Leasing vs. Financing
Leasing vs. Financing with Griffith Ford Uvalde
Choosing between leasing and financing a vehicle can be a tough decision to make for buyers in Uvalde, Crystal City, and Del Rio. Either option has its own benefits and its downfalls. Purchasing a vehicle is very common; you take out a loan to pay for the price of the vehicle, and then make monthly payments to pay back the lender. Leasing a vehicle is basically a rental agreement where you still make monthly payments, but you never actually own the vehicle. You simply turn it in when the contract is up. This usually allows for lower monthly payments than most new car loans and it keeps you in a newer vehicle with the latest technology.Leasing a Vehicle with Griffith Ford Uvalde
Leasing allows you to drive a new vehicle more often. Once your lease is up, you turn in the vehicle and can pick out a new one when you renew your lease agreement. Your lower monthly payments could allow you to drive a higher-priced vehicle than you could afford to buy. This option also keeps you in vehicles that have the latest technology and up-to-date safety features, not to mention that repair costs are almost non-existent since your vehicle will be under the manufacturer’s warranty.The biggest drawback is that you will always be making payments with no apparent end in sight if you stick with the leasing option. Another drawback is that you never own the vehicle, and the vehicles are expected to be returned in like-new condition, minus normal wear and tear. That means any door ding, paint scuffs, or spilled drinks can end up costing you more than you anticipated.
Financing a Vehicle with Griffith Ford Uvalde
When financing a vehicle, you are purchasing the vehicle completely. You apply for a loan to cover the sales price and all accompanying charges, then you pay back the loan along with interest payments monthly. When all payments have been made, you own the vehicle outright.The greatest advantage to this is that you own something of value. You can now sell it and keep the cash or use it as a down payment on your next purchase. Another positive is you get the most value out of your vehicle. Many purchasers can drive the vehicle for years after the last payment is made. Replacing parts as they wear out may be costly, but still far less expensive than purchasing a new vehicle. Another benefit is the option to customize. After all, it’s your vehicle, so you can beef up the motor and add lights or graphics.
The biggest downfall to financing rather than leasing is the cost. Financing charges can be pretty steep, and once the warranty is up, you are the one paying for any repairs. The other downfall is the vehicle won’t be up to date on all the latest innovative technology and safety features as they become outdated quickly.
Which path you choose depends largely on your long-term expectations. If you enjoy driving the newest vehicle with up-to-date technology and safety features, then leasing may be your best option. If you are the type that wants to customize and squeeze every last mile out of your investment, then financing is the way to go. No matter which you decide, you can find the latest Ford models at Griffith Ford Uvalde, so stop in today.