Here at Watseka Ford Lincoln we often have a lot of customers ask us whether they should buy or lease. It's a good question, with no definitive answer. There are benefits to buying, but there are also plenty of advantages that can come from leasing. The final decision is ultimately based on what you're looking for and the type of driver you are. Cost aside, it's all a matter of priorities. To help make your decision a bit easier and to help you plan for the future, lets take a closer look at Buying a Ford vs Leasing a Ford.
You're more likely to buy if this sounds like you:

  • If you like to personalize a car, this investment can be lost on a leased car.
  • When you lease a car, you are typically capped at 15,000 miles a year. Additional mileage can cost you up to 35 cents per mile. 
  • If you like the idea of ownership, you are less likely to be happy with the lease option.
  • If you like the feeling of accomplishment that paying off a large purchase brings and should consider that when you lease a car, the payment ends only when you return the car.
  • If the car you presently own is over 3 years old you are more likely a buyer.
  • While not always true, you can usually drive for less if you're willing to buy and drive for at least 3 years.
  • If you don't mind doing your own car repairs, you probably don't mind driving a car after the warranty expires. 

 You're more likely to lease if this sounds like you:

  • When you negotiate a 24 or 36-month lease, you can be sure you'll always be driving a new vehicle. We also offer longer leases too!
  • Standard leases involve a 15,000 miles-per-year cap and charge for extra miles.
  • Although you need to maintain and repair your leased vehicle just as you would an owned vehicle, because you typically lease for 2 to 3 years, the car is normally under warranty.
  • Leasing could give you the ability to drive a vehicle with more options, as several different vehicle trims are available.
  • You are free to enjoy the benefits of leasing like low monthly payments and a low down payment without owning the vehicle.
  • If you own a company and you use your car for business, check with your tax adviser. You may be able to deduct your auto expenses, including your monthly lease payment. And if the company you work for gives you a monthly car allowance, you may want to lease since you'll be able to drive a nicer car for a lower monthly payment.