Lease vs. Buy: Making an All-important Decision

The question that comes to mind whenever a shopper is in the market for a new vehicle is, "should I lease or buy my car?" Leasing vs. buying are convenient financial packages that can make the dream of having a ride to your name, whether a Hybrid, Electric, SUV, or Sedan, a reality. However, they rightly depend on your choices and budget, not someone else's.

For those who can't afford to buy a new car outright, leasing may be the best option. However, there are some downsides to this approach too.

If you plan on keeping your car for a long time, you're better off buying it than leasing it. You may save money in the long run by purchasing a car, but only if you can afford it and operate it efficiently.

Keep reading as we discuss the pros and cons of leasing a vehicle vs. buying, and when you are ready to take the next step, we at Marlow Ford, Luray, VA, will only be a call away for an engaging test drive.

Should You Buy Your Next Car?

When you decide to buy your next car by taking out an auto loan from a lending institution, you'll be required to make monthly deposits until you complete the payment before you have full ownership rights to the car.

After that, you'll have the freedom to experience memorable adventures without mileage restrictions. Buying a car also gives you access to full warranty and maintenance programs as well as low-interest rates. If your vehicle has a high resale value, you'll be free to sell and recoup top dollars for your pockets.

The downside to this option, however, is that the monthly costs are higher compared to leasing a car. You'd also be unable to drive the luxury vehicles that exceed your budget - while at the end of available warranty packages, you'll have to face auto repairs from the unavoidable wear and tear alone.

What if You Decide to Lease?

Leasing offers the chance to ride new luxury cars equipped with the latest safety and tech features for ecstatic travels. When you select your dream model, you'll be required to agree with a leasing company to drive it for a predetermined period as determined in the lease deals. During this period, you are expected to make monthly payments often lesser than loan payments simultaneously.

However, you'll have to resell the car to the company at the end of the lease term, robbing you of the chances of recovering the expenses incurred during the time of usage. Mileage limits of up to 12,000 miles per year could be another challenge you'll have to deal with. When exceeded, you'll have to pay additional mileage as well as other repair costs if necessary.

Take the Next Step at Marlow Ford, Luray, VA

Meet our courteous sales staff at Marlow Ford, Luray, VA, to kick-start an amazing car-buying process. We have an incredible inventory of the latest Ford models which you can choose from. When you seek a suitable lease vs. buy option, schedule a visit to our finance department right away. Whatever your decision is, our finance experts will go the extra mile to ensure you get behind the wheels of your desired Ford as soon as possible with our quality and reliable financing and leasing incentives.