To lease or not to lease? That is the question.
For many of today's drivers, car leases are not only mystifying, but also question raising: Is leasing a car better than buying? How is leasing different from other types of financing? And just what is residual value anyway?
If you've been thinking about leasing a Ford car or truck in Houston, Texas, but aren't sure whether it's a good choice for you, check out some benefits of leasing below, as well as details about the Ford leasing program.
Benefits of Leasing a Car
- Lower monthly payments
- No or little down payment for qualified buyers
- Drive a brand-new car for less money
- Drive a brand-new car every few years
- Pay less in taxes
- Future price of vehicle is set
- Warranty typically included
- GAP Protection comes free with Ford leases
Ford Lease Program Overview
Seven Mileage Options: Turning in a lease is a little worrisome for some drivers. However, it really doesn't have to be. With Ford, you're unlikely to get stuck paying a penalty for going over your set mileage at lease end, since you can actually choose your preferred mileage plan upfront! There are seven options, ranging from 10,500 to 19,500 miles per year, and you can choose to purchase more at lease inception if needed.
GAP Protection Bonus: This is among the top benefits of leasing a Ford car or truck in Houston. In the event that your car is stolen or totaled, GAP Protection will help you pay off the remaining portion of your lease - the part your insurance is likely not going to be able to cover. GAP is not included with all lease programs, but Ford includes it with every lease!
Additional Security Deposits & Advance Payment Program: To help drivers save even more, Ford allows lessees to make multiple deposits at lease inception, which helps reduce monthly payments over the course of the loan. In addition, if you have the ability to, you can prepay for all of your lease installments right off the bat in one simple payment, saving you money overall.
Short-Term & Long-Term Lease Options: A range of terms are available, including the popular 24-36 month leases. Whether you're looking for Ford Escape, F-150, Fusion, Fiesta or Mustang lease offers, our team can assist you in figuring out the right lease term and payments for your budget.
Additional Car Leasing FAQs
Can I get a zero-down car lease with Ford?
For qualified borrowers, yes, you may be eligible to lease a Ford for zero or little down. Joe Myers Ford accepts trade-ins which can be used to contribute toward down payments, as well.
Does a Ford car lease include maintenance?
If you're leasing a Ford and it's still under warranty, then you'll be protected against paying for any manufacturer-related mechanical failures. Most leases are short-term, ranging from 2-3 years, so warranty coverage is often still active throughout the duration of a lease.
What is residual value?
Residual value is the amount a leased car is projected to be worth at the end of the lease and it's one of the primary factors that helps determine lease payments. Here's a simple example: If a $60,000 car is expected to be worth $35,000 in three years, which is the residual value, then a lessee would pay the difference of $25,000 plus applicable taxes and fees.
Is leasing a car better than buying?
This depends on your individual needs, including personal wants and financial status. There is no definitive yes or no, but if the benefits appeal to you, leasing may very well be a good option for your needs.
Some people wonder why leasing a car has become so trendy, but there are numerous benefits that make it an appealing option for many drivers. Feel free to contact us for more information about the process of leasing a Ford and stop by to browse inventory in person.