Should You Lease Your Next Vehicle in Florence? 

Wondering if you should lease your next vehicle? Leasing can offer a variety of perks, but it may not be the best choice for every driver. The team at Mike Reichenbach Ford is here to help you discover if leasing a vehicle is the right route for you to take.

So what’s the difference between leasing and buying? 

When you lease, you’re paying to drive a vehicle for a limited amount of time without owning the vehicle. Leasing makes it easy to switch to a new vehicle with updated features on a regular basis but does come with some restrictions. When you buy with an auto loan, you get to own the vehicle fully when the car loan is paid off. Buying gives drivers more freedom than leasing, allowing them to drive without mileage limits, customize their vehicle if they want to, and sell or trade in whenever they want. However, drivers can expect monthly lease payments to be less than monthly loan payments.

If you’re new to leasing, we’ve provided more information below that you may find helpful while trying to make a decision. Learn more about leasing today!

What to Consider Before Leasing a Car  

To help determine if leasing will suit your lifestyle, ask yourself the following questions:

• How much do I drive in a year? 
  If you choose to lease your next vehicle, it’s probable that your mileage will be limited and you’ll be fined if you exceed the number of miles allowed. That means you’ll need to figure out how much you expect to drive over the course of your lease to see if leasing makes sense for you. If you drive a lot, leasing may not be right for you. However, Ford offers a variety of mileage options for you to choose from, so talk to our team about your options today!

• How long do I want to drive the vehicle?
  Upgrading to a new vehicle on a regular basis can be exciting. After all, you get to try out the newest features and technology. Plus, you get to enjoy the peace of mind that comes with driving a new car, knowing it likely won’t have any major issues for the period of time that you’ll be driving it. If all of that sounds appealing to you, you will probably enjoy leasing since it provides a seamless way to switch to a new vehicle every few years. However, if you plan to drive your Ford for many years, buying it will be a better option for you. But no matter what you decide, the team at Mike Reichenbach Ford makes the leasing and buying process simple!

• Do I want to customize my vehicle?
  If you want to treat your vehicle to a custom paint color or window tint, know that leasing typically does not permit this. Not only that, when leasing a Ford, you’ll be responsible for any excess wear and use. If you want more freedom, buying will be the better option for you. 

• What is my credit score?
  If you don’t know what your credit score is, you’ll want to find out before you lease a vehicle. Drivers with higher credit scores can expect more affordable interest rates than drivers with lower credit scores. If your credit isn’t great, now is a good time to begin improving it. According to Experian, some of the ways you can do this include making payments on time, reducing credit card balances, avoiding applying for new credit, and correcting errors on your credit report.

• What is my budget?
  Consider how much you can afford or want to spend on your next vehicle and compare the cost of leasing to buying. At first, leasing may cost you less than buying since your monthly lease payments will likely be lower than monthly loan payments. Plus, the down payment for the lease will likely be lower. Eventually, though, leasing can end up being the more expensive option, and it doesn’t come with ownership privileges. 

Whether you plan to lease or buy, we want to help you save on your new Ford, so ask us about current finance or lease deals. Compare your options today to find the best fit for your budget!

What You Should Know About Lease Agreements 

When leasing, here are some additional tips to keep in mind.

Consider Residual Value:

Residual value refers to the predicted value of a vehicle when its lease ends. As you look at different models, consider their residual values — if you want lower payments, you’ll want a vehicle with a higher residual value.

Negotiate the Lease Terms: 

Did you know you can negotiate lease terms? Doing so can make leasing your next Ford even more affordable. You may have the opportunity to negotiate the capitalized cost (the vehicle’s price), the money factor (or interest rate), your current vehicle’s trade-in value (if applicable), and more.

Make Sure You Understand the Lease Agreement: 

Don’t forget this final step! Make sure you review the details of your lease agreement and check that all the information is correct before you sign. It’s important to understand everything you are agreeing to, such as the vehicle’s mileage limit. Should you have questions, don’t hesitate to ask.

Choosing a Lease-End Option

If you’ve decided to lease a new Ford, you may be curious about what happens at the end of the lease. With Ford, you’ll have three convenient options, and you can expect a seamless process here at Mike Reichenbach Ford, no matter which option you choose!

• Turn in your leased model
  If you decide you’d like to explore options elsewhere after your lease is over, you’ll turn in the Ford to our dealership and pay a disposition fee. You’ll also be responsible for excess mileage as well as excess wear and use.

• Turn in your leased model and begin a new lease
  If you’ve found that leasing fits your needs and you’re ready to switch to one of the latest Ford models at the end of the lease, you can turn in the leased model and begin a new lease. Just keep in mind that you’ll be responsible for excess mileage and excess wear and use.

• Buy the Ford you leased and become the official owner
  If the Ford model you’re leasing turns out to be the perfect fit for you, you’ll have the option to buy it! You’ll then get to enjoy all the benefits of being an owner and won’t have to pay for excess mileage and excess wear and use.

If you have any questions about the lease process or your lease-end options, please let us know!  

Buy or Lease a New Car From Mike Reichenbach Ford Near Sumter & Conway, SC

Still not sure whether you should buy or lease a Ford? Check out our buy vs. lease questionnaire to see if that helps you make a decision. You can always reach out to a member of our team as well — we’re happy to help! Once you decide, stop by our Ford dealership in Florence, SC, for a test drive to make sure the Ford model you’re considering is the right fit. Don’t forget to check out our current finance and lease deals, which may be available for select models like the:

• Ford Explorer
• Ford Bronco 
• Ford F-150
• Ford Mustang
• Ford Ranger

Whenever you’re ready to drive home your new Ford, come meet with our auto finance experts to go over your options and discuss available lease specials. We hope to work with you soon!

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