Buy vs Lease
at Empire Ford of Fall River
To Lease or Buy – Your Auto Finance Decision at Empire Ford of Fall River
You are likely aware of car buying and leasing terms, but may find yourself confused about the difference between the two and what they precisely mean from payment, customization and flexibility standpoints. Thankfully, our finance team here at Empire Ford of Fall River has you covered. We walk through each finance option step by step below to outline the core elements, even cross-referencing to help you find a personal match based on individual preferences, requirements and tastes.
New Ford Purchase – Mileage Freedom and a Proud Sense of Ownership
Choosing to outright buy a new Ford model from our dealer inventory comes with its own set of advantages and disadvantages, as does any typical decision. With a new Ford model purchase, you enjoy freedom from mileage restrictions and wear or tear regulations, allowing you to travel across country for vacation without a second thought. Additionally, you can choose to customize this model with genuine auto parts and accessories based on preferred appearance, a tailored feel and the style points you hope to earn. Build equity with this long-term investment and take pride in a vehicle you see yourself driving years down the line.
Benefits of Buying
- Congratulations, you own your new vehicle and can modify it as you please with additional packages and factory accessories.
- Your new vehicle is an investment and will save you more money in time.
- Owners don’t have to abide by mileage caps or penalties, the road is yours.
- You have the flexibility and options to sell your vehicle whenever you please.
- You can save on your next purchase by putting your current vehicle towards your next vehicle.
Cons of Buying
- Those looking to buy must have more funds available upfront for a down payment in order to keep your purchase financially sound.
- Your monthly payments will probably be higher than if you were leasing your vehicle.
- As the owner, you’re responsible for all repair costs once your warranty expires.
- You could potentially have more money wrapped up in your purchased vehicle which will eventually depreciate in value.
- You could potentially face additional charges at the end of your lease for excessive wear-and-tear charges.
- Termination fees could be costly if you decide to end your lease early.
New Ford Lease – Benefits of New Car Ownership with Short-Term Flexibility
With a new Ford lease, you can enjoy a short-term commitment with the ability to operate a vehicle that is fresh off the assembly line. When this multi-year term ends, you can even choose to upgrade to a new Ford model with the latest tech and most modern features. Leased models still come with short term warranty coverage, providing the same peace of mind that vehicle ownership extends. Some limitations include mileage restrictions, potential wear and tear fees if not careful and no freedom to customize based off personal preference.
Benefits of Leasing
- Leasing allows drivers to get behind the wheel of their next car with little to no down payment. So you don’t have to have as much money upfront when you’re looking to lease.
- Since you’re not having to pay as much of a down payment leasing as you do when buying, you can drive home in a nicer or bigger car at a lower price.
- Your leased vehicle is protected under a factory warranty so lessees can potentially expect lower repair costs than owners.
- Drivers looking to transition in and out of vehicles can enjoy the fluidity of leasing so you can trade-in your leased vehicle at the end of the term for a new model.
- Lessees potentially pay less sales tax than owners.
Cons of Leasing
- The first con is the clear reality that you don’t own your new vehicle and will have to return it. Although you do have the option to purchase the vehicle upon its return.
- You face limitations such as mileage caps and will have to purchase additional miles if needed.
- Lessees probably might pay more in the long run when leasing than you would if you bought and kept the vehicle for years.
- You could potentially face additional charges at the end of your lease for excessive wear-and-tear charges.
- Termination fees could be costly if you decide to end your lease early.
The Main Consensus of our Finance Team
Lifestyle Matters From this analysis, one constant is clear – individual preferences are the main driving force behind your decision. Align your personality and what matches your lifestyle best with either one of these financing plans for a proper fit. Of course, our finance team is here to help you weigh these considerations accordingly. Contact us today or stop over to our showroom to get started!
Drivers near Tiverton, Warren and Bristol, RI can come in and speak with our Sales professionals directly at Empire Ford of Fall River to learn more about the benefits of buying and leasing a vehicle. We can work with you directly to help you determine whether leasing or buying is the best possible option for you individually. No matter your personal budget or financial history, we can talk with you about your driving needs. Contact or visit us today to get started.
Empire Ford of Fall River is located at:
292 William S Canning Blvd • Fall River, MA 02721
