Explore the advantages and differences between buying and leasing a car here at Terry Henricks Ford
If you're like a lot of shoppers from the greater Defiance and Toledo, OH areas these days, then you've been keeping a close eye on your options here at Terry Henricks Ford? But whether you've intrigued by the offerings in our new Ford inventory, or have your sights set on savings with the used cars, trucks, SUVs, and certified pre-owned Ford models for sale here at our dealership near Wauseon, it's important to consider which financing plan is best for your needs. That's why we'd encourage you to consider the differences between leasing and buying your next car here at Terry Henricks Ford.
Leasing vs. Buying a Car at our Archbold, OH Ford dealership
Here at our Ford dealership near Delta, we know that no two drivers are exactly alike, whether it comes to taste in vehicles or preference in financing options. That's why it's important to understand the distinct differences between buying and leasing a car at our dealership.
For example, one key distinction between leasing and financing is that leasing is typically only available for new vehicles. So, if you're looking to get your hands on some of our new Ford SUVs or the latest Ford F-Series trucks, it may be a smart idea to consider a new Ford lease at our dealership near Swanton.
On the other hand, if you'd like the freedom to select from a new or used vehicle, you'll want to buy your next car outright. In addition to a more flexible selection, you'll be free of any mileage limitations and restrictions on wear and tear and customization that Ford lessees are beholden to.
Buying
Who Owns It
You do! When you buy a car, you'll have the option to pay upfront in cash for the full value of the vehicle, but for most drivers around the greater Napoleon and Hicksville areas, its more common to finance with a car loan. Typically that will require a certain down payment and set monthly payment rates that you must adhere to or risk having your vehicle repossessed.
Up-Front Costs
If you're buying a car from a car loan, you'll often be required to make a down payment proportional to the value of the vehicle. If you have a vehicle to trade in at our Archbold, OH dealership, you'll have the option to apply its value toward the down payment on your next vehicle.
Future Value
One of the main benefits to buying your next car at Terry Henricks Ford is the fact that you'll be free to sell it in the future and reap the benefits. So, if you see another car you like down the road, your current vehicle is an asset you can use to purchase it. Just be sure to maintain your vehicle in the time that you're driving it to retain its value.
End of Payments
Once you've made your last car loan payment, you'll fully own your vehicle.
Leasing
Who Owns It
With a new Ford lease, you won't actually own the vehicle you're driving outright. Instead, you'll be paying to drive the car during the term of lease. However, this often means you'll be paying lower monthly payments than you would with a conventional car loan.
Up-front Costs
In many cases, you won't need to make a sizeable down payment to lease a new Ford model. However, if you'd like to put money down, you'll often find it helps to reduce your monthly payment rates during the term of lease.
Future Value
When you sign on to a lease, you'll agree to an end-of-lease purchase price, which is based on an estimation of the vehicle's value depreciation over time under normal use cases, accounting for wear and tear. If you find you want to own the vehicle at the end of lease, you can pay that agreed upon price and work toward owning the vehicle outright.
End of Payments
At the end of your lease term, you're free to return your leased Ford vehicle to our Archbold, OH Ford dealership. Once you've paid all outstanding fees and payments, you're free to lease a new Ford if you choose or simply walk away without worry about selling your vehicle.