When it’s time for you to purchase a new car, you have a couple options at Lakewood Ford: buying and leasing. Each has its own benefits, but determining which is right for you depends on your own financial situation and what you want out of your new car.
When you buy a car, you will typically finance it (unless you can pay out of pocket), which means that you will pay an upfront cost (called a down payment) and monthly premiums until the car is paid off. But you get to keep that car when it is paid off and drive it as long as you would like. When you are ready for a new car, you can sell it to a private party or back to a dealership, which will go toward a down payment to your next car. Because the car belongs to you, you can drive it how you please and can make modifications as you see fit, as long as they do not void your warranty.
When you lease a car, you should think of it more as a long-term rental. You can choose the lease term that makes the most sense to you; we typically do leases of three, four, and five years. At the end of your lease term, you will turn the car back over to us. Because you are leasing it, you will not pay the full price of the vehicle: That means less money down and smaller monthly payments. This also means you may be able to afford a car that would otherwise be out of your price range.
Leasing does have some restrictions, however. You must keep the vehicle in good condition and you must stay within agreed upon mileage limits. If you exceed the mileage limits (typically 12,000 to 15,000 a year), you will owe money for each extra mile when you return the lease.
If you have any other questions about either buying or leasing, feel free to ask the staff here at Lakewood Ford.