Ford leasing is a desirable option for many car seekers because of the perks of leasing. Not only do you get a much better, newer car than you would if you bought a used car, but you also get the benefit of having a car that’s always under manufacturer warranty. This translates into big savings because the entire time that you lease the car, you can take it into the shop to have it fixed for free, even if it’s regular maintenance.
If that isn’t a great enough of a deal for you, consider the fact that at the end of the leasing period, you’re not stuck with a car that has depreciated in value so much it would be difficult to sell. There’s no super long commitment like with buying a car and paying for it over a period of 10, 15, or even 20 years. You lease for a comfortable amount of time and then you can make new arrangements.
What Does Leasing a Ford Car in Involve?
Renting and buying a car are fairly well-known processes. Renting is outrageously expensive if it’s for a short amount of time. Even when it is for longer, it’s generally too expensive to do on a regular basis. Leasing is a far better option. Before committing to the Ford lease deal, make sure you understand its terms.
Your Payments Reflect the Car’s Value.
There’s a quick cheat sheet for this. The car’s value will always affect the payments. The more expensive the car, the higher the payments. That isn’t the only thing that affects the payment, though.
Higher Residual Percent Saves You Money.
At the end of the Ford leases, there’s an amount you can purchase the car for. This is the residual value. The higher the residual percentage is, the less money you’ll pay for payments. It’s a hugely important number that you need to pay close attention to.
Understand Your Set Miles.
When you get a Ford lease, the terms will state that you have set miles. This means that there is a set number of miles you can drive your car per month. Anything over that mileage, and you’re going to be paying a fee for each mile over. Pay close attention to your set miles to be sure you don’t go over.
Expect a Disposition Fee.
After you return your car at the end of the lease period, the people who leased it to you have to perform maintenance, cleanup, and other things. They will ask you to pay a disposition fee at the end of the lease period to cover these things. Expect it to be $300 to $500 dollars.
Understand What Money Factor Means.
Your ARP is going to be your Money Factor, too. The lower the money factor, the more money you will save on your payments.
Is it Better to Ford Lease or Buy a Ford Car?
If you can afford to buy a car you love, buying might be a better option. However, if you don’t have money for a down payment and find that you are settling on buying a car you might not want 5 years from now, leasing may be a better option. While leasing, you can save up to buy a car you’re truly happy with. If you’re comfortable knowing you won’t ever own the car and want low up front costs, leasing is a great option. Other factors matter, too.
You Won’t Own the Car
If you lease the Ford car, you won’t own it. At the end of the leasing period, you might decide to buy but many people don’t want to do this. Just remember, at the end of your Ford leases, you won’t own the car.
Leasing Cuts Down Up-Front Costs
Up front costs are great for leasing. You owe the first month’s payments, deposits, and some taxes and fees. You’re looking at very low up front costs, one of the best reasons to lease.
No Need to Worry About Selling Ford Leases
You don’t have to sell your lease at the end of the leasing period. It all goes back to the dealership or person who leased you the car. This makes for a worry-free end.
The end payment on a lease is there to signify that you’ve fulfilled obligations. You can now buy the agreed upon cost at the end of the lease and buy the car or you can end the lease and walk away with no obligations. This is one of the best parts of a lease. When it’s done, it’s done. You don’t have to sell the title or the lease. You simply complete your payments and then make a good decision about car ownership after the lease.