If you’re currently combing through lots for new cars, you may be torn between buying or leasing. Both of these concepts offer some benefits, so it’s important to really consider the options before making a decision. Both offer the opportunity to get into a new vehicle, but the payment structure and terms are quite different. Here’s an explanation of each of the options to help you make a more informed decision.

Buying vs. Leasing New Cars

Benefits of Buying

When you buy a car, you pay for the entire negotiated price, usually through financing. This may require you to pay a bit more up front and to make higher monthly payments, but it also means that you own the vehicle. Once you pay off the balance, you’re free to continue driving the vehicle for as long as you’d like without making additional payments. You can also customize it however you like, drive without mileage restrictions, and sell or trade in the vehicle at any point.

Benefits of Leasing

When you lease a vehicle, you don’t actually own it. Instead, you’re simply paying for the rights to use it over a specific period of time, usually two to three years. In most cases, you’ll pay less up front and maintain a lower monthly payment. However, you may have restrictions on mileage, and you’ll be responsible for any extra wear or damage to the vehicle when you turn it in. If you continually lease vehicles, you must continue making monthly payments indefinitely, though this may be a good option for those who always want to drive new cars.

Whether you’re interested in buying or leasing, contact Crescent Ford in High Point, NC. The dealership has a huge selection of both used and new cars from Ford. They also provide friendly service, so you can count on the team to answer any additional questions you may have about buying or leasing. Once you’ve combed through the new cars available and chosen one to take home, the dealership has you covered with a variety of auto repair services at reasonable prices. Browse new inventory online or call (336) 869-2181 to speak with a member of the sales staff.