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Once you’ve picked out a new car you like, you may have to decide whether to lease it or buy it outright. Each option provides unique advantages and disadvantages, and what’s right for you will depend on your circumstances and goals. The guide below will help you make your choice. 

3 Key Differences Between Leasing & Owing a New Car

1. Ownership

Buying means you can keep your car for as long as you want and even sell it eventually. With a leased vehicle, you’ll have to return it according to a strict schedule, generally after a few years. You won’t be able to customize it, since you eventually have to give it back to the dealer in its original configuration. 

2. Mileage

new carOne of the perks of owning your car is that you can drive it as much as you want without any worry. With leasing, on the other hand, the terms of your contract will usually come with a mileage cap. Although the annual limits are typically generous — 10,000 to 15,000 miles — you’ll be penalized if you exceed them. For individuals who use their vehicles frequently or travel long distances, buying may be a better option.

3. Payments

When you lease a vehicle, you can expect significantly lower monthly payments as well as a more affordable down payment, since again, you’re essentially renting the car for a few years. For help financing a lease, you usually need a healthy credit score. Even though buying generally costs more, it can actually be easier for consumers with mediocre or bad credit to secure loans for that type of transaction.

 

If you’re interested in leasing or buying a new car, stop by Crescent Ford in High Point, NC. With a tremendous variety of both new and used Ford® vehicles, the professionals at this respected dealer will guide you to a vehicle you love. They’re known for providing attentive and informative service. You can always return to their vehicle service center if you ever need any maintenance or repair help with your new car. To find out about their current inventory, call (336) 869-2181. Learn more about the dealership by visiting their website

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