Choosing between buying or leasing a vehicle can be confusing, so we've put together some information to help you make an informed decision at Diehl Ford of Massillon. When you buy a vehicle, whether new or used, you pay the full purchase price. In contrast, leasing a vehicle means you only pay for the portion of the vehicle’s cost that corresponds to the time you use it. Below you’ll find more information on the pros and cons of buying vs leasing. If you have any further questions call our team at 330-481-5118.
Whether you pay for the vehicle with cash, or finance it and make monthly payments, either way, it’s yours. Of course, if you’re financing it, you’ll have to meet the obligations the lender requires, like a certain down payment amount and timely monthly payments. If you don’t, they have the right to repossess it.
You do not own the vehicle when you lease. You’re paying for the use of the vehicle, but the finance institution that you leased it through actually owns it. This is usually why you pay less per month in a lease than if you were to buy the car.
If you’re financing it, the bank will probably request a down payment. You can also trade-in another vehicle and use any equity towards your down payment. The amount of the down payment is usually based on the lender’s requirements and your credit score.
Leases often do not require any type of a down payment. All you usually have to pay is the first month’s payment, a security deposit, the acquisition fee, and other fees and taxes. But, as with a purchase, if you want to lower your monthly payments you can always pay more upfront.
Your vehicle will be worth whatever you can sell it for in the future and that depends on how well you maintain it. (Be smart and protect your investment with regularly scheduled maintenance by a factory-authorized facility!)
In most leases, you don’t end up owning it so you don’t end up selling it. That’s the financial institution’s job. Although you may have mileage limits and wear and tear guidelines that, if you exceed them, could cost you extra money when you turn your vehicle back in.
Once you’ve paid off what you owe on your contract, that’s it. Your vehicle is 100% yours. The lending institution will send you a Lien Release as proof that the vehicle is completely paid off and all yours.
Most people return the vehicle at the end of the lease term. But some like to purchase it during their lease or at the end. Others like to trade it in before their lease is over. Just ask us about these different options before signing any paperwork and we’ll make sure you have your lease set up the way you want it.
Sorry, This does not apply to buying a vehicle.
The best cars to lease are those with the best book value after the term of the lease. Since they depreciate less, you pay less. Review the lease ratings to see which cars retain their value.
| Monday | 9 AM - 7 PM |
| Tuesday | 9 AM - 7 PM |
| Wednesday | 9 AM - 7 PM |
| Thursday | 9 AM - 7 PM |
| Friday | 9 AM - 6 PM |
| Saturday | 9 AM - 5 PM |
| Sunday | Closed |
| Monday | 7:30 AM - 5:30 PM |
| Tuesday | 7:30 AM - 5:30 PM |
| Wednesday | 7:30 AM - 5:30 PM |
| Thursday | 7:30 AM - 5:30 PM |
| Friday | 7:30 AM - 5:30 PM |
| Saturday | 8 AM - 2 PM |
| Sunday | Closed |
| Monday | 7:30 AM - 5:30 PM |
| Tuesday | 7:30 AM - 5:30 PM |
| Wednesday | 7:30 AM - 5:30 PM |
| Thursday | 7:30 AM - 5:30 PM |
| Friday | 7:30 AM - 5:30 PM |
| Saturday | 8 AM - 2 PM |
| Sunday | Closed |