Lease vs. Buying at Beach Automotive

August 3rd, 2020 by

If you are trying to find the best solution to your financial situation, our dealership staff can help. Choosing between a lease or buying a vehicle is a difficult one to tackle on your own. Our finance specialists at our Ford dealership in Myrtle Beach, SC, we do not want you to do it alone. You can rest easy when you know there are experts willing and ready to help you make the right decision. The staff at Beach Ford is prepared to do just that for you and your family. We have a state-of-the-art Finance Center that makes it simple for you to understand the benefits of leasing and buying.

Leasing

The first thing that we need to cover is who owns the car. When you lease a car in Myrtle Beach, you do not own it. The monthly payment you make is paying for the use of the vehicle. The people who it is the finance institution that leased you the vehicle own the car. Because you are only paying to use the vehicle for a certain amount of time is why most people pay less per month in a lease. That point leads us to the talk of the future value of the car you want to lease. In most leases, you will not end up owning it, which means that you do not end up selling it. That is great news! You do not have to go through the stress of selling to another person privately. The financial institution will simply find someone else to lease or buy it.

The up-front costs you must think of are next to none. Leases do not typically require any kind of down payment. You may have to pay the first month’s payment and a security deposit on top of the acquisition fee and taxes. That is not very much if you are thinking of lease vs. buying. If you do want to lower your monthly payment amount, you can always pay with more upfront.

Buying

With buying, it does not matter if you pay for the vehicle with cash or finance it. You own the car from our Ford dealership. The only thing to note is that if you choose to finance and make monthly payments, there are typically agreements that the lender will require from you. Sometimes it relates to a certain down payment amount or timely monthly payments, which goes into the topic of up-front costs for lease vs. buying. If you are paying for it all upfront, you get to take it home and get the title to make it fully yours. If you are financing it, the bank asks for a down payment. Down payments differ. Sometimes we have offers and deals to help people save money; other times, it is fully based on your credit score. You can always take the option to trade-in another vehicle you do not drive anymore. You can use that equity towards a down payment at Beach Ford.

Come see us!

As far as the future value of a car you own, your vehicle will be worth whatever you sell it for. That is all dependent on how well you maintain the vehicle. People are more willing to pay more for a car that is closer to a new condition.