Differences Between Leasing vs. Financing a Car in Springfield, IL

Deciding to upgrade to a new Ford car, truck, or SUV is a big decision. Along with finding your perfect model comes deciding which payment plan is best for you. How much you'll pay each month and for how long not only depend on the vehicle you choose, but whether you choose to buy or lease also plays a factor. There are also several other things to take into consideration before you make your final decision between buying and leasing. Find out the pros and cons of each below, and then be sure to visit our new Ford incentives page to see the auto lease and finance specials available now on your favorite Ford model.

Buying vs. Leasing in Springfield, IL


    Leasing Advantages

  1. You can upgrade to a new vehicle every few years since lease agreements are typically only for a few years.
  2. Lease payments are typically much lower because you are only paying for the value of the vehicle that was used during your lease period.
  3. Leasing often requires smaller or even no down payments.
  4. When you lease a new vehicle, your maintenance costs are drastically lower since the vehicle is typically under the manufacturer's warranty.
 

Leasing Disadvantages

  1. There are mileage restrictions when you lease a vehicle, typically 12,000 miles or less per year. If you exceed the mileage limit, you could incur fees when you return the vehicle.
  2. Because you are only leasing the vehicle and do not own it, you will not be able to make any modifications or add any upgrades to the vehicle.
  3. Since the dealership still owns the vehicle during the length of your lease, keeping it in pristine shape is very important. Any excessive wear and tear to the vehicle's interior or exterior will result in fees. And you will be responsible for any repairs needed to recondition the vehicle.
  4. While leases are short-term, they often follow strict guidelines. Should you decide you no longer want the vehicle, breaking your lease early will most likely come with steep penalties.
 
 

Buying Advantages

  1. Since you own the vehicle, you can customize it to your exact specifications with accessories and modifications.
  2. You don't have to worry about exceeding a certain number of miles every year. You can drive your car as much and as far as you'd like.
  3. You only have to worry about excessive wear or tear if you choose. The car is yours so you can treat it any way you want.
  4. When you finance a car, once you've made your last monthly payment, you own your car outright.
 
 

Buying Disadvantages

  1. Financing a vehicle means you will likely have higher monthly payments, pay more in taxes and dealership fees, and will need to make a down payment.
  2. Once the manufacturer's warranty has ended, you will be responsible for any and all maintenance and repairs your vehicle needs, including major components like the engine or transmission.
  3. Because of the often substantial upfront cost, you may need to compromise on certain features you want in order to stay within your budget. You may also not be able to upgrade your vehicle as frequently as you'd like.
 


Why Buy or Lease at Landmark Ford

Buying or Leasing your next vehicle is ultimately up to you. But at Landmark Ford in Springfield, IL, we have a knowledgeable and passionate auto finance team that is dedicated to making sure you get the best possible payment plan for your budget and lifestyle. Our finance experts will help you every step of the way to guarantee you leave our Ford dealership satisfied and confident you've made the best decision for you.

Apply for Financing

Begin your journey to your next new Ford car, truck, or SUV, and apply for financing from the comfort of your own home using our online finance application, or call (866) 807-5399 to speak with a Landmark Ford auto finance team member directly.

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