Should I Buy or Lease a Ford?

Are you debating leasing vs. buying when it comes to your next new car, truck, or SUV in Dundalk? Whether you’re looking at a new or used model, you might be wondering, “Should I buy or lease a car?” Keep in mind that this is a significant financial decision, and you should make your choice carefully. 

Fortunately, the folks at Al Packer's White Marsh Ford know that car buying is a time-consuming process, and we’re here to help you expedite the process as much as possible. Whether you should buy or lease a car depends on your driving habits, budget, and preference. That’s why we’ve broken down the pros and cons of leasing vs. buying a new-to-you Ford below!

Benefits & Costs of Buying a Car

Buying a car can be very fulfilling for a Parkville shopper. Whether you’re making monthly payments or choose to purchase your vehicle outright, you’ll one day become the sole owner of your Ford vehicle. This feeling simply can’t be beaten. Nevertheless, we’ve broken down the various pros and cons of buying a Ford so you can decide for yourself whether you should buy or lease:

Benefits

• Ownership: You will always buy the car and once you finish your monthly payments, you will own the car outright. If you want to sell it off or trade it in, you can do so.
• Customize Your Vehicles: Leases have rules regarding what can be done with your Ford vehicle in Bel Air. When you own the car, you won’t have to deal with that.
• No Restrictions: Never worry about mileage rules, wear and tear, and other issues. Repairs and other services are entirely at your discretion.

Costs

• Higher Monthly Payments: Leasing a car means lower monthly payments for the same vehicle you might consider buying.
• Rapid Depreciation: New cars can lose between 15% and 50% of their total value in the first five years.
• Larger Down Payment: If you’re trying to get approved for a loan, you’ll have to consider making a larger down payment to do so. Leasing your vehicle will mean less chance of this occurring. 

Benefits and Costs of Leasing a Car

Are you still on the fence about leasing vs. buying? Leasing a car in Middle River and beyond is similar to renting a car for a long-term contract period. During this contract, you’ll be locked into monthly payments for a specific amount of time. 

You won’t build equity as you would from outright buying the vehicle. You’ll be paying for the ability to use a car for a specific set of months and the mileage agreed upon between you and the dealership. When the car lease is up, you can trade your vehicle in and replace one leased vehicle with a new one, buy the vehicle, or end your lease.

Benefits

• Lower Monthly Payments: You’ll have smaller down payments in general when you decide to lease a car in Middle River.
• Worry-Free Maintenance: Many vehicles will come with a three-year lease. As a result, most repairs will be covered within the terms of an existing lease.
• No Worries About Resale: When you’re leasing, you’ll just return the car. If you do exceed the agreed mileage, or there’s some wear and tear, you might have some fees to pay.
• Get a New Car Every Few Years: You can return your car every couple of years, so you’ll get the latest vehicles and newest tech every so often.

Costs

• Mileage Requirements: If you exceed the agreed-upon mileage, you’ll end up paying some fees.
• Constant Monthly Payments: You will have to maintain those monthly payments to keep your car, and that’s going to be a constant during the time of the lease.

Buy or Lease Your Next Ford at Al Packer's White Marsh Ford

At the end of the day, the choice to buy or lease entirely depends on what’s better for your budget and needs. We only recommend that you check out our new vehicle specials and used car specials to see what catches your eye and provides a reliable option for driving around Parkville. We look forward to seeing you at Al Packer's White Marsh Ford!