Buy or Lease a New Car in Morrilton, AR

Buy it or Lease it?

For many shoppers in Morrilton, AR, looking for a vehicle is both a challenging and exciting prospect. Of course, you need to choose something that fits your budget and has the right features and capabilities. It’s also important to know whether you should go with something new or used. If you’re leaning toward getting a brand-new model, you’ll have two choices: buy or lease it. At Jay Hodge Ford of Morrilton, we can help you decide whether to buy or lease a vehicle in Morrilton, AR. Our sales associates can help you understand the pros and cons of both options and then get you into the model you want.

Buying vs. Leasing

If you’re an inexperienced shopper, you may ask, “What car buying options near me do I have?” Even some shoppers in Morrilton, AR, might not be familiar with the differences between buying and leasing. It’s helpful to have some ideas about how these methods differ and can be beneficial.

When you buy a car with auto financing, you own the vehicle and get a loan from a financial institution to pay for it. Over time, you pay the financial institution each month until the loan is paid off. Conversely, when you lease, you are essentially renting the vehicle from the dealership, usually for a term of three years.

Here are some more details about buying and leasing and when it might make sense to do one or the other:

• When you buy, you’ll make monthly payments until the car is paid off. However, with a lease, you’ll make payments each month throughout the entire leasing period. If you want to eventually not have a car payment, leasing options might be the way to go.
• If you want lower monthly payments, you should look at leasing. With a lease, you are paying for the period you are renting the vehicle. When you buy a car, you are paying for the entire price of the model. Thus, leasing payments are smaller. Also, you won’t pay sales tax and will have a lower down payment when you lease.
• If you prefer to customize your vehicle and personalize it by adding new features and elements, you should buy one. You won’t be able to make any changes to the car if you lease it.
• A lease comes with mileage restrictions, typically 12,000 a year. If your driving habits are such that you will likely exceed this mileage, you should probably consider buying it. You can still lease and go over the mileage limits, but you will have to pay a fee when you return the vehicle.
• For some people in Morrilton, AR, trying to sell a car can be a stressful task. If this isn’t something you want to deal with, it’s better to lease your vehicle. At the end of your lease, you won’t sell the vehicle. Instead, you simply bring it back to the dealership. At this point, you can then walk away and leave the car there. Or, you can lease another vehicle or purchase the car you just leased.
• When you lease, you’re always getting the latest model. So, for people who prefer to avoid driving the same car with the potential of having excess wear and tear, leasing is the smart direction to go.
• If you are the type of person that gets attached to a certain car and likes hanging on to it until the end of its life, you will want to purchase one. Once you buy a car, it’s yours for as long as you want it.

Buy or Lease at Jay Hodge Ford of Morrilton

The question of comparing whether to finance vs. lease a car in Morrilton, AR, is one a lot of shoppers must consider. Every customer is different and has unique needs and preferences. Both leasing and buying have advantages and times when one or the other might not be right for you. Regardless of which one you choose, the professionals at Jay Hodge Ford of Morrilton in Morrilton, AR, are eager to help you. Start by perusing our inventory online. Then, stop by the dealership and check out our lot. You can take a few models for a test drive and ask us any questions you have about the vehicles or about the buying and leasing processes. Visit soon so we can get you into a new vehicle.