Should I Buy or Lease My New Ford or Lincoln?
Should I Buy or Lease My New Ford or Lincoln in Tifton, GA?
Here at Griffin Ford Lincoln, we strive to simplify the decision-making process when it comes to choosing between purchasing or leasing a new Ford or Lincoln. To assist you, we’ve created a handy chart that outlines the pros and cons of both financial options. Also, don’t forget to utilize our online finance application and payment calculator. By entering in a few details, you can receive an estimate of your monthly payments and expedite the process at the dealership. With your monthly budget and spending ability in mind, you’ll be ready to make a decision even before setting foot inside our finance office. Keep reading to discover whether you should buy or lease your new vehicle.
How Do Car Loans and Leases Differ?
| Loan | Lease | |
|---|---|---|
| Path to Ownership |  |
 |
| Upfront Costs |
Cash price or a down payment, taxes, registration, and other fees. |
First month’s payment, refundable security deposit, acquisition fee, down payment, taxes, registration, and other fees. |
| Lower Monthly Payments | |
|
| Customization Allowed | |
|
| Covered Under Warranty | |
|
| Future Value |
All vehicles depreciate, but you’ll have equity when trading or selling. |
The future value doesn’t affect you. |
| Unlimited Mileage | |
|
| Fees for Excessive Wear and Tear | |
|
| Fees for Early Termination | |
|
| End of Term |
You’ll have full equity to do what you want with the car. |
Purchase the vehicle, or buy or lease another car. |
| Vehicle Return |
Sell or trade. |
Return the vehicle at lease-end and pay any applicable fees. |
Why Purchase a New Car?
Purchasing your new Ford or Lincoln brings unparalleled freedom. Once paid off, your vehicle becomes entirely yours to customize as you wish, since you’ve accumulated equity through your monthly payments. Feel free to add all the exterior accessories your heart desires! Plus, after signing the paperwork, you won’t encounter any fees or mileage restrictions and each new car includes a limited vehicle warranty. However, there are a few disadvantages — monthly payments are typically higher when you buy your vehicle outright, but this will vary depending on your credit score and initial down payment. Finally, all warranties have an expiration date, so you’ll have to foot all repair and maintenance expenses once your coverage ends.
Why Lease a New Car?
Lease options are gaining popularity for various reasons. With the average price of new cars escalating, the lower monthly payments associated with leasing make it an appealing choice. In addition, leasing allows you to drive your model during its most reliable years, and most lease terms align with or are shorter than the duration of the limited new vehicle warranty. Once your lease term expires, all you’ll need to do is return the model to our dealership and choose the next one you’d like to lease! Keep in mind, leasing has a few disadvantages: mileage restrictions, the inability to customize, and fees for wear and tear and early termination.
If you’re ready to be the proud owner or lessee of one of our new models, feel free to contact us or visit Griffin Ford Lincoln at 511 W. 7th Street Tifton, GA 31794. We look forward to serving customers near Albany, Cordele, Valdosta and Douglas.
Visit Consumer Reports’ page for more information on whether you should buy or lease.