Buying vs Leasing

Buy vs Lease

Breaking Down the Differences For Louisville Area Drivers

Are you in need of a new car? Wondering whether you should lease or buy? Our Ford Financing team near Louisville is here to break down the major differences between buying and leasing. With a little help from us, you'll be able to decide which option is best suited to your needs. From down payments and future investments to mileage restrictions and monthly costs, here's what you need to know:

Financing vs Leasing 101:

We'll start with the most obvious differences and work our way to the more nitty-gritty aspects. When you buy a car, you will own it. Once you pay off the loan, you no longer have to account for a car payment in your budget. With leasing, you will always have to pay. When the lease is up, you lease a new car and start a different plan… and the cycle continues. If you're the kind of person who needs to know that the car will one day be yours, buying is likely the better option for you.

However, buying a car does have its financial drawbacks. When you buy a vehicle, the down payment and monthly payments are considerably higher. Since you're buying the vehicle rather than paying the rate of depreciation (leasing), the payments are bound to be more substantive.

Essential Details:

  • Mileage Restrictions: When you lease a new car, you have to keep the mileage below a predetermined level. If you tend to travel a lot for work, buying may be a more practical choice.
  • Future value: When you purchase a vehicle, you have to worry about its depreciation. If you plan to sell your car in the future, this should be a concern of yours. When you lease, the future value has no bearing on you; however, you do not have equity in the car.
  • Damage Costs: A lease agreement holds you responsible for any damages to the car. When you buy a car, you don't have to fix any dings acquired at the local supermarket. However, our service center would be glad to fix up any damages to your Ford.
  • Early Termination: When you buy a vehicle, you can sell it at any point; you can even use the money from the sale to pay off remaining loans. With leasing, charges for early termination can be a bit costly.

It can be quite difficult to decide which option is best for you. Thus, we'd like to leave you with one last piece of advice: if you're the kind of person who drives a car into the ground, buying is more up your alley. If you're the kind of person who likes to hop into a new ride every now and again, a lease may be the better choice for you.

If you have any questions, feel free to contact our Louisville Area Ford Dealer serving La Grange at (844) 846- 6967.

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Tri-County Ford

4032 Commerce Parkway
Directions Buckner, KY 40010

  • Sales: (502)814-2857
  • Service: (502) 241-7333
  • Parts: (502) 241-7333


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