Is Leasing a Ford Right for You? Pros and Cons

Ford Leasing Options Pros

Affordable Monthly Payments

If you want to drive home in a new vehicle without breaking the bank, Ford’s Red Carpet Lease program is your best option. The program’s main advantage is affordability, as leasing a Ford comes with lower monthly payments than a car loan. If required, the lease down payment is also much cheaper compared to a car loan down payment, meaning you might be able to lease a model you wouldn’t afford to purchase.

Flexible Terms

For most of its lease options, Ford offers terms between 24 and 48 months, allowing you to choose the lease length that best suits your needs. A shorter term is ideal if you want to change the vehicle often. A long lease comes with lower monthly costs, so it could be a great choice if you’re on a budget. A 36-month lease is ideal for folks seeking the best of both worlds, allowing you to swap vehicles often while benefiting from more affordable costs.

Customizable Mileage Options

Another advantage of Ford’s leasing program is the possibility to customize your mileage options. Commuters, for instance, might need fewer miles than active families who like to take long road trips. Fewer miles typically mean a more affordable lease, as the vehicle won’t suffer much wear and tear. If you need lots of miles, including them in your agreement can help avoid hefty excess mileage charges.

Flexible End of Lease Options

The best part of leasing a Ford is that you can end the lease contract at the end of the term only to sign a new contract, meaning you’ll drive a new vehicle every two to four years. If you like the leased vehicle and don’t feel like parting ways, you can choose to purchase it. Alternatively, you can simply return it to the dealership and walk away if you don’t want to purchase or sign a new lease.

Leasing Disadvantages 

End of Lease Charges

The main disadvantage of leasing a vehicle is that you don’t own it, so the end of the lease could come with expensive charges if you’ve exceeded the agreed-upon mileage or your vehicle has more signs of wear and tear than what is considered normal. However, if you decide to purchase the vehicle at the end of the lease, these charges are typically waived.

Few Customization Options

Another disadvantage of leasing your Ford is that you have to settle for the standard equipment provided for the model and trim level you’re leasing. Customizing the vehicle is usually not an option.

To discover more about Ford’s finance and lease options, contact us at Coughlin Ford of Heath in Newark, OH to schedule an appointment. 

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