Back in the day, the only way to get a new car was to pay cash or take out a loan. Leasing was once an option reserved for only luxury car buyers or corporate clients. Now, from college grads to families, everyone has the option.
With vehicle prices shooting up like a geyser, the option to lease is rising. In fact, one-third of all vehicle sales are leasing agreements.
Leasing allows buyers to have a more expensive vehicle, but sometimes buying could be a better choice, depending on your finances and how much you use it.
When purchasing a car, the loan is based on the entire cost of the vehicle, minus your down payment and trade-in value.
When leasing, the financing is the depreciation that occurs during the lease term plus fees, resulting in a lower amount.
Luther Family Ford can help you decide what is the best option for you.