Not sure if leasing or purchasing is right for your situation? Each choice has its own advantages and disadvantages. Making this decision depends on several factors, including your personal preferences, finances and driving habits.
Should I Lease?
If you answer "yes" to a majority of these statements, leasing from Southern 441 Nissan may be the best option for you.
- I usually drive less than 15,000 miles a year.
- I need that new-car smell.
- I do not get emotionally attached to my car.
- I typically choose a car that I cannot afford.
- I am willing to trade ownership for low, monthly payments.
Should I Buy?
If you answer "yes" to a majority of these statements, buying a vehicle from Southern 441 Nissan may be the best option for you.
- I always drive over 15,000 miles a year.
- I like to customize my car by installing a sound system, changing rims, tinting windows, adding pinstripes, etc.
- I like to do repair work on my vehicle.
- I get emotionally attached to my car.
- I love to see those payments dwindle to nothing.
- My current car is more than 3 years old.
Ownership
Leasing
You do not own the vehicle and must must return it at the end of the lease. If you want, you can purchase the vehicle at the end of the lease.
Buying
You own the vehicle once you make the last payment.
Up Front Cost
Leasing
There may be up-front costs such as first month's payment, refundable security deposit, capitalized cost reduction, taxes, registration or other fees.
Buying
Some of the up-front costs could include the following; down payment, taxes, registration and other fees.
Payment
Leasing
Monthly payments can be lower (or they could be the same with a shorter term) since you are paying for the vehicle's depreciation.
Buying
Monthly payments can be higher (or for a longer term) because you are the entire purchasing price of the vehicle.
Early Termination
Leasing
If you end the lease early you are responsible for the lease pay-off, plus any early termination charges.
Buying
If you end the loan early you are responsible for the loan pay-off amount.
Returning the Vehicle
Leasing
When the lease is up you return the vehicle to the lender and pay any end-of lease costs, then walk away.
Buying
Not required.
Future Value
Leasing
The future value of the vehicle is predetermined by the lesser and the leasing organization assumes all the risk for the vehicle value, not you.
Buying
You assume all the risk of the vehicle's future market value.
Mileage
Leasing
All leases have mileage limitations that you negotiate up front. If you exceed these limitations you will be assessed a mileage penalty at the termination of the lease.
Buying
There are never limits to the miles driven on the vehicle, but the more miles you drive the lower the vehicle's trade-in or resale value will be.
End of Term
Leasing
The current lease had ended and you must decide to purchase the leased vehicle outright or lease another vehicle.
Buying
You made your last payment and you now own your vehicle.
Additonal Information
Leasing
Leasing is beneficial for people who want new vehicles every 2 or 3 years and the protection of having a vehicle under full factory warranty.
Buying
Although it may require higher monthly payments or longer financing terms, there are no restrictions for mileage, how or where you can use the vehicle and the money is going towards something you will eventually own.
When deciding whether to buy or lease, it is important to know your options so you can shop with confindence. Think about factors such as average yearly mileage, resale value, and length of ownership. Contact us today at Southern 441 Nissan to discuss your choices with one of our finance experts and learn about the latest leasing rates.
561-790-8062