Buying vs. Leasing a Vehicle – Compare Your Auto Options

When you’re looking for a new vehicle, one of the decisions you’ll have to make is whether buying a new or used car, or leasing a new vehicle is the best option for you. At Velde Ford in Pekin, IL we’re here to help make your decision easier by providing all the information you need to compare your options. Evaluate your auto ownership options when it comes to buying vs. leasing a vehicle by learning the facts, pros, and cons of each. We know that investing in a vehicle is a big decision, which is why we want to provide you with any information you need to feel confident in your choice to buy or lease a vehicle from Velde Ford.

The vehicle experts at Velde Ford are here to help you evaluate whether to buy or lease your next vehicle. Below you’ll find the ultimate comparison guide to buying vs. leasing with facts, pros, and cons of each option. Before you take a look at the table though, here are a few factors you’ll want to consider throughout your vehicle search:

  • Maintenance costs
  • Monthly budget
  • Type of vehicle you want: car, truck, crossover, or SUV
  • Driving habits
  • Daily commute

All of these points and more will help you determine whether buying or leasing will work best for you. Compare the facts, pros, and cons of buying and leasing below to become acquainted with each option in order to decide what fits your situation best. Everyone lives a different lifestyle, which also means that each individual will have different wants and needs when it comes to their vehicle, so it’s important to figure out which option works best for you before finalizing your decision. If you have any questions on buying vs. leasing, don’t hesitate to get in touch with our friendly team at (888) 221- 2804. Our team of auto professionals at Velde Ford is happy to help with anything you need in the Pekin, IL area and beyond.

Buying vs. Leasing a Vehicle

Which is the Best Option for You? Buying or Leasing

Buying vs. Leasing a Vehicle
  • Drive the same vehicle over a span of 60+ months
  • Monthly payments can vary depending on down payment and APR
  • No mileage restriction
  • Pay for the entire cost of the vehicle
  • Buying builds buyer’s equity
  • Maintenance must be covered by owner or warranty
  • You can sell or trade the vehicle as you see fit
How To Buy a Vehicle
  • Drive up to 2.5 vehicles over the span of 60 months
  • Lease periods range from 24-72 months
  • Limited mileage allowance
  • Monthly payments vary
  • Minimal maintenance is needed
  • Leasing price is based on percentage of vehicle cost & length of lease
How To Lease a Vehicle
Buying vs. Leasing a Vehicle
  • You own the vehicle once the loan is paid off
  • No mileage restrictions
  • Choice to customize and modify vehicle as you please
  • No monthly car payments once the vehicle is paid off
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  • Possibility for lower monthly payments
  • Drive a new vehicle about every 2 years
  • Lower up-front costs
  • Maintenance costs could possibly be included in lease
  • You’ll always have the newest, and most up-to-date vehicle
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Buying vs. Leasing a Vehicle
  • Monthly payments can be higher
  • Down payments can be more expensive
  • Maintenance costs are the owners responsibility
  • Could be a hassle to sell the vehicle later on
  • Value of the vehicle depreciates quickly
Ask A Buying Question
  • You don’t own the vehicle after the lease period
  • You're restricted on the amount of miles you can drive before fees occur
  • You’re responsible for any wear and damage to the car
  • Terminating your lease early can be costly
Ask A Leasing Question

Learn More About Buying vs. Leasing a Car From the Velde Ford in Pekin, IL

The vehicle experts at Velde Ford are ready to assist you with any part of the vehicle buying or leasing process. We that buying or leasing a new car is a big investment, so we’ll do whatever it takes to make sure you’re confident with your decision. If you have any questions, feel free to give us a call at (888) 221-2804.

For more information on the auto buying and leasing processes, explore the menu on the left of this page. We have created a complete guide to buying and leasing so you know exactly what to expect at our dealership. At Velde Ford, we want to make sure you have all the information you need to feel comfortable and confident in the decision to buy or lease a vehicle from us. If you’re ready to start shopping, take a look at our inventory online. We have plenty of new and used Fords, as well as additional used cars, trucks, and SUVs. If you’re looking for something specific and don’t see it on our site, take advantage of our Find Me This Vehicle page. We’ll do our very best to find you the vehicle you want. Velde Ford is located at 2200 North 8th Street, Pekin, IL 61554 and we are very happy to extend our services to our neighboring communities of Peoria, Tremont, Morton, and Bartonville.