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Finance a Car
Finance a Car

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Buying vs. Leasing - What should you do?

Many people come to Mangold Ford wondering whether it’s a better idea to buy or to lease a new car. Unfortunately, there’s no right-or-wrong answer we can give, as either can be the right choice depending on numerous factors. That being said, we can describe the key differences between buying and leasing so that you can make a more informed decision when you shop at Mangold Ford!
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The Price

In the short-term, leasing is significantly cheaper than buying. Because you are expected to return the car at the end of the lease term, all you pay for is the value the car loses over that time, which for three-year lease contracts is often around half of its full price. However, because you will presumably need a new vehicle at the end of the term, you’ll have to buy or lease a new car again, and doing so several times does become more expensive than simply buying outright.
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Ownership Limitations

Buying is no doubt the best choice if you expect to drive the vehicle a lot and wish to make modifications to it. If you go past the mileage limit on a leased vehicle or return it in a poor or altered condition, you’ll be looking at extra fees. That being said, if you don’t expect to be doing these things anyway, it makes very little difference.
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Depreciation

One of the advantages of leasing is the peace of mind that comes with it. Because the car goes straight back to the dealership, leasing means never having to worry about depreciation, trading-in, or reselling. Of course, that does mean missing out on getting value back out of your car that you would get by doing all of these things.
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