Should You Lease or Buy Your Ford?

When you are in the market for a new car, one of the decisions you will have to make is whether to lease or buy. Both options have their pros and cons, but which one is right for you? Here is a look at the difference between leasing and buying a Ford from Parkway Ford of Lexington.

Leasing

Leasing a car is like renting an apartment. You agree to pay a set amount each month for a predetermined number of months. At the end of the lease, you have the option to buy the car, continue leasing, or turn it in and walk away.

Buying

When you buy a car, you are actually purchasing it outright. This means that you will eventually own the car free and clear. You will also have to pay for things like repairs and maintenance out of your own pocket.

Factors To Consider

There are a few factors to consider when deciding whether to lease or buy a Ford. First, think about how often you plan on driving the car. If you only use it for weekend getaways or short trips, leasing might be a better option since you will not have to worry about depreciation. If you drive a lot or use your car for business, buying might be a better choice, as you can write off the depreciation and other expenses on your taxes.

Another thing to consider is your budget. Leasing tends to be cheaper in the short term, but you will have to turn the car in at the end of the lease. Buying is more expensive up front, but you will own the car and can sell it or trade it in when you are ready for something new.

Another factor to consider is your credit score. If you have a good credit score, you might be able to get a lower interest rate on a car loan if you buy. This could end up saving you money in the long run.

Think about your driving habits. If you plan on making a lot of changes to the car – like adding aftermarket parts – leasing might not be a good option, as these changes might not be allowed.

One more thing to think about is your lifestyle. If you like to switch cars often, leasing might be a good option for you. If you plan on keeping the car for a long time, buying might be a better choice.

The Bottom Line

In the end, the best decision for you will depend on your individual circumstances. Leasing can be a great option if you don’t drive a lot or if you want to switch to a new car every few years. Buying is better if you drive a lot or want to keep the car for a long time. Talk to Parkway Ford of Lexington about which option is best for you. We can help you find the perfect Ford for your needs and budget. Weigh the pros and cons and decide what is best for you. If you do decide to lease, Parkway Ford of Lexington has options for ending your lease early, so you have options! Visit Parkway Ford of Lexington, near Salisbury, High Point, and Thomasville, NC to test drive a new Ford car, truck, or SUV!

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