Should you buy or lease your next luxury Lincoln?

When shoppers visit the Ray Pearman Lincoln showroom it is common for them to wonder if they should finance (buy) or lease a new Lincoln. Both have their merits and potential pit falls depending on your lifestyle and driving needs. Today we'll look at the the pros and cons of both and help you decide which is the better choice.

How much you drive:

The biggest thing that determines if someone shouldn't go the leasing route is how much they drive. Leases have low mileage restrictions (usually around 12k miles a year) and steep penalties for going over your limit. If you have a short commute, or don't drive often, leasing can be a great choice. If you see yourself putting a lot on miles on a vehicle you should consider financing.

Costs:

Are you focusing on those last few years of saving money for retirement? Helping pay for a child or grandchild's wedding? Planning to take a guided trip overseas in the coming years with your spouse? If so, leasing is attractive because the monthly costs are significantly less than financing. That said, financing is more expensive, but once you've paid off the vehicle you only have to consider maintenance costs.

We'd also like to remind those considering a lease that it is possible to buy out your lease if you end up really enjoying your car (or find yourself driving over the limit). That said, it'd be financially wiser to buy from the start.

Shopping habits:

We find there are generally two camps— those who love buying the newest bag, phones, eating at the newest restaurants, and staying on the cutting edge. On the flipside there are those who don't mind holding onto their possessions.

Neither is better or worse, but with a big purchase like a car it's best to assess which side you lean towards. If you love having the newest then leasing is a great way to stay up to date on changes in the automotive industry. If that's not your m.o. then long-term ownership will likely be a great fit.

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