Mike Murphy Ford frames this choice the way the CFPB and Ford Credit do: leasing is like renting. A loan builds equity in a vehicle you keep, while a lease, as the FTC puts it, means paying to drive the car, not to buy it.

Leasing may mean lower payments and a newer vehicle more often, but most leases cap mileage, and the CFPB warns that ending one early can be very expensive. Ask our finance team to weigh both against your expected miles, down payment and ownership timeline.

• Buying means unlimited miles, Ford Credit notes
• Lease payments cover depreciation plus rental charges
• Lessees answer for excess wear and damage
• Ford Credit charges for extra miles, except on a lease-end purchase
• Complimentary Ford Credit pre-inspection within 60 days of lease end

In FTC terms, an extended warranty is a service contract: optional, and not a warranty under federal law. Mike Murphy Ford, like the FTC, suggests checking any contract against Ford's New Vehicle Limited Warranty: 3 years/36,000 miles Bumper-to-Bumper and 5 years/60,000 miles Powertrain, whichever comes first.

Ford Protect extended service plans can be bought any time within that 3-year/36,000-mile window, so there's no delivery-day deadline. The CFPB adds that a service contract generally cannot be required to get a loan, and that you can cancel one at any time.

• Contracts typically exclude oil changes and tire replacement
• Ask which service centers handle repairs and how claims work
• Ford Protect plans are transferable; fees vary by state
• Canceling ends coverage; your contract sets any refund
• Expiring-warranty calls often aren't from your dealer, warns the FTC

Neither the CFPB nor the FTC names a fixed amount or percentage, and neither does Mike Murphy Ford. Both agencies agree that the more you put down, in cash, trade-in equity or both, the less you borrow and the lower your total financing cost.

Ford Credit says a huge down payment isn't necessarily needed; lenders look at credit, capacity and collateral. The FTC also warns that long loans can leave you owing more than a fast-depreciating car is worth. Putting little down? Ask about optional GAP coverage.

• Bigger down payments may lower the interest rate
• Loan length and rate shape total borrowing cost
• Lenders compare the amount financed with the vehicle's value
• Budget for insurance, gas and maintenance as well
• Lease down payments are negotiable, the CFPB notes

Ford Credit suggests judging total cost of ownership rather than the monthly payment, since repair costs can add up as a vehicle ages. Mike Murphy Ford recommends getting a written estimate first and considering a second opinion on expensive or complicated work, as the FTC advises.

Put your loan payoff next to the trade value. If you owe more than the car would bring, that gap is negative equity, and the CFPB says rolling it into a new loan makes that loan more expensive. The FTC lists waiting for positive equity as an option, and a repair can keep you driving meanwhile.

• Weigh the repair estimate against the car's value
• Run the VIN for open recalls; recall repairs are free
• Factor in reliability, safety and your needs, too
• Age and damage usually lower value, the FTC notes
• Ask how any negative equity would be handled

The National Highway Traffic Safety Administration says tires should be replaced at 2/32 inch of tread, and Illinois law treats anything less as unsafe. For more grip in snow and rain, Ford suggests asking a Ford Dealer such as Mike Murphy Ford about replacing at 4/32 inch or earlier.

Age matters too. Ford recommends replacing tires every six years or when they wear out, whichever comes first, and says hot climates or frequent heavy loads may call for sooner changes. Even an unused spare should go after six years, Ford adds.

• Check tread and pressure at least once a month
• On average, tires lose 1 psi per 10-degree outside temperature drop
• Replacing two? Ford says the newest go on the rear axle
• Retire tires with cuts, cracks or bulges
• Last four DOT digits show the week and year built