Should You Lease Your Next Ford?
Should you lease your next Ford? If you are in the market for a new vehicle and reside in the Great Lakes or elsewhere in Western Michigan, this is likely a question you’re asking.
When buying a new car, truck, or SUV in Norton Shores you have three options: lease it, pay for it in full at the time of purchase, or finance it. Each one presents its pros and cons, as they are completely dependent on your current financial situation.
Leasing is a wonderful option. Is it for you? That’s what this blog aims to explore.
What Does it Mean to Lease a Vehicle in Hudsonville?
Leasing is when you make an arrangement with the dealership to drive the car for a set period and make monthly payments on it. The best way to think about a lease is that it’s like renting a vehicle. Once your rental period is over, you will exchange the car for a new model. Common Lease Terms
If you decide to lease your vehicle, you will have several lease term options to choose from. Though these may vary from dealership to dealership, the most common lease terms for Muskegon drivers are: 24 months / 2 years
36 months / 3 years
48 months / 4 years
Pros of Leasing a Vehicle in Coopersville
There are a ton of pros that come with leasing a vehicle! Here are the biggest benefits of leasing a brand-new Ford Maverick or Ford Escape:
Get to Enjoy New Vehicles Often
Because you’re renting the vehicle for a few years, you’ll be able to experience new cars on the market once your lease term is over. This means getting to experience new technology, advanced safety features, and better design that comes with time. In addition to this, your maintenance costs will be minimal because, by the time your vehicle may need to get more costly repairs, you’re already onto the next brand-new vehicle that’s in tip-top shape!
Lower Monthly Payments
Another huge benefit of leasing a vehicle in Holland and Ludington is that you’ll have lower monthly payments compared to financing, which is when you take out a loan on a vehicle and pay it off in monthly installments.
As to why this is, it all has to do with what those payments are going toward. When you finance a vehicle, the goal is to own it by the time you’re done making payments. Because of this, your monthly payments are going to taxes, interest, and other fees associated with taking out a loan.
With leasing, you’re only paying for taxes, rental fees, and the depreciation of the car. Simply put, not having interest on your monthly payments saves you a ton of money!
Cons of Leasing a New Car or Truck
Here at Preferred Ford of Grand Haven, we believe in transparency, which is why we want to be just as honest about the cons of leasing a new vehicle as we are about the benefits of doing so.
Here are some of the biggest cons of leasing a brand-new Ford vehicle:
You Don’t Own the Car
If you’re looking to own your vehicle because you want to get money for it later or pass it on to someone in your family, then leasing may not be the right option for you. As mentioned earlier, the downside to leasing a car is that you don’t own it at the end of the lease term. While leasing does offer you the ability to have reliable transportation, there is something comforting about owning your own car and customizing it to reflect your style and personality.
Limitations on Mileage
Another big drawback of leasing a car is that you will have limitations on mileage. Usually, this is between 10,000 - 15,000 miles a year. The good news is that, despite these limitations, it’s generally enough to cover the average travel people take in a year, including some road trips. However, if you do go over this mileage, you will have to pay an overage fee. It’s not usually much - usually a few cents - but it does add up. In some cases, knowing there’s a risk of overage fees may make you rethink unnecessary travel.
As we said, there’s no right or wrong answer when it comes to deciding whether or not you lease your Ford vehicle. Like financing, there are pros and cons of leasing, but having all the information can help you decide what you want and make an informed decision.
Get Your Next Vehicle with Ford Red Carpet Lease from Preferred Ford of Grand Haven
If you want to experience the benefits of having the latest technology and lower monthly payments, then we encourage you to invest in our Ford Red Carpet Lease program. This program comes with eight mileage options to fit your travel needs and lifestyle, as well as complimentary gap protection, flexible lease terms, and more. We welcome you to check out our new inventory to see what kind of Ford vehicle is speaking to you. Because we buy cars, we also have a huge selection of used vehicles for you to check out, too. If you have questions, our sales department is a quick phone call away: 616-333-6583. You can also visit us in person. Remember, we’re an easy 30-minute drive from Hudsonville.