Should I Buy or Lease?

If you’re in the market for a new Nissan vehicle in Pinecrest, you may be wondering whether buying or leasing is the right option for your budget. “Should I buy or lease?” is a common question our finance experts are asked when customers come to our dealership. To help you find the right option for your needs and your budget, we’ve created the following guide to leasing vs. buying. Read below to learn more about whether you should buy or lease, then contact our finance team to begin the car buying or leasing process. 

Leasing vs. Buying: Short-Term & Long-Term Costs

The first thing you should consider when you go to a dealership is how long you want to own the vehicle. If you plan to own your vehicle for more than four years, then financing may be a better option for you. However, if you only need a new vehicle for a few years, or if you want to upgrade your vehicle after a couple of years, then leasing may fit your needs better. Read below for more information:

• Leasing offers lower monthly payments at the beginning and you’ll spend less on taxes and down payments when you lease. If you start a new lease every few years, though, your payments won’t go down. However, you also won’t have to worry about escalating service or repair costs.
• Financing allows you to eliminate your monthly payment entirely after your loan term ends. You also have the option to buy a pre-owned vehicle – something that is unavailable to a driver who wants a Nissan lease. Drivers who pay off their financed vehicle will spend less than a driver who continues to lease, but repair costs tend to grow as a vehicle ages.

Leasing vs. Buying: Restrictions & Customization

All lease and loan contracts come with restrictions, but you have fewer restrictions on mileage and customization when you choose to take out a loan as opposed to leasing a vehicle. If you want to add accessories, decals, paint, or you drive a lot of miles, then financing a vehicle may be the better option for you. Read below for more information:

• Drivers who finance with the intent of full vehicle ownership won’t have to worry about mileage limits or restrictions. You can also add whatever accessories catch your eye, and modify the vehicle more extensively with custom parts or upgrades if you choose, although you may want to check your vehicle warranty before doing so to any violations.
• Drivers who lease their vehicles will have to stay within certain boundaries on mileage and customization or pay a fee when their lease term comes to a close. You’ll also need to keep the vehicle as close to factory condition as possible. This is because the dealership still owns the vehicle and they’ll have to resell it after it leaves your hands.

Leasing vs. Buying: Freedom, Options, & Processes

The simplicity that comes with leasing a vehicle in South Miami is a major draw to many drivers who want a vehicle without the hassles that come with car ownership. However, if you’re comfortable with maintaining and reselling your vehicle, purchasing a vehicle may be the preferred option for you. There is a lot of freedom and processes that come with both options, read below to learn more:

• Financing offers flexibility. When you finance a vehicle you’re locked into a contract, but you can sell or trade in the vehicle at any time (provided that the vehicle is worth more than you owe). You may also be able to refinance for a lower rate down the line if your credit score improves. The vehicle is also yours to keep for as long as you like.
• Leasing is easy and convenient. All you need to do is take good care of the vehicle while it’s in your possession, drive it back to our lease return center at the end of your term, and drive home in a new vehicle. You also have the option to buy out the lease and bring your leased vehicle home for good if you’ve grown attached to your Nissan model. 

Leasing or Finance a Nissan at HGreg Nissan Kendall

Now that you know more about the benefits of buying and leasing, visit our South Florida dealership to browse our different Nissan models and sit down with our finance team to discuss whether you should buy or lease your preferred model. Contact us today. We look forward to putting you behind the wheel of a new Nissan!