Leasing vs Financing

Buying vs. Leasing a Ford: Which Option Is Right for You?

At Nick Mayer Ford, we understand that our drivers are making a huge financial decision when they decide it's time to drive a new vehicle. From deciding which vehicle to drive, to deciding whether you should purchase or lease, there's a lot of factors that come into play. Fortunately, our team is here to help preserve the excitement around driving a new vehicle by weighing the pros and cons of both buying and leasing. This way, you can quickly determine which financial path is right for you.

Advantages of Buying and Leasing

Advantages of Leasing

  • You can drive a top-of-the-line Ford model for less money.
  • The repair costs are often lower or covered under Ford's included warranty.
  • The monthly payments are traditionally lower than if you were to finance.
  • You can easily upgrade to the latest model every two or three years.
 

Advantages of Car Buying

  • You can modify and drive your vehicle as you please.
  • You're not restricted to a specific agreement.
  • When you decide to upgrade your vehicle, the cash value is yours to spend as you wish.
  • You can sell or trade in your vehicle at any time.
 

Disadvantages of Buying and Leasing

Disadvantages of Leasing

  • When you lease, you don't own the car unless you opt to buy at the end of the lease.
  • You're restricted to a certain amount of miles a year (typically 12,000 - 15,000) unless you purchase additional mileage.
  • If you need to terminate your lease for any reason it can be expensive to do so.
  • If you exceed normal wear and tear you may be responsible for additional charges.
 

Disadvantages of Car Buying

  • The upfront costs are often more than if you were to lease
  • When you want to upgrade your vehicle, you're responsible for selling or trading in your vehicle.
  • Loan payments are typically higher than lease payments.
  • If you're restricted to a budget, you may have to extend the length of the loan to get the monthly payment to fit your budget.
 

As you can see there's no easy way to answer the question of whether you should buy or lease. What it ultimately comes down to is your personal preferences, budget and your driving needs. To learn more about the lease and finance opportunities available to you, simply come visit our finance center at 6200 Mayfield Road  in Mayfield Heights, Ohio. We're also convenient from surrounding regions such as Cleveland, Kent, Mentor and Elyria for your convenience.


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Hours

  • Monday 9:00AM - 9PM
  • Tuesday 9:00AM - 7PM
  • Wednesday 9:00AM - 7PM
  • Thursday 9:00AM - 9PM
  • Friday 9:00AM - 6PM
  • Saturday 9:00AM - 6PM
  • Sunday 11:00AM-4PM

Contact

Nick Mayer Ford Lincoln

6200 Mayfield Road
Directions Mayfield Heights, OH 44124

  • Sales: 440-449-1000
  • Service: (440) 449-1000
  • Parts: (440) 449-1950
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