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Buying vs. Leasing: Which Is Best For You?

Would you rather have one vehicle to last you a while, or have a newer vehicle every two to three years? If you're unsure of which to choose, then you've made it to the right page! Whether you're interested in buying, leasing, or you need some help deciding, Nick Nicholas Ford Lincoln is happy to help in all departments. Below are a few of the many benefits and drawbacks to both buying and leasing, and we want to help you make the decision that is best for you. Check them out:
  • After the financing term ends, you own the vehicle free and clear. Or, if you pay cash for the vehicle, you own it right away. You can also choose to sell it at any time.
  • Financed payments are typically higher than lease payments, since you are paying for the full value of the vehicle.
  • You can customize the vehicle any way you'd like, as long as you are willing to pay those extra costs.
  • You will not be charged for any "wear and tear" on the vehicle. Any damage is up to you to have repaired. However, the vehicle's trade-in value may decrease with age, damages, etc.
  • You do not own the leased vehicle; therefore, it must be returned at the end of the leasing term. In some cases, you might be able to purchase the vehicle at the end of the lease term.
  • Lease payments are typically lower than financed payments, so you'll be able to save some money by leasing.
  • You are not able to customize the vehicle in any way. It can only be customized by the dealership at which you leased it.
  • Generally, some "wear and tear" is covered in your lease agreement. Sometimes, though, you can be charged for excessive damage at the end of the lease term. You also have a cap on the amount of mileage you can put on the vehicle.

If you're still unsure of what option is best for you, visit our Finance Department today here at Nick Nicholas Ford Lincoln in Crystal River, Florida and we'd be glad to help you make your decision. Whether you buy or lease, we can help you! Contact us today for more information.

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