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Lease Or Buy?
So you have found the Ford model you want to drive, but you’re weighing your options on whether to buy or lease. Preston Ford of Denton has provided a comparison on key aspects of buying or leasing a new car. When buying or leasing a new car, including exciting selections such as the all-electric Ford Mustang Mach-E, the all-new Ford Bronco Sport, and the redesigned Ford F-150, you have the freedom to choose your financial agreement. Both options offer many advantages, and remember, your credit score also plays a factor. Check out the pros and cons when buying or leasing a new car to easily make your decision.
Buying Pros
- You can add accessories and customize your car as you wish.
- No mileage penalty — you can drive as much as you want.
- You can sell or trade the car whenever you want.
Buying Cons
- Down payments and monthly payments are often higher than lease payments.
- You are responsible for repair costs after warranty expiration.
- The car value depreciates each year.
Leasing Pros
- Your monthly payment, down payment, and sales tax will likely cost less.
- You have the flexibility to drive a first-class car with the latest features for less money.
- Repair costs are lower because you are under the manufacturer’s included warranty.
Leasing Cons
- You have a limited mileage range per year.
- There is a possibility of facing excessive wear-and-tear charges.
- Leasing can be costly long term, or if you need to end a lease agreement early.
Let’s Begin the Process
Now that you have read over some of the pros and cons of leasing vs. financing for new vehicle ownership, we hope you are fully prepared for making a decision. As you can see, there are benefits to both buying and leasing, so consider your driving style and how much responsibility and freedom you want to have. When buying or leasing a new car, the first step is always to fill out a Ford Credit application right here on our website or in person when you visit us. Contact the finance department at Preston Ford of Denton today for more information on buying or leasing a car.
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