Ford Leasing vs. Financing in Grand Forks

Leasing vs. Buying in Grand Forks, ND

When it comes time to get a new vehicle, one of the biggest decisions you need to make is whether to lease or to buy. That choice is the foundation for the finance plan you settle on and impacts how you use your new vehicle over the next few years and beyond.

At Nelson Ford of Grand Forks, we ensure you make the choice right for you. Our knowledgeable and accommodating staff is happy to answer any questions you have. To begin with, there are some general guidelines you can use to begin working on this decision.

Buying vs. Leasing - How to Make the Choice?

What makes deciding on leasing vs. buying tricky is that there's no right or wrong answer that fits everyone. Each option has its advantages and drawbacks, so it comes down to your individual situation and needs.

If you want to make an informed decision, the first step is identifying your needs as a vehicle owner. That means knowing how often you need to drive your vehicle and how you use it daily and during special circumstances.

You can also want to think about your life circumstances, both now and in the future. Once you have chosen your vehicle, you can begin to match up your situation with the pros and cons of leasing and buying and see which of the two options is right for you.

The Advantages of Leasing

With a lease, you select a new model vehicle and pay a monthly fee for the usage of that vehicle. The average lease term is usually two to three years, but shorter and longer-term leases are available. After the term of the lease expires, you bring the vehicle back, at which point you can choose a new model if you decide to renew the lease.

The nature of a lease makes it a desirable option for people looking to drive newer vehicles regularly. Since you get a new vehicle each time you renew your lease, you can always drive one of the newer models. This means you can always keep up with the latest technological features, styling, and comfort innovations. If that is important to you as a driver, leasing might be up your alley.

Another advantage to leasing is that lease payments typically tend to be lower for the same vehicle than the payment to purchase. In effect, you can drive the same vehicle for less or spend the same amount of money to drive a higher trim level vehicle or model. If you want to stretch your dollar to upgrade your vehicle, the lease is a good option.

The Advantages of Buying

One of the key advantages of buying is building equity and creating a long-term asset in the vehicle you purchase. Once you pay off your loan, you permanently have that vehicle in your name. Especially in today's market, where used vehicle prices are high, that's a valuable asset to have.

Owning a vehicle is great for parents, who can pass down a used vehicle to children when ready to begin driving. Or you can trade in your older vehicle when buying another, reducing the cost.

Additionally, buying a vehicle allows you more freedom to use your vehicle however you want. You can drive as many miles as you need and customize the vehicle however you want.

Make the Choice That's Right for You

Using these factors and applying them to your lifestyle, you can make the ideal choice for yourself. Our team stands ready to help you along the way. Contact our finance whenever you have questions or concerns. Feel free to browse our new models online at your convenience.