Getting a great new car at Bayird Ford is always exciting. When the time comes to pay for your dream car, you might wonder if you should lease it or finance it. Is one option better suited for you than the other? Well, that depends on your preferences. Here is how leasing and financing differ, so you can decide which is right for you.

What is Leasing?

When you lease a vehicle, you pay the dealership a monthly fee to be able to drive it for a set period of time, usually 36 months with a limit of 10,000 miles. At the end of the leasing period, you can return the vehicle to the dealership, buy it, or trade it in for a new vehicle to lease.

The Pros and Cons of Leasing

When you lease a car, you don't have to get locked into a long-term financial commitment. You also get to enjoy the prime years of a vehicle's lifespan, and you have the option to drive a new car every three years.

A potential disadvantage of leasing is that you don't own the vehicle, and mileage limits on the lease agreement might be an issue for drivers who regularly make long commutes.

What is Financing?

When you finance a vehicle, you take out an auto loan so that you can buy the vehicle right away. You then have to pay back the loan over time with interest added.

The Pros and Cons of Financing

Financing a car lets you take ownership of it right away. When you own a car, you face far fewer hurdles when it comes to modifying it or driving it as much as you want.

The primary disadvantage of financing is that it comes with taking on an auto loan. Loans can take a while to pay off, which can be an issue for some customers.

Lease or Finance a New Ford Vehicle Today

If you are interested in getting a great new car at Bayird Ford, then you should also get in touch with our Finance Center, where our staff can help you decide if leasing or financing is right for you. To find out more about these options, contact us today!

Categories: News, Finance, New Inventory