Buying Versus Leasing
Buying Versus Leasing at Oliver Ford Lincoln in Plymouth, IN
When it comes to deciding between buying or leasing a car, the options can be confusing. At Oliver Ford Lincoln in Plymouth, IN, we're here to simplify the decision-making process for you. Our goal is to provide you with the information you need to make an informed choice that suits your needs and preferences. When you buy the new or used car you pay for the entire cost of the vehicle. When you lease a new car, you pay for only a portion of the vehicle's cost, which is the part you use during the time you are driving it.
Buying
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Who Owns It: Whether you pay for the car with cash, or finance it and make monthly payments, either way it's yours. Of course, if you're financing it, you'll have to meet the obligations the lender requires, like a certain down payment amount and timely monthly payments. If you don't, they have the right to repossess it.
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Up-front Costs: If you're financing it, the bank will probably request a down payment. You can also trade-in another vehicle and use any equity towards your down payment. The amount of the down payment is usually based on the lender's requirements and your credit score.
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Future Value: Your vehicle will be worth whatever you can sell it for in the future and that depends on how well you maintain it. (Be smart and protect your investment with regularly scheduled maintenance by a factory-authorized facility!)
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End of Payments: Once you've paid off what you owe on your contract, that's it. Your vehicle is 100% yours. The lending institution will send you a Lien Release as proof that the vehicle is completely paid off and all yours.
Leasing
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Who Owns It : You do not own the car when you lease. You're paying for the use of the vehicle, but the finance institution that you leased it through actually owns it. This is usually why you pay less per month in a lease than if you were to buy the car.
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Up-front Costs: Leases often do not require any type of a down payment. All you usually have to pay is the first month's payment, a security deposit, the acquisition fee and other fees and taxes. But, as with a purchase, if you want to lower your monthly payments you can always pay more upfront.
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Future Value: In most leases you don't end up owning it so you don't end up selling it. That's the financial institution's job. Although you may have mileage limits and wear and tear guidelines that, if you exceed them, could cost you extra money when you turn your vehicle back in.
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End of Payments: Most people return the vehicle at the end of the lease term. But some like to purchase it during their lease or at the end. Others like to trade it in before their lease is over. Just ask us about these different options before signing any paperwork and we'll make sure you have your lease set up the way you want it.
Sales | ||
Day | Open | Closed |
Monday | 8:00AM | 7:00PM |
Tuesday | 8:00AM | 6:00PM |
Wednesday | 8:00AM | 6:00PM |
Thursday | 8:00AM | 7:00PM |
Friday | 8:00AM | 6:00PM |
Saturday | 8:00AM | 1:00PM |
Sunday | Closed | Closed |
Service | ||
Day | Open | Closed |
Monday | 7:00AM | 4:00PM |
Tuesday | 7:00AM | 4:00PM |
Wednesday | 7:00AM | 4:00PM |
Thursday | 7:00AM | 4:00PM |
Friday | 7:00AM | 4:00PM |
Saturday | 8:00AM | 12:00PM |
Sunday | Closed | Closed |
Parts | ||
Day | Open | Closed |
Monday | 7:00AM | 4:00PM |
Tuesday | 7:00AM | 4:00PM |
Wednesday | 7:00AM | 4:00AM |
Thursday | 7:00AM | 4:00PM |
Friday | 7:00AM | 4:00PM |
Saturday | 8:00AM | 12:00PM |
Sunday | Closed | Closed |
Although every reasonable effort has been made to ensure the accuracy of the information contained on this site, absolute accuracy cannot be guaranteed. This site, and all information and materials appearing on it, are presented to the user "as is" without warranty of any kind, either express or implied. All vehicles are subject to prior sale. Price does not include applicable tax, title, and license charges. ‡Vehicles shown at different locations are not currently in our inventory (Not in Stock) but can be made available to you at our location within a reasonable date from the time of your request, not to exceed one week.