Lease vs. Buy

When it comes to financing your dream car, there are a few different ways you could go about doing so. With the compassionate and caring finance specialists at our dealer, this process has never been simpler than it is at Formula Ford, and we're here to give you the full details on the benefits and drawbacks of each vehicle financing option.

When You Buy a New Car

The biggest benefit of buying a car outright is ownership. When you own your vehicle, it's yours to love forever. There are no limits to how much you can modify it, nor how often you can drive it.

When you buy a vehicle, financing is still an option. Once you pay off your loan, you'll be entirely free of monthly payments, and you can always sell or trade your vehicle at any time during the length of your ownership. Over time, you can build up trade value and equity in your vehicle as well.

Keep in mind however that when you buy, you'll be asked to pay for the entire cost of your vehicle, regardless of how many miles you drive it or how long you keep it. Monthly payments are generally higher than leasing, but the benefit of full ownership often outweighs that drawback.

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When You Lease a New Car

Just like with car buying, there are many benefits of car leasing as well. One of them is the fact that you'll often get more car for your money when you lease, as you'll have an easier time affording high-end luxury, comfort, and convenience features. Think of it as a lengthy trial-run of the best and brightest features that Ford has to offer.

When you lease, you will also have lower up-front costs, especially in the case of $0 money down specials like the ones we offer at Formula Ford! Depending on the model of your vehicle, you will also have lower monthly payments than you otherwise would with buying. Often, your leased vehicle will also be covered under warranty as well.

That said, leasing a vehicle also means that it isn't technically yours to keep or modify. In most cases, you'll be required to stay under a certain mileage limit. Not to worry however, as you can also tailor your mileage limits to meet your needs.

If you're looking to get behind the wheel of a new vehicle, the incredible finance team at Formula Ford is here to help you every step of the way. If you have any additional questions regarding financing or the difference between buying and leasing, feel free to contact us online or stop into our dealer in Montpelier today! We look forward to assisting you!

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