Buying Versus Leasing

Should I Buy or Lease?

You've found the car or truck you love; now it's time to figure out your finance options. To buy or lease, that is the question.  If you are uncertain about what is right for you, we're here to help!  Start by checking out this quick video to help with the decision.

Next, we've provided some information below to consider.

The biggest difference between buying and leasing is ownership.  Buying a car means that the vehicle is yours to do with and drive for as long as you like.  Leasing on the other hand is like renting in that the vehicle is not yours, is usually returned to the owner after all payments are made, and has to be kept in good condition.

Consider BUYING if you:

  • Like to drive or have a long commute - no worry; buying means unlimited miles
  • Plan to have a large down payment
  • Want to customize - personalizing with aftermarket equipment is allowed
  • Expect to keep the vehicle for more than a few years
  • Want to own the vehicle free and clear - once all payments are made the vehicle is yours

Consider LEASING if you:

  • Can anticipate annual mileage needs over the next few years - miles are limited
  • Keep your vehicle clean and in good working condition
  • Like having the 'latest and greatest' - leasing can mean a new car more frequently
  • Prefer to have a vehicle that is under warranty
  • Value the convenience of returning your vehicle at the end of the agreement

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Financing vs. Leasing: Frequently Asked Questions

Financing means you are borrowing money to eventually own the vehicle. Once your loan is paid off, you hold the title. Leasing is similar to a long-term rental where you pay for the vehicle's use over a set term, usually 24 to 36 months. You can get a head start on the process by filling out our online finance application to see which options fit your budget.
Absolutely. Having a trade-in is one of the best ways to assist with your financing. The value of your current car can act as a significant down payment, which reduces the total amount you need to borrow and can lower your monthly payments. We actively take trades of all makes and models, and you can get a cash offer for your car to get an appraisal before visiting us.
If you have a long commute or frequently travel between towns like Perham and Wahpeton, financing is often the better choice. Most leases have annual mileage limits. Exceeding these limits results in fees at the end of the term. When you finance, there are no restrictions on how much you drive. For more tips on managing your vehicle's value, check out our blog for the latest automotive advice.
Generally, leasing offers lower monthly payments than financing because you are only paying for the vehicle's depreciation during the lease term. This is a popular option for those who want to drive a newer model with the latest technology while keeping costs manageable. If you're ready to see your personalized rates, apply for financing online today.
If you enjoy personalizing your ride with accessories or performance upgrades, financing is the right path. Since you are working toward ownership, you are free to modify the vehicle. Leased vehicles must be returned in their original condition to avoid charges at the end of the lease.
When a finance contract is complete, you own the car outright. At the end of a lease, you simply bring the vehicle back to our dealership. You can then choose to lease a brand-new Ford, buy the vehicle you’ve been driving, or trade it in for something else. Remember, we buy cars even if you are finishing a lease and want to move into a different model.
  1. Nelson Auto Center of Fergus Falls

    2228 College Way
    Fergus Falls, MN 56537

    • Sales: 218-396-4095
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Get in Touch

  • Contact our Sales Department at: 218-396-4095
  • Monday8am-7pm
  • Tuesday8am-7pm
  • Wednesday8am-7pm
  • Thursday8am-7pm
  • Friday8am-6pm
  • Saturday8am-5pm
  • SundayClosed