Navigating the Auto Finance World—Should I Lease or Buy?

Finding the perfect new Ford vehicle should come with a sense of excitement, but for many new car shoppers, the auto financing options can be confusing, even daunting. Here at Richmond Ford Lincoln, we don’t want the car-shopping process to feel scary, so we’re bringing you this short Auto Finance 101 video from Ford to help demystify some of the biggest differences between leasing and buying. Check it out below!

Of course, only you can decide if buying or leasing is the right path for you, but having the knowledge is the first step to deciding—as they say, knowledge is power.

  • Buying: When you buy your vehicle, it’s yours to keep! You can do what you want with it. Want a sweet decal running down the side? Sure thing, it’s yours, after all! You can also drive it for as long and as far as you want, but it’s important to note, once your warranty is up, the cost of service, repairs, or maintenance falls entirely to you.
  • Leasing:When you lease, things work a bit differently. You decide how long you want to keep the car, and how many miles you’d like to drive. At the end of your lease, you simply turn the vehicle back in to the dealership and you can move onto another new one if you want! Another great benefit to leasing: since most leases are relatively short term, it’s likely your vehicle will remain under warranty for the duration of your lease, meaning any repairs it needs could be covered for you!

 

The easy part is finding the Ford car, SUV, or truck of your dreams; the hard part is deciding whether you should lease or buy. Good thing we’ve got our finance experts on hand to help you sort through it all and answer any questions you may have about either process. If you’re looking for a new set of wheels to carry you on through the summer and beyond, now is a great time to swing by our Richmond, VA showroom to see what our lot has to offer you!

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