When is the right time to take advantage of Ford lease deals? Any time, really. If you already have your mind set on getting behind the wheel of a new Ford, you’re faced with the decision to buy in cash, finance, or lease.
All three have different pros and cons, and the right move for you is largely based on your lifestyle and budget. Leasing a new car has been growing in popularity the last few years, and there are great deals to be had when making a thoughtful decision. Before making a final choice, its best to go over what you are and aren’t getting with the two purchase methods and leasing. In the end, leasing should come out as the easier, cheaper way to leave the lot in your new ford.
Buying with Cash
There is a certain freedom to just putting up the money and walking away with your new car. Perhaps a little old-school, buying in cash is great for those who keep their cars for extended amounts of time or simply have the cash on hand to make a full-price purchase.
Pros
It’s yours! You signed the paperwork, made sure the money went through, and now you’re leaving the lot with a car that you 100% own. With the exceptions of insurance and regular upkeep/maintenance, you don’t need to put another cent into your vehicle. If you do want to modify, you’re free to do so. With no mileage limits, you can go on as many road trips as you want, guilt-free. If you try hard enough and put enough into maintenance, this could be the last car purchase you ever make. If it’s not, you’re free to sell at any time, and all the money from the sale will go to directly to you.
Cons
Your brand new car has left the lot…and plummeted in value. While some cars may lose value quicker than others, depreciation hits every vehicle. If you plan on keeping the car for a long time this may not be as big of an issue, but for those looking to trade in within the next five years, it could be a bit of a shock. As you keep that car and its warranty fades into memory, you’re stuck with the bill for all repairs and maintenance. If your choice of car was on the less reliable side, this can add up to a long string of costly bills from the shop. Break something big, and the repair might be worth more than your car. Compared to leasing, the cons are simply too expensive to trump the pros of buying in cash.
Financing
The most popular of the three car buying options, financing is a path to full ownership without putting down a huge amount of money.
Pros
Unless you sign an ill-advised long-term loan, the car will be yours in less than 6 years. Many buyers will find that by breaking the purchase into a down payment and small monthly payments, they can afford a better car than anticipated. Much like buying in cash, you’re allowed to modify the vehicle and do with it what you want. No mileage cap means a longer commute, perhaps for a better job, won’t be a problem. After the loan is paid off you will fully own a terrific asset. If you feel like you’ve outgrown your car, you can sell it at any time and keep the money. If the car fits in perfectly with your lifestyle, feel free to enjoy it forever.
Cons
Although it may feel like both you and lender are hit with the depreciation, you’re the one who ultimately has to deal with it once the loan is paid off. Speaking of lenders, someone else owns a large portion of your car. If you stretched your budget with a luxury purchase, you could be one financial setback away from your car getting repossessed. If you end up underwater – owing more than the value of the car – on your loan and the car is stolen or totaled, you could end up paying the full price of your loan all at one time. If you decide not to stick with the vehicle, you’ll either be forced to pay off the current loan or fold your current loan into a new one with another down payment and a new loan term. While financing, much like leasing, is a good way to stretch your budget and set predictable payments, it can also put you in a tight financial situation if you end up not liking the car or go through a tough financial situation.
Red Carpet Leasing
Before we discuss the great benefits of leasing your new Ford, we should go over some of the potential cons:
- Mileage caps – If you take a lot of long road trips or have an exceptionally lengthy commute, leasing probably isn’t for you. If you have a normal commute and take a couple short road trips a year, you’ll fit right in.
- No modifications or accessories – The lease terms you sign may not be as restrictive as you think. The dealership wants to sell the car once you’re done with it, so it makes sense that they limit what can be done to the car.
- Expensive lease breaks – If you know you’re going to be itching for a new car or think you may not want the car for too long, simply go for a 24-month lease! In two years you’ll be free of any burden you had related to the car.
With Ford Red Carpet Leasing, so many of the worries associated with buying or financing a car melt away. To start, you get to choose what car to lease from a selection of over 20 unique vehicles, from muscle cars to hybrids to trucks. Although you don’t own the car as you would with financing, your payments may be much lower. Those worried about mileage restrictions can rest easy knowing that Ford offers 7 different mileage options, from 10,500 to 19,500. If you think you’ll go over 19,500 miles, you can purchase additional miles at lease inception. Those who want to accessories can choose anything from a pre-approved list. If you’re accident-free during your lease, you should expect to pay next to nothing in maintenance and upkeep – your time with the car will be fully under the factory warranty.
Perhaps the best thing about any Ford lease deal is the options you have at the end of the lease. If you’re ready to move onto your next Ford, you can seamlessly transition into another lease with a brand new car. If you’ve made a love connection and want to spend more time with the car, you can buy it for a predetermined price. If you want to walk away, you can; just satisfy any lease-end obligations and you’re good to go. Ford lease deals are available throughout the year – head to your local dealer today to find the right vehicle and leasing option for you.
*Some modifications may void your warranty. If a warranty is important to you, check it before making any large changes.
