Buy vs. Lease


Buy vs. Lease


It’s time for a new car. You’ve been seeing some ideas of what you want but aren’t quite sure how you want to finance it. There are benefits to both buying and leasing, but it can be hard to choose. Check out the differences here to see what’s right for you.




Ownership: You own the car


Up-front costs: Cash price or down payment, taxes, registration and other fees


Monthly payments: Loan payments can be higher than lease payments, plus interest and other finance charges


Early termination: You can sell or trade your car any time


Vehicle return: You have to sell or trade your car if you decide you want a different one


Future value: Your car will decrease in cash value over time


Mileage: You aren’t limited to the number of miles you can drive


Excessive wear & tear: You don’t have to worry about wear and tear (though it’ll depreciate the value)


End of term: At the end of the loan terms, you have no further payments


Customizing: You can customize or model your car however you want




Ownership: You don’t own the vehicle, unless you purchase it at the end of the lease


Up-front costs: First month’s payment, refundable security deposit, taxes, registration & other fees


Monthly payments: Lease payments lower than loan payments


Early termination: If you end lease early, early-termination charges can be as much as keeping the contract


Vehicle return: You can return the car at the end of your lease and just pay end-of-lease costs


Future value: Its future value doesn’t affect you financially


Mileage: Most leases limit the number of miles you drive (usually 12,000 – 15,000 a year)


Excessive wear & tear: You’ll be held responsible for excessive wear & tear and charged extra


End of term: At lease-end, you’ll have to finance the purchase of the car or lease or buy another


Customizing: Anything you add to the car, you’ll have to remove it before you return it


Once you have decided whether you would like to buy or lease your next car, visit Griffin Ford Lincoln and check out our full lineup of Ford and Lincoln vehicles.