You know which Ford vehicle you want to drive next in your Rogers commutes, but now you have to decide between automotive lease vs. buy. So you are probably wondering “Should I lease or buy?”
The main difference is that buying a new or used car is basically paying for the entire cost of the car and owning it once you paid off the car. On the other hand, when you lease a vehicle, you only pay for a portion of the vehicle’s cost and you only drive it for a set amount of time whether you’re driving it in Anoka or traveling across the country.
Learn about the aspects of automotive lease vs. buy below with Cornerstone Ford before deciding if you should lease or buy your next ride!
Whether you pay for the car with cash or finance it and make monthly payments, you own it. If you’re financing your vehicle, you’ll have to meet the obligations the lender requires, such as a certain down payment amount and timely monthly payments. If you don’t, they have the right to repossess it.
If you’re financing your next Coon Rapids ride, the bank will probably request a down payment. You can also trade in another vehicle and use any equity towards your down payment. The amount of the down payment is usually based on the lender’s requirements and your credit score.
Your vehicle will be worth whatever you can sell it for in the future, and that depends on how well you maintain it. Be smart and protect your investment with regularly scheduled maintenance by a trusted team of experts, such as the award-winning service team at Cornerstone Ford!
Once you’ve paid off what you owe on your contract, that is it. The vehicle is 100% yours! The lending institution will send you a Lien Release as proof that the vehicle is completely paid off.
You do not own the car when you lease. You’re paying for the use of the vehicle, but the finance institution that you leased it through actually owns it. This is usually why you pay less per month with a lease than if you were to buy the car.
Leases often do not require any type of a down payment. All you usually have to pay is the first month’s payment, a security deposit, the acquisition fee and other fees and taxes. But as with a purchase, if you want to lower your monthly payments, you can always pay more up-front.
In most leases, you don’t end up owning the vehicle, so you don’t end up selling it – that’s the financial institution’s job. Although you may have mileage limits and wear-and-tear guidelines that – if you exceed them – could cost you extra money when you turn your vehicle back in.
Most people return the vehicle at the end of the lease term. But some like to purchase it during their lease or at the end. Others like to trade it in before their lease is over. Just ask us about these different options before signing any paperwork, and we’ll make sure you have your lease set up the way you want it near Coon Rapids!
The best cars to lease are those with the best book value after the term of the lease. Since they depreciate less, you pay less. Review the lease ratings to see which cars retain their value.
Now that we went through and compare every important part of the automotive lease vs. buy, you either have a good idea of which side you are leaning towards or you are still unsure about buying or leasing their car. Here are some points you should consider to help you decide if you should buy or lease:
Once you have decided to either buy or lease your next car for the Big Lake roads, work with Cornerstone Ford and our finance team can find you the best model for your driving needs and get you the best plan for your budget. We can help you get leases even if you have bad credit! Talk to us now to get started.
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