Many drivers compare buying vs. leasing before they bring home a new Nissan, and although the decision should ultimately come down to your personal preferences and desires, there are several differences between the two paths that everyone should know. So, should you buy or lease? Review your options below, and contact our financing department if you have any questions.
If you’re determined to drive a new vehicle instead of a used one, leasing is more affordable in the short term. That’s because you’re only paying for the use of the vehicle over a certain term.
However, buying can be more affordable in the long term if you hold onto your vehicle after paying off your loan. Since used car leases are uncommon, buying used is generally the most affordable option overall.
Those who lease are subject to mileage restrictions: lessees must keep their vehicle below a predetermined threshold if they don’t want to pay additional fees. However, if you know exactly how much you drive and you don’t plan on taking a lot of road trips, this may not be an issue.
Those who buy don’t have to abide by any mileage limits, save those that they set for themselves. Although accruing many miles can impact your resale value, you’ll never have to worry about fees for excess wear.
Those who lease must keep their vehicles as close to factory-grade condition as possible. Modifying the vehicle in any significant way could result in inconvenient lease-end charges.
Are you building your dream car for adventures in Cherry Hill and Sicklerville? If modifications and accessories are an important part of your plan, you’ll need to purchase the vehicle. Our parts department can help you work out all the details.
When you lease, you’ll usually be locked into a contract for two, three, or four years. Although it may be possible to break a lease early and pay your termination fees out of pocket, this isn’t always an option. Even so, if you don’t mind working within the bounds of your contract, leasing is a great way to enjoy easy, seamless upgrades every few years, without all the hassle of selling your car. Alternatively, you can buy the leased vehicle at the end of your term.
If you need to retain flexibility in the short term, buying may be a better option. That’s because you can sell at any time–as long as the money you receive will be sufficient to cover your auto loan!
Still on the fence? Our financing experts would be more than happy to help you compare buying vs. leasing in greater detail. We could also help you learn more about gap insurance and other options. If you’re already eager to move forward, apply for financing or start shopping online from your home in Turnersville or Woodbury today!
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