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Buying vs Leasing at your Southern California Ford Dealer

Buying vs Leasing

If you're wondering about buying vs. leasing at your Southern California Ford Dealers, this guide will prove quite helpful. In reality, quite a few car shoppers worry about which option they should consider. Well-meaning friends, relatives, and even coworkers will tell you which is superior. The reality is everyone's situation can be different, and there's no one-size-fits-all solution. You need to understand the advantages and drawbacks of both before you decide which is best.

Buying Pluses

When you buy a car, it's yours to do with as you please. That means you can modify it by putting on aftermarket wheels, repainting it, or doing anything else legal.

Also, you can drive the vehicle as far as you like each year. Nobody will tell you to skip the road trip to Seattle or charge you extra for going too many miles. That kind of freedom can be liberating.

Sometimes, life changes suddenly. One moment, you might need a smaller car, and the next you suddenly need something much larger, or vice versa. You could get a job out of the country, and can't take your vehicle with you. Owning the car means you're free to sell it at any time and get something else.

Finally, if you buy a vehicle and hold onto it for the long run, you'll save money. After paying off the loan, the car will only cost you maintenance and repairs. If you drive it for several years once you've finished the loan, you can pocket the money that before went to payments.

Buying Drawbacks

Buying a car does come with some potential pitfalls. One is the risk of getting upside down on the loan. The best way to avoid that problem is to do a large down payment, but not everyone can afford such a thing.

Speaking of money, monthly payments are higher than if you lease. And once the warranty expires, all repairs and maintenance become your responsibility. Meanwhile, the car depreciates in value, so you lose some of your money.

Leasing Pluses

Many people choose to lease so they can always have a newer car. If you don't like dealing with repairs, etc. this might be a great option. You also get the latest and greatest features.

Typically, you don't have to pay as much each month for a lease. You're only financing a portion of the vehicle value, instead of the whole thing. That can allow you to afford a more expensive and nicer car. Depending on your contract, the initial down payment can be smaller, too.

Leasing Drawbacks

Going with a lease isn't all positive. You need to know that if your vehicle needs change, you might have to pay a huge penalty to get out of the contract. You also can't customize your car in the least, because it's not yours.

If you're not a huge fan of car shopping, leasing might be a bad option. After 2 to 3 years, you'll be back on the market looking for a new vehicle.

Contact your Southern California Ford Dealers to discuss your personal situation and get guidance on which option you should consider.