Should you lease or buy vehicle? | Larry H. Miller Lakewood Ford | Denver


Examine your needs to decide if you should lease or buy your next vehicle

  • What size of vehicle do you need; is it a possibility you may add to your family in the coming years?
  • How many miles do you drive a year?
  • Consider a leased vehicle if you drive fewer than 12,000 miles per year.
  • Purchasing a vehicle is a good idea if you put a lot of miles on your vehicle.
  • Do want to own the vehicle at the end of your financing term?
  • Examine your budget and decide how much car you can afford and stay within budget
  • Check your credit report and take care of any inaccuracies before getting pre-approved to lease or buy a new vehicle.
  • Research new vehicles; look at safety ratings and owner satisfaction reviews
  • Narrow your choices based upon what you can afford, the optional add-ons and reliability of the vehicle
Benefits of Leasing a New Vehicle

1: Drive the latest model vehicle
Leasing allows you to always have a new Ford in the driveway. You will not only be leasing the latest model  but more importantly the latest in safety technology.

2: Lower monthly payment
You get more car for a lower monthly payment. When leasing a vehicle you only pay for the depreciation on the car, not the entire vehicle; it's like you are renting the vehicle for the length of the lease.

3: Reduce initial cash outlay
You to have more available cash than if you put your money into the full investment of your vehicle.

4: Pay for sales tax over the lease period
You do not pay taxes on the total value of the car, your tax bill will reflect only the leased portion.

5:
Using your car for your job? On your tax return Leasing payments are a business expense.

6: Also lease obligations don't show up as debt on credit reports, which may be important to companies that buy fleet vehicles for business use.

7: Down-payment options
Option of no down payment, or if you make a down-payment you can lower your lease payment.

8:
Manufacturer Incentives
Ford offers incentives on leasing. Such leasing incentives are called lease subvention.
  • Subvention is when the manufacturer subsidizes the consumer in order to boost the sales of some vehicles.

9: You never have to trade or sell your vehicle
When your lease term is up, you choose to lease another vehicle, or take the option of buying your "leased" vehicle.


Ask our leasing specialists what option is best for you. If you live in Lakewood or coming from Boulder, Thornton, Littleton or Parker, CO we offer you competitive lease rates with 24-60 month lease terms on new Ford vehicles.
Buying a New Vehicle

Purchasing a vehicle is a little more straight forward than leasing a vehicle
  • Buy a vehicle and you pay it's total value plus dealer fees and taxes
  • Either pay cash or finance the vehicle with a loan
  • Make a down payment, or apply trade-in vehicle
  • Secure a loan for the rest of the purchase price
  • Pay back your loan monthly with interest
  • Manufacturer cash-back incentives and dealer offers available if you buy

Owning a car means you can do whatever you want  with it. 

  • You can drive the vehicle as much as you want
  • Add different features and customize it as you wish
  • When your loan is paid off the car is yours to keep
  • Residual value is yours
  • If your family has future drivers you can pass it down
Pros and Cons of Leasing:
PROs
  • Good option if you are not expecting major life changes, like a move, during the lease period.
  • Good for you if do not drive a lot
  • Good if you prefer to have a newer car.
  • Monthly lease payments are lower than the monthly payment on a purchased car
  • At the end of your lease, you can walk away from the car without worrying about selling or trading it in.
CONs
  • Leasing can be expensive if you drive a lot
  • lease agreements include a limit on mileage. If this mileage is exceeded, you'll pay fees at end of contract.
  • If you need to break the lease prior the end of your contract you'll be responsible for any early termination charges.
  • You are responsible for keeping the car in good condition, and maintained.
  • Excessive wear and tear, dents and other issues with the car could become your financial responsibility when your lease ends.


Pros and Cons of Buying:

PROs

  • Purchase a car, it's yours to keep
  • You won't be penalized for driving excessively or damaging the vehicle.
  • Buying a car is a good idea for people with a long commute, or who are unsure where they might be in the next few years.
  • Buying also means that when the loan is paid off, the car and it's residual value are yours to keep.

CONs

  • Having a car that's yours to keep can be a big commitment.
  • You will need to arrange to sell or trade-in your car when want something different.
  • A car loan payment is a bigger monthly financial commitment than a lease payment, as you are paying back the entire value of the car.
  • You lose out on the latest technology and safety improvements

We Can Help You Decide to Lease or Buy!

 
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