The Ford Expedition is one of the best-selling models in the large SUV segment. This doesn’t surprise anyone since the Expedition is an excellent all-rounder that offers comfort, rugged styling, generous interior space, and an effective powertrain.
If you’re looking to experience the Expedition’s thrill, one of your options is to get a Ford Expedition lease.
Is it worth it to get a Ford Expedition lease? What are the ways to get the best leasing deals? Today, we have a Ford Expedition lease guide that will help you decide if it’s the appropriate payment type for you.
Ford Expedition Lease: Is it a Good Idea?
Although it’s not for everyone, getting a Ford Expedition lease can be a viable alternative to buying. Let’s take a look at the potential pros and cons of leasing:
Advantages of Leasing
- Lower monthly payments - Undoubtedly, the best benefit of leasing is the lower monthly payments than a conventional car loan. Since your payment covers the depreciation cost rather than the vehicle’s equity, monthly payments are typically 30% lower.
- Drive more cars, more often - If you love driving different cars every few years, leasing is for you. Since monthly payments are lower and lease terms (duration) are shorter, you can drive a new vehicle every two to four years.
- Drive the shiniest new models - Because of lower monthly payments, many drivers have more wiggle room to lease a more recent car model that otherwise they can’t afford with a traditional loan.
- Fewer repair and maintenance headaches - Leasing is becoming popular because there’s less reason to worry about repair and maintenance. Lease terms are shorter (2-4 years), and if something goes wrong with the car, you’re still covered by the manufacturer’s warranty.
- Lower upfront cost - Many lease agreements require little to no down payment. While a higher down payment does lower your monthly payments, it’s still good to know that you can get in a new car with a low upfront cost.
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Disadvantages of Leasing
- No ownership equity - A lease is essentially a rental agreement between you and the leasing company. Your monthly payments don’t go into building equity of the car. Thus, at the end of the lease, you don’t own a vehicle.
- Mileage restrictions - Another significant drawback of leasing is the mileage limitation. You’re only allowed to drive a certain number of miles per year with a lease, usually 10,000 to 15,000 miles annually. Exceeding the mileage allowance will result in hefty fees.
- Excess wear and tear charges - You’ll be charged if you return a vehicle with plenty of dents, dings, and scratches. Many dealers and lease companies have clearly outlined wear and tear guidelines. In the case of Ford, they have a wear and use chart you should check out.
- Higher credit requirement - People with low or bad credit will have difficulty qualifying. A lease’s credit requirement is more stringent than a standard auto loan. Moreover, you may need a higher down payment or security deposit for approval if you have marginal credit.
How to Get a Good Deal on a Ford Explorer Lease
Like buying a car, several ways will help you get the best deals on a Ford Explorer lease.
Look for Leasing Specials
Before you head over to a dealer and start negotiations, you’ll want to do a bit of research. Advertised lease offers are simply some of the best deals. These types of deals aren’t offered by the dealerships themselves, but from other lending companies or a company’s separate financing division.
See if you can find any Expedition models you like that come with advertised lease deals.
Get Prices from Several Dealers
Like purchasing a car, getting the absolute best deals means talking with several dealers in your area. If you can get dealers and lenders to compete for your business, your lease price will be lower. Ultimately, you can compare and contrast, and choose the dealer that provides you with the best price (after negotiation).
Lease an In-Stock Vehicle
To get the best lease deals, ensure that the vehicle you want is actually in stock. The last thing you want is to deal with more paperwork and extra fees associated with special orders. On top of that, the salespeople may be more receptive to negotiation since they want to physically move the vehicle off the lot.
Negotiate the Capitalized Cost
Sometimes called “cap cost,” the capitalized cost is an excellent place to start the negotiations. It refers to the amount that’s being financed by the lease. Therefore, the lower the capitalized cost, the lower your monthly payments.
In this case, make sure you research the actual cost of the Ford Expedition model that you want via websites like Consumer Reports to give you a good idea of its price range. You may also lower the cap cost by making a sizable down payment or trade in your old vehicle as part of the deal.
WHAT TO DO IF A DEALER REFUSES TO CANCEL EXTENDED WARRANTY
Car buying can occasionally be frustrating, especially if you’re purchasing your vehicle through a dealership. We’re here to tell you how to navigate a situation in which a dealer refuses to cancel your extended warranty.
Estimate Your Mileage Usage
Driving more than your mileage limit will result in an excess mileage fee charged per mile. Ensure that you have a good ballpark of your annual mileage use before signing a lease contract.
This way, you can make sure that you don’t go over your limits, but you also don’t end up paying more for unused miles. Look closely at your contract and the mileage allowance (typical is 10,000 to 15,000 miles per year) - if you can anticipate driving more than that, negotiate for additional mileage upfront. Sure, you’ll have to pay extra for added miles, but it’s far more economical than paying for excess fees down the line.
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Know What You Can’t Negotiate
Don’t waste your time and everyone else’s by knowing which leasing factors aren’t negotiable. The residual value, the estimated vehicle value by the end of the lease, is generally set by independent auto experts and by the dealers themselves, so there’s no room for negotiation.
Another factor that isn’t up for negotiation is the lending company’s acquisition fee for setting up the lease. However, you may choose to roll over the acquisition fee to your monthly payments.
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