Should I Buy Or Lease My Ford?
A lot of people are confused when it comes to making the decision to buy or lease their new Ford. Here is a quick questionnaire to give you a better idea which is the best decision for you.
- Do you like the idea of ownership? YES / NO
- Do you want longer term monthly payments? YES / NO
- Do you expect lifestyle / business changes in the near future? YES / NO
- Do you have a large down payment to put down? YES / NO
- Do you want to keep the same vehicle for a longer period of time? YES / NO
- Do you like having a lower insurance rate? YES / NO
- Do mileage restrictions cause concern for you? YES / NO
- Do you have good credit? YES / NO
- Are you wanting to gain equity? YES / NO
If you answered mostly NO, then leasing seems to be something that would suit you better. With leasing a car, the big advantages of leasing include less money invested up front, lower monthly payments, and protection against excessive depreciation. However, with leasing you will not own your vehicle and you are only allowed a certain amount of KMs a year. Be sure you account for this!
If you answered mostly YES, then financing seems to be the better option for you. Financing enables you to buy a better car than you could otherwise afford. Taking out a car loan also means you can spread the cost over a long period of time, which in turn makes your car much easier to pay for. There are no limits on you or your KMs, and your insurance rate is usually lower. However, you will be responsible for all repairs after the warranty expires and the depreciation of the vehicle should also be considered.
Here at Wilf’s Elie Ford we want you to make the best decision based on your needs. Whether you choose to buy or lease, we understand that both are a big decision and we are here to help you find your perfect Ford to suit your needs.
|Leasing Vs. Financing||Leasing||Financing|
|Ownership||You pay to use the vehicle during the term of the lease and must return it at lease-end unless you choose to purchase the vehicle.||You own the vehicle free and clear after your financial obligations are met. It will be yours to keep or trade-in on your next vehicle.|
|Payment||Monthly lease payments may be lower than monthly finance payments (on a comparable term) because you are paying for the portion of the vehicle’s value used during the lease term.||Monthly loan payments may be higher than monthly lease payments (on a comparable term) because you pay for the entire purchase price of the vehicle. Each payment helps build vehicle equity toward a future trade-in. A bi-weekly payment schedule is also available if you prefer a lower payment every two weeks.|
|Customization||Customize your vehicle through Wilf’s Elie Fprd at the beginning of your lease with approved accessories.||Customize your vehicle at any time.|
|Kilometres||You have a variety of kilometre / year options to choose from at the beginning of your lease to meet your driving needs. You are responsible for any excess kilometre charges unless you choose to purchase the vehicle.||You may drive as many kilometres as you want. However, higher kilometres will lower the vehicle’s trade-in or resale value.|
|Wear and Tear||A normal amount of wear and tear is covered. You are responsible for wear and tear in excess of normal limits unless you choose to purchase the vehicle.||There are no charges for vehicle wear and tear. Excessive wear will lower the vehicle’s trade-in or resale value.|
|End Of Term||At the end of the lease, you have the flexibility to either purchase your leased vehicle at a predetermined price or return it.||At the end of the loan, you own the vehicle. It is yours to keep or trade-in on your next vehicle.|