Ford Lease Ending: Your Available Options
Leasing a Ford can be a great way to drive a new vehicle at a more affordable price, but when the lease ends, it can leave you with a lot of questions. What are your options? Should you lease again or purchase this time? What happens if you return the leased vehicle? In this article, we'll go through everything you need to know to make the best decision for your situation.
Purchase or Lease a New Ford
If you've enjoyed your Ford lease vehicle and want to continue driving a new Ford, you may consider leasing or purchasing a new one. Let's go through the pros and cons of each option.
Leasing a New Ford
Leasing a new Ford can be an excellent option if you're looking for lower monthly payments or want to enjoy the latest technology and features. Here are some benefits of leasing:
- Lower monthly payments: Since you're only paying for the depreciation of the vehicle during the lease term, rather than the full value of the car, your monthly payments will likely be lower.
- Enjoy the latest technology: With lease terms typically lasting three years, you can enjoy the latest technology and features without committing to a long-term ownership.
- Warranty coverage: Most lease vehicles are covered under a manufacturer warranty during the lease term, which can give you peace of mind knowing that any unexpected repairs will be taken care of.
However, there are also some downsides to leasing a new vehicle:
- Mileage restrictions: Most leases have mileage restrictions, meaning you'll be charged per mile if you exceed the allotted amount.
- No ownership: When you lease, you don't own the vehicle, which means you'll have to return it at the end of the lease term.
- Wear and tear charges: When you return the vehicle, you may be charged for any excessive wear and tear, which can add up quickly.
Purchasing a New or Pre-Owned Ford
Purchasing a new or pre-owned Ford can be a good option if you want to own the vehicle outright and don't want to deal with mileage restrictions or wear and tear charges. Here are some benefits to purchasing:
- Ownership: When you purchase a car, you can do what you please with it and sell it whenever you choose.
- No mileage restrictions: Since you own the vehicle, you can drive it as much as you want without worrying about mileage restrictions or charges.
- More affordable in the long run: While your monthly payments may be higher when purchasing, you'll eventually pay off the vehicle, meaning you'll no longer have a monthly car payment.
However, there are also some downsides to owning:
- Higher monthly payments: Since you're paying for the vehicle's full value, your monthly payments will likely be higher than if you were to lease.
- Depreciation: Cars tend to depreciate in value over time, which means that your car may be worth less than what you owe if you decide to sell it.
Purchase Your Lease Vehicle
You may consider purchasing if you've grown attached to your current Ford lease vehicle and want to keep driving it. Here are some benefits of purchasing your lease vehicle:
- Familiarity: If you've been driving the vehicle for a few years, you're familiar with its quirks and features, which can be comforting.
- No mileage restrictions: Since you own the vehicle, you won't have to worry about mileage restrictions or charges.
- Cost savings: In some cases, purchasing your lease vehicle can be more affordable than starting a new lease or purchasing a new car.
However, there are also some downsides to purchasing your lease vehicle:
- Depreciation: As mentioned earlier, cars tend to depreciate over time, meaning your vehicle may be worth less than what you owe if you decide to sell it down the road.
- Maintenance: While your lease vehicle may have been covered under a manufacturer warranty during the lease term, you'll be responsible for any maintenance or repairs once you purchase it.
Return Your Lease Vehicle to a Ford Dealer
If you don't want to lease or purchase a new Ford vehicle, you can return your lease vehicle to a Ford dealer. Here's how the process typically works:
- Schedule an appointment with your local Ford dealer to return the vehicle.
- Conduct a pre-inspection to identify any wear and tear issues that may result in additional charges.
- Return the vehicle, keys, and any necessary paperwork to the dealer.
- Pay any outstanding fees or charges, including excess mileage or wear and tear issues.
Reserve Yours Today in Vaughan
When your Ford lease comes to an end, you have several available options. If you're interested in leasing or purchasing a new Ford, visit Pine Tree Ford Lincoln in Vaughan to learn more about available options and pricing. With some research and planning, you'll be driving away in your dream Ford vehicle in no time.