Buy Vs Lease
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Getting behind the wheel of a new car is always exciting. Whether you’re getting the keys to a car, truck, or SUV, a used car or the latest model, it feels great to hit the road. So, what’s the best way to get the Ford that you have your eye on—leasing or buying?
Our finance team at Mike Reichenbach Ford put this buy vs. lease breakdown together to help drivers in Florence, SC; Sumter, SC; Conway, SC; and Lumberton, NC, learn more about both and choose the best option for them.
Benefits of Buying Your Car
Buying a car is a big decision, but it’s also one that you can be proud of. After all, owning a car is quite an accomplishment. It’s also a long-term investment that offers lots of upsides.
For starters, this vehicle is all yours. You won’t be bringing it back to the dealership in a couple of years, but rather holding onto it for as long as you’d like. You could trade it in for a new one in a couple of years, or keep it for a decade and make some cherished memories with it. You could even pass it on to your kids one day.
On top of being the family car for a long time, you’ll also get to do whatever you want with it. Feel free to customize it, add some accessories, even let the kids eat in the car if you want. You’ll also have the freedom to take it on a cross-country road trip.
Benefits of Leasing
Leasing is an exciting, alternate way to get the Ford you’re interested in. It’s a shorter commitment than owning a car and feels a bit like an extended rental. It starts by signing up for a lease term that’s usually 24 or 36 months long. You’ll drive the car for the next few years, then bring it back when your lease is up. That’s when you’ll get to enjoy the real perks of leasing.
Let’s say you’re driving a Ford F-150. Once your term is up, you can decide to buy it or bring it back and start another lease. It’s an easy way to upgrade and get a brand-new Ford vehicle every couple of years. Plus, leasing lets you try new options that adapt to your lifestyle.
For example, you could make your next truck a different color, a different trim level, or run on a different engine. You can even get some variety and lease something else, like the family-friendly Ford Explorer or the high-powered Ford Mustang instead. Leasing keeps things exciting and lets you upgrade often.
Learn More About Buying vs Leasing
At Mike Reichenbach Ford, we’re excited to help drivers in Florence, South Carolina; Sumter, South Carolina; Conway, South Carolina; and Lumberton, North Carolina, buy or lease the car that’s right for them. That’s why we always offer an exciting selection of Ford lease deals and specials.
Contact us if you see one that you’re interested in, or visit our dealership to learn more. If you’re still trying to decide which option is best for you, fill out our Buy vs. Lease questionnaire.
You're more likely to buy
- When you lease a car, you are typically capped at 15,000 miles a year. Additional mileage can cost you up to 35 cents per mile. And that can really add up.
- If you like to personalize a car, this investment can be lost on a leased car.
- If you like the idea of ownership, you are less likely to be happy with the lease option.
- If you like the feeling of accomplishment that paying off a large purchase brings and should consider that when you lease a car, the payment ends only when you return the car.
- If the car you presently own is over 3 years old you are more likely a buyer. While not always true, you can usually drive for less if you're willing to buy and drive for at least 3 years.
- If you don't mind doing your own car repairs, you probably don't mind driving a car after the warranty expires.
You're more likely to lease
- Lease arrangements usually involve a 15,000 miles-per-year cap and charge for extra miles. If you drive very little, you may be a candidate for a luxury lease.
- When you negotiate a 24 or 36-month lease, you can be sure you'll always be driving a new vehicle.
- Although you need to maintain and repair your leased vehicle just as you would an owned vehicle, because you typically lease for 2 to 3 years, the car is normally under warranty.
- Many people prefer to drive a vehicle that is priced above their means and leasing provides the solution.
- If you don't mind not owning the car, you are free to enjoy the benefits of leasing like low monthly payments and a low down payment.
- If you own the company, and you use your car for business, check with your tax advisor. You may be able to deduct your auto expenses, including your monthly lease payment. And if the company you work for gives you a monthly car allowance, you may want to lease since you'll be able to drive a nicer car for a lower monthly payment.
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| Tuesday | 9:00AM - 7:00PM |
| Wednesday | 9:00AM - 7:00PM |
| Thursday | 9:00AM - 7:00PM |
| Friday | 9:00AM - 7:00PM |
| Saturday | 9:00AM - 4:00PM |
| Sunday | Closed |
| Monday | 7:30AM - 5:30PM |
| Tuesday | 7:30AM - 5:30PM |
| Wednesday | 7:30AM - 5:30PM |
| Thursday | 7:30AM - 5:30PM |
| Friday | 7:30AM - 5:30PM |
| Saturday | 8:00AM - 1:00PM |
| Sunday | Closed |
| Monday | 7:30AM - 5:30PM |
| Tuesday | 7:30AM - 5:30PM |
| Wednesday | 7:30AM - 5:30PM |
| Thursday | 7:30AM - 5:30PM |
| Friday | 7:30AM - 5:30PM |
| Saturday | 8:00AM - 1:00PM |
| Sunday | Closed |