Buying vs. Leasing

 

Yankee Ford Auto Lease vs Buying a Car

When it comes to buying or leasing a New Ford the options can be confusing. For you to make the right choice for your needs we have provided the information below. If you have any questions at all please call 207-799-5591 to speak with a Sales Professional at Yankee Ford.

When you purchase a new or used vehicle you pay for the entire cost of the vehicle. When you lease a new Ford vehicle, you will pay for only a portion of the vehicle's cost, covering your use during the time you are driving it.


 
 

BUYING

Who Owns It?

Whether you pay for the car with cash, or finance making monthly payments, either way it's yours. Of course, if you're financing it, meeting the obligations the lender requires, such as down payment amount and timely monthly payments. If you don't, they have the right to repossess it.

Up-front Expenses

If you're financing it, the bank often will request a down payment. Trading-in another vehicle and using the equity as a down payment often will take care of down payment. The amount of the down payment is usually based on the lender's requirements and your credit score.

Return on your investment

Your vehicle will be worth whatever you can trade in or sell it for in the future, this depends on how well you have been maintaining it. (Be smart and protect your vehicles value with regular scheduled maintenance by our factory-authorized facility!)

End of Contract - Payments Complete

Once you've paid off what you owe on your contract, that's it. Your vehicle is 100% yours. Your lender will send you a Lien Release as proof that the vehicle is completely paid off and all yours.


LEASING

Who Owns It?

You do not own your leased vehicle. You are only paying for the use of the New Ford, the finance institution that extended you the Lease actually owns it. This is usually why you will pay less per month in a lease than if you were to buy the car.

Up-front Expenses

A New Ford Vehicle Lease often does not require any type of a down payment. Often you will only pay the first month's payment, a security deposit, the acquisition fee and other fees and taxes. But, as with a purchase, you can lower your monthly payments by paying more upfront.

Future Value

Most people will turn in their vehicle at end of Lease for another New Ford, so there is no need to sell it that will be financial institution's job. Although you may have mileage limits and wear/tear guidelines that, if you exceed them, could cost you extra money when you turn your vehicle back in.

End of Payments

Most people return the vehicle at the end of the lease term. But some like to purchase it during their lease or at the end. Others like to trade it in before their lease is over. Just ask us about these different options before signing any paperwork and we'll make sure you have your lease set up the way you want it.

Best vehicles to Lease

The best vehicles to lease are those with a high book value after the term of the lease. Since they depreciate less, you pay less. Review New Ford lease ratings with a Yankee Ford Sales Specialist to see which New Ford will meet your needs and retain value.


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