You know you want a new car, but you’re not sure if you should buy or lease it. Let our finance experts at Tropical Ford help you out by breaking down the advantages of each option.
Benefits of Buying
No Limits, No Fees: When you buy a car, it’s totally yours. This means no mileage restrictions. Most lease agreements include a mileage cap, and if you exceed this cap before the end of the term, you’ll usually have to pay a fee. Besides maintenance and fuel expenses, buying a car comes with no additional fees.
Personalization: With a vehicle you purchase outright, you're free to do with it as you will in terms of customization. Leased vehicles are far more strict and offer no options for customization.
Long-Term Savings: While a down payment and monthly payment on a purchased vehicle may be higher, the total price you pay will almost always be lower than a leased vehicle. If you want to earn long-term savings, buying a car is the better option than a leased vehicle.
Benefits of Leasing
New: if you're interested in having the most up-to-date and state-of-the-art technologies, leasing is an excellent option. Due to the shorter lease terms, you can get a more advanced vehicle for the same price than if you were to buy.
Low-Stress Maintenance: Lease agreements come with peace-of-mind. If anything goes wrong with your leased vehicle, there's a good chance it will be covered under the warranty.
Cost-Saving: A lease almost always requires a lower down payment than a purchased vehicle. On top of this, monthly payments of a leased vehicle are also usually lower. If you're looking for short-term savings, a lease is the best option for you.
For more information on financing your next ride, contact us at Tropical Ford.