however you want!
  • Future Sales: Without the confinement of a lease agreement, you can sell your vehicle whenever you would like. That also means you can trade in the car to offset the cost of your next vehicle purchase.
  • Financially Savvy in the Long-Term: Buying a new car is more expensive upfront than leasing a car, but the investment is worth it in the long-term. That’s because the longer you drive your car on the Springfield roads, the less expensive it is overall.
Car Key and Pen on Contract

Reasons to Lease a New Ford

There are undoubtedly benefits to leasing a new Ford over buying one, such as:

  • Lower Payments: You can expect to put down less money up front, and you will likely also have lower monthly payments, as well, as compared with purchasing a car.
  • Lower Sales Tax: Most states tax car leases at a drastically lower rate than a vehicle purchase. In certain cases, you only have to pay tax on the amount you put forth in the down payment and for the monthly payments.
  • Lease-End Options: When your lease term ends, you have a number of options available to you for what to do next. You can determine a plan to keep driving your current vehicle, upgrade to a newer model with a new lease, or simply turn the car into the dealership.
  • Warranty Coverage: While driving a leased car, you typically won’t face large repair fees, because the vehicle often remains under warranty for the duration of your lease agreement.

Explore Your Options at Sam Leman Ford!

The Finance Center at Sam Leman Ford is here for you as you continue to explore your lease vs. buying options! We will work with you to determine a financing solution that works well for your unique financial situation, while also getting you behind the wheel of the car of your dreams with a great deal. Don’t hesitate to get in touch with any questions!

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