Leasing and purchasing a Nissan are both great options, but deciding on which is better is always a question of individual needs. Each type of financing has its advantages if you choose the right option. Generally, the main factor that leasing and financing turn upon is how much you drive. Let's examine the characteristics of each option to help you decide what works best for your lifestyle.
When you purchase a Nissan outright or finance it with monthly payments, you save the most money in the long run. Because you will eventually finish the payments, you'll have years of payment-free enjoyment from your Nissan. It will average out the previous payments and greatly reduce the overall price. However, you won't have the latest features every year and may have to start paying for repairs out-of-pocket at some point.
When you purchase a Nissan in Memphis, TN, you have full equity in that vehicle from the beginning. This means that you can customize it and modify the styling however you'd like without incurring any financial penalty. Purchasing a Nissan is the way to go if you expect to put a lot of miles or wear on the vehicle and want the best long-term value.
The down payment is often larger when you purchase a vehicle but helps reduce monthly payments. You can take care of a purchased vehicle, however, and keep it as a daily driver even if you decide to lease another vehicle for lifestyle driving. If you have a garage, purchasing a vehicle is particularly beneficial because you can retain the new appearance for a long time.
Leasing can be the less economical option, but also more affordable in terms of monthly payments. There are certain contractual obligations in leasing a vehicle that can differ from lease to lease. Usually, leasing is easier because most leases do not require a down payment. When you lease a vehicle, nearly everything is included under the warranty. You typically don't have to make any out-of-pocket payments for repairs. Best of all, you can always have the latest technology by trading up at the end of the lease.
You can usually obtain protection against excessive mileage and excessive wear by purchasing allowances upfront. The surcharge is usually not that significant and is nothing to be frightened about, typically just a few hundred dollars extra to cover excessive wear and mileage.
Nevertheless, people who lease typically limit the mileage to make it more affordable. If you do not drive more than 10,000 to 15,000 miles per year, leasing may be the ideal choice. If you are using your leased vehicle as a daily driver and take it for long commutes, the cost-per-mile surcharges can be taxing compared to financed vehicles.
Leasing is very fair because it calculates the actual depreciation of the vehicle in consideration of how the mileage and wear affect the market value. Leasing is also great because you never know what offer you may receive on a used vehicle after you purchase it. Leasing lets you trade up to the latest model at the end of the lease with no strings attached.
Please contact us today for more information on leasing and loans. We are happy to help you figure out what's best for you by crunching the numbers and referring to our years of experience with both types of financing.
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2080 Covington Pike
Memphis, TN 38128
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