Buy or Lease
When it comes to buying or leasing a new car in Clinton Township, many things should be considered! To help you make a better informed and educated decision, we have provided you with important details you should consider before deciding whether to buy or lease a new car. Buying a Vehicle: You can buy a new or used car. When you buy, you are paying for the cost of the entire vehicle to own it and make it solely your responsibility.
Leasing a Vehicle: You can only lease a new vehicle. When you lease, you are only paying for a portion of the vehicle's cost - which is the part you use during the time you drive it. A leased vehicle is typically covered under warranty the entire time you are in possession of it.
Buying Your Vehicle
Who Owns It
Whether you pay for the car with cash, or finance it (making monthly payments), the vehicle is yours. If you are financing it, of course, you will have to meet the obligations the lender requires including a particular down payment amount and timely monthly payments.
Up-Front Costs
If you are financing this new or used car, a down payment will probably be requested of you from a bank or Ford dealership. If you have a spare or older vehicle that you plan to no longer use once this new vehicle comes along, you can consider trading it in and using any equity it may have accrued toward your down payment. The amount of the down payment is typically based on the lender's requirements in combination with your credit score.
Future Value
Your vehicle will be worth whatever you can sell it for in the future and that depends on how well you maintain it. Be smart. Protect your investment by getting regular maintenance performed on your vehicle at our Dorian Quick Lane Tire & Auto Center. No appointment is necessary, but you can schedule a service appointment at your convenience! - Call Dorian Quick Lane for details (586) 840-1060.
End of Payments
Once you have paid off what you owe on your contract and/or your loan, that is it. The vehicle is then 100% yours with no strings attached! The lending institution, including both banks and credit unions, will send you a Lein Release as proof that your vehicle is completely paid off and all yours to do with what you please.
Leasing a Vehicle
Who Owns It
You do not own a leased vehicle. You are simply paying to use the vehicle. The finance institution (such as Ford Motor Credit) that you are leasing the vehicle through is who actually owns the vehicle. This is the reason why you pay less per month in a lease than if you were to actually purchase the vehicle.
Up-Front Costs
Lease vehicles often do not require any type of down payment. Typically you only have to pay the first month's payment, a security deposit, the acquisition fee, and any other taxes and fees. As with a purchase, if you want to lower your monthly payments you can always put money down upfront or even prepay your lease.
Future Value
All-in-all at the end of your lease you do not own the vehicle so do not have to be concerned with future value. The financial institution is in charge of selling the vehicle at the end of the lease - they do offer you a deal on the vehicle prior to public sale just in case you fall in love with your lease vehicle and you you do not want to let it go. Note: You may have mileage limits and wear and tear guidelines that, if exceeded, could cost you extra money when you turn the lease back in. Be wary of these limitations!
End of Payments
Many customers return the vehicle at the end of the leasing term. Some customers choose to purchase this vehicle instead. A third option is Ford Motor Company's Early Bird Lease turn-in Program, frequently offered, getting you out of your old lease and into a new lease a few months before the end of your leasing term. Ask your salesperson at Dorian Ford about these different options and we will make sure to have your lease set up and ending the way you want it! We are always looking at Ford incentives offering Early Bird and Lease Pull-Ahead programs to eligible customers and will be sure to suggest the best option for you.
Best Cars to Lease
The BEST vehicles to lease are those with the highest / greatest / best book value after the term of their lease. When a vehicle that depreciates less, you pay less. It's that simple. Ask one of our experienced Sales Consultants at Dorian Ford to review these ratings to inform you of which cars retain their value the best.
Red Carpet Lease with Ford Motor Credit
What is a Red Carpet Lease with Ford Motor Credit?
Ford Motor Credit offers a complete package of convenience, savings, and benefits. In particular, the Ford Motor Credit Red Carpet Lease Program provides several advantages that are not always available from other lease companies:
- Low up-front costs
- No disposition fee
- No purchase-option fee
- Automatically receive $250 Excessive Wear and Use waiver
- Save thousands of dollars in unexpected costs because Gap Coverage is automatically included at no additional charge
- If your vehicle is stolen or deemed a total loss due to an accident, GAP covers the difference between what you owe on your lease and what your insurance pays
- Low-mileage option
- Option to purchase additional mileage for approximately $0.10 cents per mile
- Choose a lease term ranging from 24 to 48 months
- The potential for lower monthly payments
- Opportunity to drive new Ford vehicles more often
- Option to purchase additional Ford Care Vehicle Service Protection
