Leasing vs. Financing

Leasing vs. Financing a New Ford Vehicle

As you do your research for a new car, truck, or SUV, you will probably see information about leasing. If you’ve never considered leasing over financing, you might want to think about it as an option. Leasing isn’t for everyone, but it can be beneficial to the right buyer.

Leasing is becoming more popular because of the high cost of vehicles and with more people working from home, which reduces their mileage. Choose between leasing and buying your next vehicle, which you can find at Blake Fulenwider Ford of Andrews, proudly serving Andrews, Odessa, and Midland.

Leasing with Blake Fulenwider Ford of Andrews

One of the main reasons people lease a vehicle is to be able to drive a new model every few years. With a lease, you generally make payments for three years and return the vehicle for another lease or buy out the rest of the vehicle you’ve been driving. If you like owning a vehicle under warranty with no repairs, leasing offers that peace of mind.

Lease payments are also lower than financing because you’re only paying on the value of the vehicle for the time you drive it. You may be able to afford a more expensive model than if you were buying.

Some maintenance may even be paid for, and you won’t have repairs. However, you might be responsible for some parts from wear and tear, such as tires. When you’re ready to get a newer model, you don’t have to try to sell the vehicle. Just turn it in and you can pick out a new vehicle.

There are some disadvantages to leasing. You can’t make any changes or customize the vehicle. You must be careful not to have any damage, or you’ll end up paying for it. You will have a limited number of miles that you are allowed. Anything over that amount will have an additional charge.

Buying with Blake Fulenwider Ford of Andrews

Buying has been the traditional option for many decades. It still offers benefits to anyone looking to get into a new model. The big reason is that when you finish making the payments, the vehicle is yours. You can add in a new stereo system, upgrade your wheels, add graphics, or personalize it in many ways.

You will be free from monthly payments once the loan is paid off. You could drive the vehicle for several years with no loan before you must replace it with a newer model. Another benefit is that you can drive as much as you want without worrying about mileage restrictions.

While you have some information about leasing and buying, you may have more questions. You can talk to the finance team at Blake Fulenwider Ford of Andrews to learn more about your options and to get actual pricing for models you may be interested in.