When you want to drive home in a new Ford Escape, you have two basic choices at Thomason Ford in Aumsville, OR: You can purchase it over time with a loan or you can lease it. Both system have advantanges that make them worth considering. Here are some of the pros and cons to help you decide which financing method is best for you.
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The fact is, financing any vehicle with a loan is a better financial approach for most people than getting a lease. It means the lender pays for your new Ford Escape and you repay the loan over a period of years with regular monthly installments until you own that SUV. Even before you pay off the loan, you're building up a substantial amount of cash value, or equity, that you can use to help pay for your next car, truck or SUV.
Leasing a vehicle is basically the same as renting except that it covers a longer period of time, and has more restrictions like mileage limits. Instead of paying off a loan on a Ford Escape, you'll pay for the estimated amount of depreciation that the financing company projects will occur over the life of the lease contract. You'll also be asked to put down a significant down payment when you lease a Ford Escape. Leasing will give you lower monthly payments than a loan but it can be complicated and it involves unfamiliar terms like "capitalized cost" and "residual value."
Capitalized cost is the total amount you'll pay to lease a Ford Escape and it can be substantial. The cost is usually fixed but in some cases, you can negotiate a lower capitalized cost which will result in lower monthly lease payments. Capitalized cost incluldes the agreed-upon value of that Ford Escape plus other costs like tax, title, license and fees.
The Ford Escape's powertrain lineup starts with a 181-horsepower 1.5-liter turbocharged three-cylinder engine that can accelerate from zero to 60 mph in 7.7 seconds. You can move up to an available 2.0-liter turbo-four with 250 horsepower that can reach 60 mph in 5.7 seconds. There's a pure hybrid available that generates 192 horsepower and amazing fuel economy of 42 MPG in the city and 36 MPG on Oregon highways.
Front seats in the new Escape are nicely cushioned and there's plenty of headroom and legroom for adults. The back seats are comfortable and even have enough room for taller passengers.
We can tell you more about the differences between getting a loan vs. getting a lease for a new Ford Escape. Take an online look at our selection of Ford Escape SUVs and take a test drive at Thomason Ford in Aumsville, OR.
