What Does a Lease Really Mean???

When it comes to getting a new car, there are two main options: buying or leasing. If you’ve been curious about leasing but aren’t quite sure what it means, you’re in the right place.

At Soerens Ford, we’re here to make everything crystal clear so you can feel confident about your decision.

In this article, we’ll break down what leasing is, how it works, and why it might (or might not) be the right choice for you. 

By the end, you’ll have all the information you need to decide if leasing a vehicle fits your lifestyle and budget. 

What is Leasing?

Leasing is essentially a long-term rental. When you lease a car, you’re paying to drive it for a set period, usually 2-3 years. 

During this time, you’re only paying for the car’s depreciation—the decrease in value over the lease term—and not the full cost of the car.

Think of it like renting an apartment. You don’t own the space, but you get to enjoy it for as long as your lease agreement lasts. 

Similarly, with a car lease, you don’t own the vehicle, but you can use it as your own while the lease is active.

How Does Leasing Work?

Here’s a step-by-step look at how leasing works:

1. Choose Your Vehicle
   Pick a car that fits your needs and budget. At Soerens Ford, we have a wide selection of vehicles, from fuel-efficient sedans to family-friendly SUVs and rugged trucks.
2. Set the Lease Terms
   When you lease, you agree to specific terms:
   • Length of the Lease: Typically 24 to 36 months.
   • Mileage Limit: Most leases allow 10,000 to 15,000 miles per year. Driving more than this may result in extra fees.
   • Monthly Payments: These depend on the vehicle’s price, your credit score, and any upfront costs you pay.
3. Pay the Initial Costs
   At the start of your lease, you’ll usually pay:
   • A down payment (if required).
   • The first month’s payment.
   • Any applicable fees, like taxes or registration.
4. Drive the Car
   Enjoy your new Ford while sticking to the mileage limits and maintaining the vehicle according to the lease agreement.
5. Return or Renew
   At the end of the lease, you have options:
   • Return the car and walk away.
   • Renew the lease with a new vehicle.
   • Buy the leased car (if your agreement includes a purchase option).

Why Lease Instead of Buy?

Leasing isn’t the right choice for everyone, but it does have some perks that might appeal to you:

• Lower Monthly Payments: Since you’re only paying for the depreciation, lease payments are often lower than loan payments.
• New Car Every Few Years: Leasing allows you to drive the latest models with up-to-date features and technology.
• Less Maintenance Hassle: Leased vehicles are usually under warranty, so major repairs are covered.
• No Long-Term Commitment: Once the lease is up, you can switch to a new car without worrying about selling your old one.

What Are the Downsides of Leasing?

While leasing has its advantages, it’s not the perfect fit for everyone. Here are some potential drawbacks to consider:

• No Ownership: When the lease ends, you don’t own the car. You’ll need to start a new lease or buy a vehicle.
• Mileage Limits: If you exceed the mileage limit, you’ll face extra charges.
• Wear and Tear Fees: Any excessive damage beyond normal wear and tear could cost you at the end of the lease.
• Continuous Payments: Unlike buying, where you eventually pay off the car loan, leasing means you’ll always have a monthly payment if you continue leasing.

Who Should Consider Leasing?

Leasing can be a great option if:

• You enjoy driving the latest models with the newest features.
• You don’t drive more than the mileage limits.
• You prefer lower monthly payments.
• You’re okay with not owning the car at the end of the lease.

However, if you drive a lot, want to customize your vehicle, or plan to keep your car for many years, buying might be a better choice.

Leasing a Ford with Soerens Ford

At Soerens Ford, we make leasing straightforward and stress-free. Here’s what you can expect when you lease with us:

• Wide Selection: Choose from a range of Ford models, like the Ford Escape, Explorer, F-150, and more.
• Transparent Terms: We’ll explain every detail of your lease agreement so there are no surprises.
• Flexible Options: Whether you want a short-term lease or a purchase option at the end, we’ll tailor the lease to your needs.
• Exceptional Customer Service: Our team is here to answer your questions and guide you every step of the way.

Common Questions About Leasing

1. What happens if I go over the mileage limit?

You’ll be charged a fee per mile over the limit, which can add up. If you think you’ll exceed the limit, ask about higher-mileage leases upfront.

2. Can I end my lease early?

Yes, but breaking a lease early can result in penalties. It’s best to discuss this with us before making any decisions.

3. Can I buy the car at the end of the lease?

Many leases include a purchase option, letting you buy the car for its residual value (the estimated worth at the end of the lease).

4. Do I need good credit to lease a car?

Yes, leasing typically requires a good credit score to qualify for the best terms.

5. Can I customize a leased car?

Since the car isn’t yours, customizations are usually not allowed. However, temporary changes like removable seat covers are fine.

Is Leasing Right for You?

Deciding whether to lease or buy comes down to your personal preferences, driving habits, and financial situation.

Leasing offers flexibility, lower payments, and the chance to drive a new car every few years. However, it’s important to weigh the downsides, like mileage limits and lack of ownership.

At Soerens Ford, our goal is to help you make the best choice for your needs. Whether you decide to lease or buy, we’re here to support you with honesty and transparency.

Ready to Explore Your Options?

If leasing sounds like the right fit for you, visit us at Soerens Ford or check out our website to view our latest lease offers. 

Still unsure? Stop by or give us a call—our friendly team is always here to help you navigate your car-buying journey.

Drive away with confidence, knowing you made the right choice with Soerens Ford. We’re excited to help you hit the road in a car you’ll love!