You are in the market for a new vehicle. Deciding which type of car you want to drive is only half the battle. Another important decision that often goes along with the type of car you want is how you plan to finance. Should you or lease your next car? That is a question many wrestle with during the car buying process.
The team at Performance Ford is happy to tell you about the benefits of both options. Our staff proudly serves Windsor, Ontario, and the surrounding areas. We offer a diverse selection of new and pre-owned Fords and can help find a car that suits both your needs and interests as well as your budget.
So, to lease or to buy? Let’s weigh some options.
This is the major deciding factor when you’re determining whether to buy or lease. What are you looking for: short-term affordability or a car that will last a long time? Leasing offers cheaper monthly payments. If you want a newer model of a particular car that you might not otherwise be able to afford, leasing may be the best option for you. Perhaps you work in an industry in which projecting a certain level of success or financial stability is important. Leasing gives you the comfort of cheaper monthly payments in the short term than buying would.
One thing to look out for if you do decide to lease are hidden fees that can sometimes creep up. While it’s more expensive on the front end, buying is cheaper in the long term and will ultimately save you more money.
This often works in conjunction with affordability. When you make a decision, whether it is a car or home or some other major asset in your life, do you tend to commit to it long-term? Or do you frequently want a change? If you like to change things up often, leasing offers the ability to drive newer models for shorter periods of time. If you’re a tech whiz, switching cars every year or two from leasing keeps up-to-date technology inside your current vehicle.
If you are looking for a car that will meet your transportation needs for a long time, buying is an option that will save you money in the long run. If you are less concerned with the newness of the model or in-car technology, then buying is likely a more affordable option for you.
Mileage and Durability
Do you drive a lot? Does your job require frequent travel and road trips? Or do you mainly use a car to get from work to home and a few other places in the community where you live? If the latter is the case, then leasing may be the way to go. Most leasing contracts have mileage limits and will penalize you for going over that threshold. If you do not rack up a ton of mileage on your car each year, then leasing might be your best option. Under a typical leasing agreement, you will probably be limited to 12,000-15,000 miles per year.
However, if you travel a lot and your mileage goes up quickly, buying is likely a more reasonable option in the long term. Making leasing payments on a vehicle does not make as much sense if you are going to rely on this vehicle frequently. It only adds to the risk of fees.
What kind of driver are you? Do you frequently get in fender-benders, or are you prone to accidents? If so, buying would be a more prudent strategy. You can pay huge fees for wrecking or damaging a leased vehicle. But you mitigate that risk if you own the car.
Freedom of Maintenance and Modification
This is a seemingly obvious aspect that can easily be overlooked. If you own the car, you have the freedom to modify the car as you please. If you want new tires, a new stereo system, or to change the window tinting, you can do just that if the car is yours. If you are under a leasing agreement, you essentially must keep the car as-is, meaning you do not have the ability to make any modifications to the vehicle.
The positive aspect of a leasing agreement in this sense is that any maintenance or repair costs are likely going to be lower than if you owned the vehicle because you will be under the vehicle’s warranty. Car maintenance can be expensive, and you might save a few dollars if you lease the vehicle versus having higher maintenance costs while owning it.
If you lease your vehicle, you have a straightforward contract. There are no trade-in hassles when your leasing agreement is up. You simply turn the car back in and decide which vehicle you want next.
If you own a car and you decide it is time for something new or different, the end result of selling your car can be a bit different. Getting an accurate trade-in value is not always the easiest process. While you have more freedom to enhance or alter the car before trading it in if you own it, the trade-in process can sometimes be a pain.
Performance Ford is Here to Help
Ultimately, the decision to buy or lease your vehicle is entirely up to you. Weigh the pros and cons and decide which option is most suitable for your lifestyle. There are benefits and downsides to both options.
Whatever you decide, our team at Performance Ford of Windsor is here to help. We offer a variety of both pre-owned and new vehicles available for purchase or lease and can help you find the right car at the right price. We proudly serve Windsor and the surrounding areas. Come stop by our dealership or visit performancefordwindsor.com for more information.