4901 W. 26th St Directions Sioux Falls, SD 57106

  • Sales: (888) 631-7241
  • Service: (888) 644-9141
  • Parts: (866) 791-1375

Auto Financing Options: Lease or Buy?

 

Leasing and Buying: What's the Difference?

One of the most common questions our auto finance department gets pertains to the differences between leasing and buying. We want to help clear up any confusion and present you with some pros and cons for both financing options.

The first thing to note, though, is that leasing a vehicle and purchasing a vehicle offer different end results. Think of it like this:

  • Leasing is akin to renting an apartment.
  • Purchasing is akin to buying a house .

So what are the pros and cons of each?

Purchasing: Pros & Cons

  • PRO: You own the car! Once you are done paying off your car loan, you completely own the vehicle. Furthermore, while you're paying off the loan, you don't have to worry about mileage limitations like you do with leasing.
  • CON: Purchasing a car usually requires taking out an auto loan. This can more costly on a monthly basis due to long terms interest rates.

Leasing: Pros & Cons

  • PRO: Leasing can be more affordable on a monthly basis than an auto loan would be. Since you are not purchasing the vehicle, the lease rate may be better for your wallet than outright purchasing one.
  • CON: Since you do not own the vehicle when you lease it, you have certain mileage parameters you have to adhere by and you need to keep the vehicle in good condition. This may not be ideal for drivers who travel long distances regularly.

Is a Lincoln Lease or Auto Loan Right for You?

It's difficult to say which option is best for you without knowing your specific budgetary parameters and financial situation. That is why we invite you to visit us at Sioux Falls Ford Lincoln in Sioux Falls, SD. Our team serves local drivers near Hartford, SD; Luverne, MN; Mitchell, SD; and Brandon, SD. Let us assist you with all of your automotive needs, including financing, today.

Contact

Sioux Falls Ford Lincoln

4901 W. 26th St
Directions Sioux Falls, SD 57106

  • Sales: (888) 631-7241
  • Service: (888) 644-9141
  • Parts: (866) 791-1375

Hours

  • Monday 8:00AM - 9:00PM
  • Tuesday 8:00AM - 9:00PM
  • Wednesday 8:00AM - 9:00PM
  • Thursday 8:00AM - 9:00PM
  • Friday 8:00AM - 7:00PM
  • Saturday 8:00AM - 6:00PM
  • Sunday Closed
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