Why Lease a Car FAQ

How Is Leasing Different from Buying?

Leasing a vehicle is often compared to a long-term car rental. You’ll make monthly payments during your lease, and you’ll be responsible for regular maintenance, registration, and insurance. Mileage limitations apply, and you can’t subject the vehicle to excessive wear and tear or make major modifications to it. At the end of your lease, you can buy the car, turn it in, or start a new lease on a new vehicle. Leasing is a great option for people who always like to drive a newer model car with all the latest features and don’t mind having a monthly payment.

When you buy a car, there aren’t any limitations to mileage, modifications, or use. When your loan is paid, the vehicle is yours. The team at Rye Ford can help you understand the differences between leasing and buying and go through the numbers with you. Contact us to learn more about our financing options.

Are Monthly Car Payments Lower for Leases?

Lease payments are usually lower than payments on a car loan.  Lease payments are based on residual value, which is the car’s value when the lease expires. Residual value is calculated by subtracting the car’s value at the end of the lease from its original cost. For instance, if the car you’re leasing was originally valued at $40,000 but is expected to be valued at $25,000 at the end of your three-year lease, the residual value would be $15,000. The $15,000 is then divided by 36 months for an approximate monthly lease payment of $417, plus applicable fees and taxes.

How Long Is the Lease?

Car leases are commonly 24, 36, or 48 months, but lease terms can vary. Since most people who lease a vehicle want a new vehicle, longer lease terms may defeat the purpose of a lease. If your lease goes beyond the manufacturer’s warranty, you could be liable for repairs. Talk to us for more information about current lease offers and financing options.

What’s Involved with Maintaining a Leased Vehicle?

When you lease a car, you’re still responsible for maintaining the vehicle. Routine maintenance includes oil changes, tire replacements, and similar upkeep. Check the owner’s manual to find a service schedule and read about the vehicle’s expected regular maintenance. Our Service and Parts Center team can also answer any questions about maintaining the vehicle. We recommend scheduling your regular maintenance with us to ensure you’re getting authentic Ford parts and a trained technician.

How Do I Learn About the Current Lease Offers?

The team at Rye Ford can walk you through any current lease offers on the Ford vehicles you’re most interested in. We can tell you how much is due at signing, the expected payment, and the length of the lease. Offers are good for limited periods, so don’t delay. Contact us today to find the vehicle you’ve always wanted to drive, and we can help you with a lease or loan.

Leasing a Vehicle from New and Used Car Dealer Rye Ford

At Rye Ford in Rye, New York, our friendly team can help you find the right car, SUV, or truck. Come in to see us and take a test drive! We can help with financing, whether you’re interested in leasing or buying. Contact us today at (914)677-1946 with any questions you may have.