Deciding on Buying or Leasing with Cooper Country Ford
So, you've settled on your new Ford and you're excited to get in the driver's seat and really experience it in the Richfield Springs area. But, there's one thing left to do: deciding how you are going to pay for it. But, it's not all cut-and-dry. You can either choose to finance and buy your car outright or you can lease it, like a rental program. How do you choose which one is best for you?
The Benefits of Buying a Vehicle
Still the most popular option for many car-owners, buying gives you one of the most satisfactory feelings: owning your first car. You can comprise the buying process of three different options, as long as they equal the sum of the price tag:
- A down payment
- Trading in your old vehicle
- An auto loan
When you finance your new or used vehicle, the loan is held through a bank, credit union or finance company and not the car dealership. You make monthly loan payments of the principal amount and any interest accrued and the term of the loan varies from a few years to seven or eight.
Once the amount is paid down, the car is yours to do with as you please. There is no limitation on mileage, so you can drive as long and as far as you feel. Want to paint pink highlights on it? By all means, show your creative streak!
The Benefits of Leasing
You might not want to drop a lot of money all at once. Leasing just might be the answer you are looking for. With a lease, you will typically have lower monthly payments due to a vehicle's depreciation over its lifetime. That means more money in your pocket to spend on other things while still having a car to drive! Who doesn't like having extra money kicking around?
Maybe you are a person whose style changes every couple of years. Leasing can help accommodate that because you never keep the lease for more than a few years before the terms allow you to trade it in for a newer model.
Under the terms of the lease, maintenance is covered under the manufacturer's warranty, so you never have to worry about extra costs. Again, it's the joy of having extra money kicking around to do with as you please.
You Can't go Wrong with Either Buying or Leasing
There you have it! At Cooper Ford, serving the areas of Herkimer, Ilion, and Little Falls, NY, we're pleased to offer you both buying and leasing as equally strong ways to acquire a new vehicle. Check in with our finance center to learn more about how you can start either process with us. Our favorite part is you smile when you get to drive off our lot with your new owned or leased vehicle.