Driving a Lincoln: To Buy or To Lease

There is always the question of whether to lease a Lincoln or purchase outright. Apart from submitting the entire balance on the spot, there are two primary ways to pay: financing and leasing. The major difference between the two is ownership. When you finance a car, you pay into equity, whereas a lease is essentially a long-term rental agreement.

Borrowing from the Bank

When you buy a car it usually involves borrowing money from a bank or financial organization to help pay for it. The advantages of this are building your credit score and owning the car, which both are great factors in the purchasing process. The disadvantages would be that monthly payments are typically higher, and you're responsible for the maintenance after the warranty period.

Leasing Short Term

When you lease a Lincoln short term you are paying monthly to borrow the car. The advantage of this is that monthly payments are typically lower, and you're not tied to a long commitment. Depreciation is not a concern with a leased vehicle, and the new vehicle warranty typically covers repairs and maintenance for the length of the term. The disadvantage is that for all of your monthly payments you will still have to give the car back to the dealer at the end of the lease. Leases also have mileage limits. An average of 10,000 to 12,000 miles per year is common.

Buy or Lease from Beach Lincoln

To buy or lease a Lincoln, the choice is up to you! But if you need help, we will be here in Myrtle Beach to help you weigh out the advantages and disadvantages of leasing or owning. So, give us a call or visit us in person. We'll be happy to assist you.

Categories: Finance