When it comes time to get a new vehicle, you can choose to purchase the car, truck or SUV, or you can lease it. Before deciding whether to buy or lease your next vehicle, it’s a good idea to familiarize yourself with the basics of leasing and its advantages.
Differences between buying and leasing
When you purchase a vehicle from a dealership, you typically take out a loan to pay for the vehicle. You then become the owner of the vehicle, and you can customize it and drive it for as long as you wish. When you lease a vehicle, you only pay for the amount of depreciation that occurs over the course of your lease term. You don’t own the vehicle, so there are limitations on what you can do with the vehicle. You may have a mileage limit and may not be able to customize the vehicle.
Benefits of leasing
There are many advantages to leasing a vehicle. For starters, leasing a vehicle means that it’s easier to stay up to date with the latest vehicle technologies. Lease terms tend to only last for a few years, so at the end of your lease, you can select a newer model to lease with newer technologies. Plus, if you don’t want to return your vehicle at the end of your lease, you can instead decide to purchase it.
Furthermore, you’ll find that monthly payments for a lease are usually lower than monthly payments for a loan. Your vehicle may also have warranty coverage throughout the entirety of your lease, which means you won’t have to worry about paying for many repairs. You may not even need to pay a down payment to lease. Zero-down leases are often available so you can get behind the wheel of your vehicle without worrying about a hefty down payment.
If you’d like to learn more about your leasing and financing options, call us at Tilton-Jax Nissan to speak with our knowledgeable staff.