Should You Buy or Lease in Oklahoma City, OK?
Should You Buy or Lease in Oklahoma City, OK?
The question has never been whether a new Ford should be in your driveway — it’s whether you’ll return it to the dealership at lease end or if it’s yours to keep! Here at Joe Cooper Ford of Edmond , our guests from all over Oklahoma City, Edmond, Moore and Midwest City have purchased and leased their new Ford models for years, but there’s always a tension of which financial avenue to take. What’s the difference? Which option allows you the most flexibility? And what about the most freedom? Our financial experts have answered those questions before, and we’d like to help our future customers decide which is best for their budget and lifestyle by providing three pros of each method. Keep scrolling to learn more!
Why Lease a Vehicle?
Moderate Monthly Payment
First, understand that leasing is very similar to renting an apartment or house. You agree at signing to make monthly payments on your Ford until the end of your agreed lease period, then return your model to our dealership and pay any subsequent fees. Many are choosing to lease their new model because the price of cars has been rising for years, and all of the advanced technology updates and safety features are only available on the latest vehicles. When you lease, you’ll notice that your monthly payment can be less than if you were to finance your Ford, which gives you the advantage of driving a better-equipped, brand-new model for a limited time without paying full price.
Lifestyle Flexibility
Now more than ever, lifestyle flexibility is a must-have for many of our customers. Leasing can offer just that, thanks to shorter terms that range between 2-3 years or 24-36 months. You’ll be given between 10,000-12,000 miles per year (all depending on your terms), and many who work from home or live in big cities often find that their vehicle’s annual mileage limit isn’t reached. Still nervous about going over? You have the option to purchase more miles at signing if you’d rather play it safe. But say goodbye to the stress and hassle of selling or trading your Ford when you’re ready to part ways. At the end of your lease, all you have to do is return your Ford to our dealership. You even have the option to purchase the model if you’ve fallen in love!
Warranty Protection
Leasing your new Ford allows you to enjoy the benefit of warranty coverage for the duration of your lease. How? Lease periods range between 2-3 years, and new Ford models are covered under their New Vehicle Limited Warranty for three years or 36,000 miles (whichever comes first) and their Powertrain Warranty for five years or 60,000 miles (whichever comes first). So not only will you be driving a new Ford during the most uninterrupted years of its life, but it’s warranty will cover costs associated with manufacturer defects or other qualifying repairs. Some leases even offer complimentary oil changes or other scheduled maintenance!
Why Purchase a Vehicle?
No Additional Fees
Leasing affords drivers many advantages, but one thing that buying has over leasing is that there's no additional fees. Lessees are held liable for exceeding mileage limits, excessive wear and tear and leaving the lease agreement earlier than planned. Plus, if you’ve added any custom features, those will have to be removed and any residual damage paid for. There are fees if you are in a car accident or if you decide to place roof rails on your Ford — just a few of the examples of the types of things you’ll have to pay for. When buying, just ensure that you keep your vehicle’s warranty valid, but otherwise, enjoy your Ford with those pesky fees.
Financial Flexibility
While some customers aren’t thrilled about paying a down payment, there are several options available to lower your financial costs (both upfront and long term) if you buy your Ford. Wait to save a large down payment for a lower loan amount, which will always lower your monthly payment. Pay in cash to avoid financing entirely, or apply for credit from us at Joe Cooper Ford of Edmond to take advantage of our new car specials. And remember, every dollar that you place on your Ford is building equity. Buying allows our customers to build credit AND yield a better investment long term.
True Freedom
Go ahead — roll down the windows and let the wind fill your cabin. That’s the feeling of true freedom in your American-made classic, a feeling that can only come from buying your Ford. Customize your model — we’re talking about new tires, audio systems, lift kits, heated seats, a new paint job, etc. — without the thought of fees or permission. Stop counting miles and just take off on that cross-country road trip, or visit family just a few states over. When you buy, you’ll experience the kind of true freedom that your Ford was supposed to offer. Buy your next Ford from us outright for autonomy from lenders and the right to go when and where you please.
If you’re ready to be the proud owner or lessee of one of our new models or are interested in learning more about your lease-end options, feel free to contact us online or visit Joe Cooper Ford of Edmond at 600 W. Memorial Rd. Oklahoma City, OK 73114. Remember, a member of our team is just a phone call away if you’d like to talk through your options instead! We look forward to serving customers from Oklahoma City, OK, near Edmond, Moore and Midwest City.
Visit Consumer Reports’ page for more information on whether you should buy or lease.