What Is the Difference Between Leasing and Buying?

Many of our customers are in the market for a vehicle. However, many of them often ask us about the differences between leasing and buying. We want you to feel comfortable when you make your purchasing decision; that is why we wanted to take a moment to explain the basic difference between these two payment options.

Think of buying a car like buying a house: you often have to take out an auto loan to cover the initial cost of the vehicle. When you get that loan, you can drive the car off the lot. You then pay down the loan until it’s gone. You own the vehicle, too, so maintenance and how often you drive it is, essentially, unrestricted.

With leasing, it’s more akin to renting an apartment. You pay a monthly amount for a predetermined amount of time. You don’t own the vehicle, so there are mileage parameters. However, your monthly payments may be less than they would be if you bought a car outright.

If you have any questions about financing or leasing, or if you are ready to take the next step with a vehicle, we invite you to visit us at Springfield Ford Lincoln in Springfield, PA, serving Philadelphia. Our team would be more than happy to assist you with all of your automotive needs, from purchasing to servicing.

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