Deciding what car you want to park in your driveway is a fun and exciting process. But there’s another decision you should make before you choose your next ride. Are you more interested in leasing or buying a car? What are the pros and cons of each?
Lynnes Nissan City put together this lease vs buy comparison to help drivers in Bloomfield, Montclair and Clifton decide.
Advantages of Leasing
Leasing gives you a few benefits that you won’t find with buying. The biggest one is that leasing will cost you a lot less.
When you lease a car, you’ll have it for a fixed amount of time. Most lease agreements are 24 or 36 months. Since you’re only going to have the car for a few years, you only need to pay for those months instead of its total value.
This means you won’t be paying for as long, and your monthly payments will be a lot lower than if you were financing to buy. With leasing, you’ll also have a much lower down payment or won’t have to make one at all.
The other big advantage is variety. You can drive off in a new car, then three years later upgrade to the latest model or choose to lease a completely different one.
Disadvantages of Leasing
While leasing sounds great, there are a few drawbacks. For starters, the car is not yours to do whatever you want with. Since you’ll be giving it back in a couple years, you won’t be able to customize it or make any changes to its looks or accessories.
Most of the time, you’ll also have a limit on how many miles you can put on it. This is part of your lease agreement. Going over your mileage limit can result in having to pay more.
Advantages of Buying
The best part about buying is that the car is yours. You own it. You can do whatever you want with it for as long as you want.
If you want to add accessories or get a custom paint job, you can. You also have no mileage limit, so you can drive it across the country and back if you want.
You can also feel confident that you’re making a long-term investment. Rather than giving the car back in two or three years, this could decision could provide you with a quality ride for the next decade.
Disadvantages of Buying
The downside to buying is that it will cost more. When you buy a car, you’ll apply for an auto loan through our financing department. Once you’re approved, you’ll put a down payment on the car and start making monthly payments on it.
Since you’ll be paying off the vehicle’s full value instead of just a fixed number of months, your monthly payments will be higher, and you’ll be making them for a lot longer than a lease term.
Which One Is Right For You?
At Lynnes Nissan City, we have a great selection of new and pre-owned cars, trucks and SUVs available to buy or lease. Whichever sounds more in line with what you’re looking for, our team is excited to provide excellent customer service to drivers in Bloomfield, Montclair and Clifton on your journey to finding your next car.
Contact us to learn more about this lease vs. buy comparison, or stop by some time to check out our inventory. If you already know what you’re looking for, you can fill out a credit application online to get started.