Buy or Lease Your Next Ford in Michigan
The biggest decision after choosing your perfect [Ford F-150] or [Explorer] is deciding how to pay for it. For over 60 years, Dorian Ford has been the family-owned expert that drivers in Clinton Township, Sterling Heights, Macomb, and across Metro Detroit trust for honest advice and unbeatable value.
This straightforward guide makes your choice simple and clear, ensuring you get the perfect payment plan for your lifestyle.
Buying vs. Leasing: A Quick Comparison
Every driver's needs are different, so the right choice depends entirely on your budget, driving habits, and long-term goals. To help you find the perfect fit, we've broken down the key differences side-by-side in this simple chart. Use it to quickly compare how each option affects everything from your monthly payment to your freedom on the road.
| Feature | Buying a Ford | Leasing a Ford |
|---|---|---|
| Ownership | You own it. The vehicle is a tangible asset that is 100% yours once the loan is fully paid. | You borrow it. You pay to drive the vehicle during its best years, then return it at the end of the term. |
| Monthly Payments | Typically higher, as you are paying for the vehicle's entire value to build equity. | Typically lower, as you are only paying for the vehicle's depreciation during your lease term. |
| Up-Front Costs | A down payment is usually required. Your trade-in can be used to lower this amount. | Often requires little to no down payment. "Sign and Drive" lease specials are common. |
| Mileage | No limits. Drive as much as you want without mileage restrictions or fees. Perfect for long commutes and road trips. | Set limits. Leases come with an annual mileage allowance (e.g., 10,500 miles/year). Ideal for predictable driving habits. |
| Customization | Unlimited. You are free to modify, paint, and accessorize your vehicle however you like. | Limited. The vehicle must be returned in its original factory condition, aside from normal wear and use. |
| Future Value | It's an asset. The vehicle's future resale or trade-in value belongs entirely to you. | No risk. You don't have to worry about depreciation or the hassle of selling the car. Simply return the keys. |
| Best For... | Drivers who want to build equity, plan to keep their vehicle for many years, and prefer driving without mileage restrictions. | Drivers who love having the latest technology and safety features, prefer a lower monthly payment, and enjoy a new car every 2-3 years. |
Lease a New Ford: Lower Payments & The Latest Tech
Leasing is the perfect choice for drivers who love that new-car smell and enjoy driving a brand-new vehicle every few years. If you want access to the very latest safety features, in-car technology, and performance advancements—all while keeping your monthly payments as low as possible—a lease is likely the ideal solution for you.
View Current Lease SpecialsFeaturing the Ford Red Carpet Lease Program
At Dorian Ford, we specialize in Ford Motor Credit's exclusive Red Carpet Lease, which provides benefits and peace of mind you won't find with other programs.
- GAP Protection Included: Every lease automatically includes GAP coverage. If your vehicle is stolen or totaled, it covers the difference between what you owe and what your insurance pays, potentially saving you thousands.
- Flexible Terms & Mileage: You’re in control. Choose a lease term that fits your life (from 24 to 48 months) and select a mileage plan that matches your driving habits.
- Built-in Wear & Use Protection: Your lease allows for normal wear and tear. For added peace of mind against unexpected dings, dents, or stains, ask our team about optional Ford WearCare® plans.
- Easy End-of-Lease Options: When your term is up, the choice is simple and hassle-free. You can: 1) Return the vehicle and walk away, 2) Purchase it for a predetermined price, or 3) Lease a new Ford and take advantage of our loyalty offers.
Finance Your Ford: Build Equity & Drive Without Limits
For those who see their vehicle as a long-term investment, nothing beats the pride of ownership. Buying is the ideal path if you plan to keep your vehicle for many years, want the freedom to drive as many miles as you wish, and look forward to the day you make your final payment and own your Ford outright.
Financing for Every Situation
Worried about your credit? Don't be. Our finance experts have decades of experience and partner with a vast network of national and local lenders to secure approvals for everyone. Whether you have perfect credit, a few bumps in your past, or are looking to rebuild, we are committed to finding a solution that works for you. That’s the foundation of the "Dorian Deal"—treating you with respect and finding the best possible terms for your situation.
Exclusive Savings Programs at Dorian Ford
As a cornerstone of the community, we are proud to honor Ford's national programs that help our customers save even more. We believe in going the extra mile to get you every available discount you've earned.
Military & First Responders Program:
We are honored to support the men and women who serve our country and our communities. Ask our team about the exclusive Ford cash rewards available for active and retired military members, veterans, and first responders.
Ford College Student Program:
Starting your career should be exciting, not stressful. If you're a current college student or a recent graduate, you may be eligible for significant savings on your new Ford. Let us help you get on the road in a vehicle you can depend on.
Ford A/Z Plan Pricing:
We proudly serve the extended Ford family by honoring A/Z Plan pricing for eligible Ford employees, retirees, and their families. This exclusive program offers a simple, pre-negotiated price for a hassle-free buying experience.
Still Have Questions? Our Finance Experts Are Here to Help.
We know that financing can seem complex, but you don't have to figure it out alone. Our dedicated finance team isn't here to pressure you; they're here to be your partners. We'll listen to your needs, clearly explain your options, and work tirelessly to craft a plan that you feel confident about. And with our modern buying process, you can complete everything from your trade-in appraisal to the final paperwork online, right from your couch. We'll even deliver your new vehicle directly to your home or office in the surrounding communities, free of charge.
Frequently Asked Questions About Buying & Leasing
What is the main difference between buying and leasing a car?
When you buy a car, every payment you make builds equity toward full ownership. When you lease, you are essentially renting the vehicle for a set period, and your payments cover the depreciation of the vehicle during that time.
Is it cheaper to lease a car or to buy one?
Leasing typically offers a lower monthly payment because you are only paying for a portion of the vehicle's total value. However, buying can be more cost-effective over the long term, as you will eventually own the car outright and eliminate your monthly payment.
What happens if I go over my mileage limit on a Ford lease?
If you exceed the agreed-upon mileage in your lease contract, you will be charged a per-mile fee for the overage when you turn the vehicle in. We can help you choose a mileage plan that fits your driving habits to avoid these fees.
What is considered "excessive wear and use" on a leased vehicle?
Excessive wear and use typically includes things beyond minor dents or scratches, such as broken glass, damaged tires, torn upholstery, or significant body damage. Your Ford Red Carpet Lease includes protection for normal wear.
Can I end my lease early?
Yes, there are often options to end a lease early, which can include trading it in for a new Ford lease or purchase. Our team at Dorian Ford can review your contract and explain the best options for your situation.
Can I buy my car at the end of the lease term?
Absolutely. Your Red Carpet Lease contract includes a predetermined purchase price, so you have the option to buy your leased vehicle at the end of the term if you've grown to love it.
How much of a down payment do I need to buy a car?
While there's no set rule, a down payment of 10-20% is common. However, many factors influence this, and we work with many lenders to find financing solutions that fit your budget, sometimes with very little or no money down.
What credit score do I need to lease or buy a new Ford?
We work with a wide range of credit scores. While a higher score typically results in better interest rates, our finance experts are skilled at finding loan and lease options for all types of credit situations.
Is car insurance more expensive for a leased car?
Insurance costs are generally similar, but lease agreements often require you to carry higher coverage limits than you might choose if you owned the vehicle. We recommend checking with your insurance agent for an exact quote.
Who is responsible for maintenance and repairs?
Whether you buy or lease, you are responsible for routine maintenance like oil changes. A new leased vehicle is typically covered by Ford's factory warranty for most mechanical repairs during the lease term.
Do I need GAP insurance when I buy a car?
While GAP Protection is automatically included in a Ford lease, it's a highly recommended option when you buy. It covers the "gap" between what your car is worth and what you owe on your loan if the vehicle is totaled.
Can I add accessories to a car I'm leasing?
Generally, leased vehicles should be returned in their original condition. Any accessories that can be easily removed without causing damage are usually acceptable. For permanent modifications, you should consult your lease agreement.
Which option is better for long-term value?
Buying is better for building long-term value, as the vehicle becomes an asset you own. Leasing offers value through lower payments and the ability to drive a new, warrantied car every few years without worrying about its resale value.
Can I trade in my current vehicle if I want to lease a new one?
Yes. You can trade in your current vehicle and apply any equity you have toward the upfront costs of your new lease, which can lower your monthly payment even further.
Can I complete the entire process online at Dorian Ford?
Yes, you can. From valuing your trade-in and applying for financing to finalizing the paperwork, our modern process allows you to do everything from home. We'll even deliver your new Ford to you.
