Both options in the leasing vs. buying decision have their merits. Choosing how much you want to commit to your next vehicle depends on whether you prefer equity or lower monthly payments: a choice you can make at your local Ford dealership.
Leasing vs. Buying at Your Ford Dealership
Buy if You Want to Build Equity
If you want the money you spend to be an investment, purchasing is the way to go. When you buy a Ford, every payment you make is a step closer to full ownership, and you have the flexibility to keep, sell, or trade in once it is yours.
At the end of the lease term, you will need to return the vehicle and pay additional charges for excessive wear and tear. This places customers who continuously lease in an endless cycle of monthly payments without building any equity.
Lease if You Are on a Tight Budget
At the end of 2023, the average cost of leasing a car was $606 per month, according to Experian. On the other hand, buying a new car averaged $738 per month. Leasing is the more affordable short-term solution if you are on a tight budget because you are paying for the vehicle's depreciation during the lease term rather than the full purchase price.
Buy if You Want to Customize Your Ford
Leasing severely restricts what you can do with the vehicle; it needs to be returned in the same condition at the end of the lease period. You may have to pay hefty fines if you modify it with aftermarket parts that void the manufacturer's warranty. On the contrary, buying a vehicle gives you ownership, so you can upgrade your Ford's suspension for better off-road capabilities, add a performance exhaust, or install a custom paint job.
Lease if You Don't Want to Commit to One Vehicle
The average new vehicle costs $47,401 as of January 2024, according to Kelley Blue Book. That is a significant investment, and one that you will not be able to opt out of halfway through.
On the other hand, you can easily return a vehicle or swap it for a different model at the end of a lease term. Additionally, the lease can be canceled at any time by paying an early termination fee, which is still significantly lower than the financial loss of not paying your auto loan after the return window has expired.
Looking to buy or lease a new Ford? Browse our inventory at Ewald's Venus Ford in Cudahy, WI to find your favorite truck, SUV, sports car, or sedan. Our staff is here to assist you with financing and leasing options.
