Lease vs Buy

Learn More About Whether Leasing or Buying is Right For You


There are many advantages of leasing and buying a new vehicle. After further research, you may notice one option being better for your travels in Auburn. If you are not sure if leasing or financing a new car is right for you, please contact a member of our on-site finance team. Our team will explore your options, go over your budget, and answer any questions you have.

Explore the Benefits of Leasing & Buying!

 

The Benefits of Leasing

  • Smaller down payment and monthly lease payments
  • No ownership commitment
  • Freedom to transition between cars every few years
  • No trade-in hassle or need to sell at the end of the lease
  • You spend less money to drive a newer vehicle
  • Less repair costs because of the new vehicle warranty
 

The Benefits of Buying

  • You love being a new vehicle owner
  • Ability to accrue more savings the longer you own the car
  • Opportunity to build greater equity in your vehicle
  • No limits on mileage, customization, or wear-and-tear
  • You can sell the vehicle whenever you are ready
  • It can be a trade-in that lowers the cost of your next vehicle

Your Leasing & Buying Questions Answered!

If I lease a new vehicle, am I getting a better deal than purchasing?

This depends on your current situation. If you plan on driving the car for less than six years, two three-year leases might be more cost-effective than buying and selling a car on your own.

What is an APR?

APR means annual percentage rate, which is the annualized rate at which interest accrues on a loan.

Can you explain residual values?

The residual value is the estimated worth of your vehicle at the end of your lease. Residual value helps determine your monthly payments and how much it would be to purchase your car at the end of the term. If you decide to lease, you are only paying for a portion of the car's life.

How is sales tax applied to a lease?

Sales tax is only applied on the part of the vehicle you lease, not the full value of the vehicle. That means you might pay less in sales tax when compared to financing a new car, truck, or SUV.

How should I determine what mileage to include in the lease?

Typically, you will have anywhere between 10,000-12,000 miles per year to drive without any penalties when you lease. If you think you might go over the mileage during the term of your lease, you can always buy additional miles in advance to avoid any penalties.

What is the shortest car lease available?

Our leases are normally for 36 months, but we do offer 24-month leases. Be sure to speak with our Prime Ford - Auburn professionals to discuss which option aligns with your driving goals.

What if I need to end my lease early?

If, for some reason, you do need to end your lease early, there is a termination penalty to do so. To discuss options, please reach out to our Ford dealership and we will go over alternative solutions with you.

What happens at the end of my lease?

If you are under your allotted miles and your car is in good condition, drivers can return the vehicle to us. From there, you can lease a Ford model or finance a new or used car, SUV, or truck of your choice.

Are You Interested in Leasing & Buying?

If you're ready to move forward with either leasing or financing we encourage drivers from Worcester, Westborough, Charlton, Holden, & Spencer, MA. to contact Prime Ford Auburn today! Our dealership is located at 780 Washington Street in Auburn, MA. making it the ideal location for New England shoppers.

  1. Ira Ford - Auburn

    780 Washington Street
    Auburn, MA 01501

    • Sales: 508-475-9517
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Questions For Our Team?

Dealer not responsible for typographical errors. Pictures are for illustration purposes only. All vehicles subject to prior sales. See dealer for details. MSRP may not be price at which vehicle is sold in trade area. All vehicle sales and leases are subject to a $495 dealer documentation fee. Plus tax, title and license. New car MPGs are EPA's estimated city/highway MPGs. Residency restrictions apply. See dealer for copy of limited warranty. Used car MPG claims are based on EPA estimated city and highway ratings when vehicle was new. Consumers actual mileage will vary.