Choosing whether to buy or lease your new Nissan can be difficult. Each option has pros and cons, but one might work better for you than the other. Here's a look at the benefits of buying versus leasing your vehicle
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Buying
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You can drive as many miles as you want without overage penalties when you purchase your vehicle. When you lease a vehicle, you're typically capped at 15,000 miles per year, and overage charges can cost nearly 35 cents per mile. If you think you'd regularly go over that limit, buying may be a better option for you.
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When buying a vehicle, there are no restrictions on personalizing it, so you can add customizations and change it up as you please. If you personalize a leased car, your investment may be lost.
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When you purchase a car, your payments end once you pay off the full cost; however, when you lease, your payments only end when you return the vehicle to the dealer. You'll have to lease another vehicle, and your car payment always continues. If you like the feeling of paying off a car and having no payment for a while before purchasing a new one, buying might be the better option for you.
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Owning your vehicle also helps you build equity and gives you something to trade in when purchasing a new vehicle. Remember that this may mean you will drive the car after the warranty expires, so you should be prepared for extra repair costs. Owning your vehicle can also help you feel more at ease when minor dents or scratches occur.
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Leasing your vehicle allows you to have lower monthly payments with as little as zero dollars down and fewer sales taxes. You only have to pay for the part of the car's life that you use rather than the entire cost of the vehicle, so you won't have to worry too much about the vehicle's depreciation. This process helps you avoid the steep interest rates that can sometimes be associated with auto loans.
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Leasing allows you to choose a new vehicle every two to three years, which means you'll have less repair and maintenance costs and should be able to take advantage of the vehicle's warranty if a major repair comes up. Leasing typically only allows you to drive a certain number of miles per year, so if you don't drive a ton and are interested in driving newer vehicles that may be too expensive for you to buy on your own, a lease may be the best option for you.
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If you own a business and intend to use your leased vehicle for business purposes, you may be eligible for certain tax benefits. You also have the option to purchase the vehicle at the end of the lease at a lower price.
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Everyone's financial situation is different, so it's important to thoroughly consider both of these options before you visit the dealership. If you're someone who doesn't drive much and wants a nicer car with lower payments, leasing is probably a good option for you.
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If you're more interested in owning your vehicle and want the freedom to customize and drive it as much as you'd like, you should consider purchasing it. The professionals at Courtesy Nissan near Altoona, PA, can help you find a Nissan that fits your needs weigh all your purchasing options, and find the right choice. We are here to assist you through the entirety of the car-buying process. Stop by today to learn more. We look forward to helping you soon.
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