Buying vs Leasing | Gurley Leep Ford, South Bend IN
When it comes to buying or leasing a car the options can be confusing. To help you make an informed decision we have provided the information below. Be sure to visit the Finance Center to learn about financing options for your new Ford and check out the specials page to see the different lease offers. We hope you find it informative and useful.
You own the vehicle and get to keep it as long as you want it.
You don’t own the vehicle. You get to use it for a finite period of time, and usually for a limited number of miles.
If you are financing, there can be a down payment ranging from zero to several thousand dollars plus other fees.
Down payments can range from zero to several thousand dollars, plus other fees.
Can be higher than lease payments, but does allow you to gain equity in the vehicle.
Monthly payments can be lower with a lease payment, because the bulk of payments are covering depreciation.
If you decide you don’t want the vehicle any more, you can sell it or trade it in on another one, however any financing left on the vehicle will remain.
Ending a lease early will result in early termination fees, up to the remaining balance of the lease terms.
When you are ready to move on, once payments are finished you can either sell your car or trade it in on another, again depending on if there is a balance owed.
When your lease is up, you turn the car in, you walk away, start over with another vehicle, or if you like your vehicle you have the option of financing it.
There are no mileage limitations, keeping in mind the higher the mileage, the less value it will retain.
Leases have language that limits the number of miles allowed during the lease term. Going over this number will result in additional fees.