Lease vs Buy Maxwell Ford

Car, truck, or SUV lease payments are often less expensive than car financing and loan payments as the typical lease format is more-or-less renting with the option to buy out near the end of your lease term. Remember when leasing that you are going to need a healthy credit score, and will be asked to carry comprehensive and collision insurance, though the same can be said for the better rate auto loans. Though it may add to your monthly payments, it is also better to choose a model with the features you want or need, as personal satisfaction is often priceless.

Auto leasing often includes regular vehicle maintenance & repair. It's important to keep this in mind when calculating monthly costs of leasing vs ownership. Regardless of what make and model you select, mechanic bills are an uncertain cost that can rapidly add up. And for those of us who aren't certified mechanics with a full toolset and hydraulic jack in the garage, leasing is likely the best option for peace of mind.

In general, a new car lease saves money in the short term with more affordable monthly payments, while buying earns you a long term investment, meaning absolute ownership of the value of the car or truck at the time it is traded, sold, or paid-off. For best savings on a lease, avoid lease return fees for going over mileage, terminating the vehicle lease early, or putting on excessive wear and tear. For maximum investment on a financed/purchased vehicle, you can pay it off in a shorter term and also avoid excessive wear and mileage.