Contact Johnson Motors & Ford today to request a custom lease quote based on your driving habits and budget.
Advantages and Disadvances to Lease or Buy:
Advantages of Leasing:
- Lower monthly payments with a low — or no — down payment.
- You can drive a better car for less money.
- Lower repair costs because you are always under the vehicle’s included factory warranty.
- You can more easily transition to a new car every two or three years.
- There are no trade-in hassles at the end of the lease.
- You pay less sales tax.
Disadvantages of Leasing
- You don’t own the car at the end of the lease (although there is always the option to buy).
- Your mileage is typically limited to 10,000, 12,000, or 15,000 miles a year (you can purchase extra).
- Lease contracts can be confusing and filled with unfamiliar terminology.
- In the long run, leasing is more expensive than buying a car and keeping it for years. (if you buy the lease out at the end)
- Excessive wear-and-tear charges can be a nasty surprise at the end of the lease.
- It’s costly to terminate a lease early if your driving needs change.
Advantages of Car Buying
- You can modify your car as you please.
- Car buying is more economical over the long term.
- You can drive as much as you like. There’s no excess mileage penalty.
- You have more flexibility since you can sell the car whenever you want.
Disadvantages of Car Buying
- It requires a higher down payment to avoid being “upside down” in the loan, meaning you owe more than the car is worth.
- Monthly payments are higher than lease payments.
- Once the warranty expires, you’re responsible for repair costs.
- You face possible trade-in or selling hassles when you decide to get your next car.
- More of your ready cash is tied up in a car, which depreciates in value.