Finance or Lease your Maverick?

[Hdang1980]

Just curious to see how many folks are doing one or the other.

I was planning on taking advantage of the 36 month 0% APR, but then I thought about the Maverick being a totally new vehicle, albeit using tried and true tech. I'd hate to have a lemon on my hands. We all have to at least consider the possibility, so I started looking into how Leases work, and it seems like a pretty good option, especially a 2 year lease. I read that the expected residual value for a 24 month lease is around 68%, and 62% on a 36 month lease - Lariat trim. And considering I have excellent credit, I figured I could negotiate the lease rate down closer to 0%. If that turns out to be true, and after the 24 month lease ends I decide to finance the vehicle for another 3 years, I could essentially be financing the vehicle for 5 years with 0% APR when it's all said and done.

I'd love to hear other's thoughts on this. I've never leased a vehicle before so I'm most likely missing something.

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[STARCOMMTREY1]

Lease is a gamble. If you can keep your miles down and get a good deal they can be a good thing. I leased a fusion because the rebates were so good that leasing then buying saved me thousands on the back end.

 

[R.A.N.M.J.]

Neither. But that's not an option to pick.

 

[Hdang1980]

Lease is a gamble. If you can keep your miles down and get a good deal they can be a good thing. I leased a fusion because the rebates were so good that leasing then buying saved me thousands on the back end.

I'm actually not worried about the miles. 10,500 is more than enough for me since I've been working from home and once we're over this pandemic, the job will offer me the choice of continuing to work from home or a hybrid schedule - pun not intended. Pre-pandemic, I work-commuted about 40 miles per day, 5 days a week, but I travel for work half the year in company paid rentals as well.

 

[Hdang1980]

Neither. But that's not an option to pick.

so you're paying cash? Nice.

 

[Bushmaster2000]

Haven't decided. I'll see what the deals are when its here. I too am concerned with the new-ness of it as well as the emerging E-truck market. And really i wouldn't have minded this in a 4 wheel hybrid or all electric model. That might have had me pick a different model than the 2L gas engine i felt my choice in options was very limited and i wasn't interested in a 2 wheel drive vehicle where i live in the slightest. So leasing does have some appeal. I worry about were i live though 50% of the roads are gravel or just unpaved dirt, rock chips are a fact of life and other wear and tear that asphalt only owners vehicles don't really have to worry about. I dunno how that kind of damage plays into leases.
So we'll see. I"lll look into it more when the time comes.

 

[R.A.N.M.J.]

so you're paying cash? Nice.

Well, I'm paying by cashier's check, technically.

I financed a vehicle once, about 20 years ago. Didn't like paying interest and hated the feeling that the bank owned my car and I didn't as long as I was making payments. Paid it off after six months. Decided that from that point on I want to actually own my vehicles.

 

[Hdang1980]

Well, I'm paying by cashier's check, technically.

I financed a vehicle once, about 20 years ago. Didn't like paying interest and hated the feeling that the bank owned my car and I didn't as long as I was making payments. Paid it off after six months. Decided that from that point on I want to actually own my vehicles.

Yeah I hate that feeling as well, and I actually had plans on purchasing my next vehicle with a cashier's check too, but lending money to family has its pitfalls, which is a story for another day.

It's really just guarding against the chance, however unlikely, that the vehicle may end up in recall purgatory due to its new-ness, and a lease seems like a good tool to cut your losses in the event that happens. Never owned a Ford before either so I have no prior ownership experience with their vehicles.

Not to mention, I might get FOMO if Ford comes out with an AWD Hybrid in their future Maverick models.

 

[pointillistic]

we don't know the resale value of Maverick in a rapidly changing auto landscape, going full EV. May be leasing plays into that?

 

[bschurman]

Neither. But that's not an option to pick.

IMHO, If the rates are low 0 - 1.5% then you should not pay cash even if you can. That's cheap money that you can invest elsewhere and make money. Paying cash for something that has cheap credit is not ideal.

 

[bradFORD]

The old advice as soon as you drive off the lot the vehicle has already depreciated. Will be very disappointed if I receive my Maverick in 2022. If so, then should be a 22.5 model with upgrades from Ford. Already lost the rear window defrost from original order.

 

[Redbaron]

I’m confused why anybody wants to pay outright for a large purchase? Especially if you have excellent credit.
If you can get an interest rate equivalent or less than inflation. Then it seems like you are wasting money? $10,000 today is worth more than $10,000 next year.
Why not invest that money that you would have spent on the large purchase in the stock market? Then it works for you?

 

[IndianaWildcat]

Leasing.

Hoping that they build an AWD Hybrid in a few years.

 

[Hdang1980]

I’m confused why anybody wants to pay outright for a large purchase? Especially if you have excellent credit.
If you can get an interest rate equivalent or less than inflation. Then it seems like you are wasting money? $10,000 today is worth more than $10,000 next year.
Why not invest that money that you would have spent on the large purchase in the stock market? Then it works for you?

This is true. What are you long on? haha

 

[es7129]

Unless Ford is offering a deal on leases I’ll finance.
Finance rates are generally lower than leases, no inception fee, and you receive tax savings if you’re trading a car in and if you trade it in later.
It’s also easier to get out of the vehicle if it’s financed.

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