So you’re trying to decide whether to lease your next vehicle or buy it outright with the help of a financing offer. The right approach depends on your financial situation and how long you plan to drive the vehicle. But for many consumers, arranging car financing at your local Ford dealer is the perfect strategy.
1. You’ll Own the Vehicle
When you finance a vehicle, you agree to pay for it over time through monthly payments. As you make those payments, you’ll build equity in the vehicle, and at the end of your repayment period, you’ll own it outright. Because a financed vehicle eventually becomes an asset you own, experts often say that buying a vehicle is the better long-term financial decision.
When you lease a vehicle, you’re essentially renting it for a set period of time. You’ll give it back at the end of your lease.
2. You’ll Have Total Control
When you finance a car, you’ll have total control over it, even before you finish paying it off. This means you can upgrade the vehicle or change its appearance. It also means that once you pay the vehicle off, you’ll get to decide what’s next.
Continuing to drive the vehicle and saving the money you’d been putting toward car payments can be a smart financial move. But you could also opt to trade it in for a new set of wheels. The fact that you’d be trading in a vehicle you own will give you a credit toward your next purchase. You might also decide to sell the vehicle, or give it to a friend or family member. The decision is yours to make.
3. You’ll Save Money Long-Term
Consumers often find that it’s cheaper long-term to buy a vehicle, make the monthly payments until it’s paid off, and then drive it for as long as possible. Even though you’ll be spending money along the way to maintain the vehicle, owning a vehicle can be a less expensive approach than continually leasing. And it’s certainly less costly than depending on taxis and rideshares.
4. You May Qualify for a Tax Deduction
If you’ll be driving the vehicle for business reasons as well as personal, you’ll be able to deduct the costs and depreciation related to your business-related driving from your federal taxes. You’ll need to keep careful records and work with your accountant, but this tax deduction can save you money in the long run.
From the benefits of full ownership to long-term savings and potential tax deductions, there are many reasons why buying a vehicle at your local dealership and financing it is a smart financial move. When you’re ready to finance your next vehicle, head straight to Nielsen Ford of Morristown.
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