Leasing vs Buying a New Car

When getting their vehicle at Pruitt Ford in Burkburnett, most people consider leasing vs. financing. While both allow you to acquire a vehicle, there are important differences between the two that can affect your overall cost, ownership experience, and flexibility. In this article, we’ll compare Pruitt Ford leasing and financing options to help you make an informed decision about which option is right for you.

Leasing a New Car From Pruitt Ford

Leasing a new car involves essentially renting it for a period of time, typically 2-5 years. During this time, you make monthly payments to the leasing company, which owns the car. At the end of the lease, you return the car to us, unless you choose to buy the car outright. Here are some of the benefits and drawbacks of leasing a new car:

Pros of leasing:

1. Lower monthly payments: Since you’re only paying for the use of the car, your monthly payments will be lower than if you were financing the car.
2. Lower repair costs: Since you’re only using the car for a set period of time, it’s unlikely that you’ll need to pay for any major repairs.
3. Enjoy a new car every few years: If you like driving the latest models, leasing allows you to trade in your car for a new one every few years.

Cons of leasing:

1. Mileage limits: Most lease agreements come with mileage limits, so if you drive a lot, you may end up paying extra fees for going over your allotted mileage.
2. No equity: Since you don’t own the car, you won’t be building any equity over time.
3. End up paying more in the long run: While your monthly payments may be lower, you may end up paying more in the long run since you’re constantly leasing new cars.

Financing a new car with Pruitt Ford

Financing a new car involves taking out a loan to purchase the vehicle. You make monthly payments until the loan is paid off, and once it is, you own the car outright. We can help coordinate all of this for you here at our car dealership in Burkburnett, Texas.

Pros of financing:

1. Build equity: Since you’re paying off a loan, you’ll be building equity in the car over time.
2. No mileage limits: Since you own the car, you can drive as much as you want without worrying about any extra fees.
3. Lower overall cost: While your monthly payments may be higher than with leasing, you’ll end up paying less in the long run since you’ll own the car once the loan is paid off.

Cons of financing:

1. Higher monthly payments: Since you’re paying off a loan, your monthly payments will be higher than with leasing.
2. Higher repair costs: Once the car is out of warranty, you’ll be responsible for any repair costs.
3. Depreciation: Cars depreciate in value over time, so even if you own the car outright, it may not be worth as much as you paid for it.

Summary – Should You Buy or Should You Lease From Pruitt Ford?

To sum it all up, whether you should lease or finance a new car from Pruitt Ford depends on your personal preferences and financial situation. If you like driving new cars every few years and don’t mind the mileage limits, leasing may be a good option. If you want to build equity in the car and don’t mind higher monthly payments, financing may be a better choice. Consider all of the pros and cons before making a decision. As usual, we’re here to help if you need it.

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