A Ford Bronco Lease: Everything You Need To Know
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Once a dominant icon in the sports utility segment, the Ford Bronco was sadly discontinued in 1996. In 2021, the infamous Bronco returns with a vengeance and a clear purpose of unseating the dominant Jeep Wrangler and shaking up the SUV segment. According to critics and customers alike, the new Bronco generation is excellent in more ways than one.
Are you looking to get behind the wheel of the new Ford Bronco? One of your options is to apply for a Ford Bronco lease.
Is a lease different from buying? Are these some good strategies when getting a lease? Before you apply, make sure you read this Ford Bronco lease guide to help you understand what you’re getting into.
Ford Bronco Lease: How It Works
A very straightforward way to describe a Ford Bronco lease is that it’s similar to renting a car - but that in itself can be misleading. In reality, a lease can be considered another method of financing a car.
Unlike traditional car loans, an auto lease lets you pay for the right to use the vehicle for a certain amount of time and miles instead of purchasing the vehicle. In this case, the “use” of the vehicle includes the depreciation cost (loss in value), mileage overage, and any excess wear and tear you cause during the lease.
As with traditional car loans, you’ll have to make monthly payments, but they don’t go into paying off the Ford Bronco (the principal). With a lease, your monthly payments cover the use of the vehicle plus the finance charge (interest rate) - you’re not paying off any principal.
One of the significant differences between leasing from buying is the lower monthly payments. That’s because your monthly payments only cover the depreciation of the Bronco during the term (duration) of the lease instead of the vehicle’s total value. As a result of lower monthly payments, some drivers can afford to lease newer and nicer models with the latest tech and safety features.
Once the lease ends, you have to return the vehicle to the leasing company and walk away, provided that you’ve settled any remaining financial obligations.
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Ford Bronco Lease: Car Leasing Strategies
Below are some strategies that may help you get the most out of your Bronco lease. Keep in mind, not all of these options will be available to everyone, and not all of these strategies may apply to your leasing company.
Negotiate the Price
Most people know that they can negotiate a lower price when buying a car, but many don’t realize they can do the same with a lease. More likely than not, dealers will try to lease you the vehicle with its full sticker price. Some salespeople may even tell you that you can’t negotiate a lease which isn’t true at all.
If you can lower the lease price (aka the cap cost), your monthly payments will go down as well. Conversely, many aspects of a lease can’t be negotiated, such as residual value and money factor - the sticker price isn’t one of them.
Arrange a Single-Pay Lease
Some lenders will let you pay the entire cost of the lease upfront during the signing. This arrangement enables you to bypass the lease interest and save some cash in the long run.
Your overall payment will be lower with a single-pay arrangement since the supposedly calculated interest rate won’t be included. A single-pay lease is also a good option if you have bad or no credit since your chance of approval will be higher.
The primary risk about this arrangement is if you total the car while it’s under your care because you won’t get back much after your insurance pays the lender.
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Consider a Lease Extension
The end of a lease can be stressful for many car lessees if they don’t have a new car lined up. In this case, know that it’s possible to extend your lease on a month-to-month basis - all you need to do is ask.
The truth is, leasing companies are more than happy to extend an expiring lease. The extension should give you enough time to plan your next steps and choose which vehicle to lease next.
Some lessors may extend your lease one month at a time, while some may require you to extend for a predetermined time period like 3 to 6 months, for example. In most cases, the maximum extension you’ll get is 12 months. Best of all, asking for a lease extension will not affect your monthly payment or allotted miles.
Customize Your Mileage
One of the most significant downsides of leasing is the mileage restriction. You’re only allowed to put 10,000 to 15,000 miles annually on the odometer; otherwise, you’ll incur expensive overage fees.
In reality, it’s possible to get a lease with high mileage. Depending on the lender and vehicle model/brand, you can get as much as 30,000 miles per year with a high mileage lease. Again, all you have to do is ask - and they’re not that difficult to get either.
These additional miles don’t come for free, and expect higher monthly payments. However, the extra cost is likely more affordable than paying for excess mileage fees.
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Ford Bronco Lease: What to Expect
Before signing a lease, make sure that you scour the internet for lease deals and offers. If you’re unsure what to expect in terms of payment, we highly recommend using the Ford Payment Calculator tool.
For example, the base 2022 Bronco Sport has an estimated capitalized cost (MSRP + acquisition fee + destination charges) of $29,555. With a down payment of $3,000, 36 months term, and 10,500 annual miles, expect to pay around $367 per month. With the more expensive Badland trim, you’ll pay about $442 per month for the same term and mileage allowance and 10% down payment.
Of course, there are numerous factors that can affect your leasing experience. Always negotiate when you can and always read the fine print, especially with regards to excessive wear and tear charges
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