You may have found the car you’ve been dreaming of driving and are ready to hit the roads of Fort Lauderdale, Weston, Tamarac, Pompano Beach, Margate, and Coral Springs. But, before we hand over the keys and you drive off our lot, there are a few decisions you will need to make first.
One of which is how you would like to pay for the vehicle. Our finance department here at Performance Nissan will walk you through each option and help personalize a payment plan that you are satisfied with. And we also have put together this helpful guide for you to see whether buying vs. leasing is the route you want to go.
First, we want to distinguish the difference between these two options. If you want to lease a car, you are essentially paying for just the value of depreciation during the time period that you possess the car. Think of this as a sort of rental. And when the terms of your lease are up, you return the vehicle back to the dealership or can even finance the car to purchase.
Buying the car is more straightforward—you are purchasing the vehicle to become the sole owner of it. You usually will put a down payment upfront and then get a loan that you will pay off through monthly payments for the remaining value of the car. Once it is paid off, the car is owned by you.
Most of the time, your monthly payments are lower when you decide to lease a vehicle. And up-front costs are less since there isn’t a down payment put on the car. And, with the accelerated speed at which innovation is happening in the automotive world, when you lease, you can upgrade to the latest model every couple of years. This way, you will have access to the newest technology for advanced entertainment and safety at quicker intervals.
But there are a few cons with leasing a car, in comparison. The payments each month may be lower, but they also continue throughout your lease, since you never become the owner of the vehicle. This doesn’t allow you to gain equity either.
You also have a few restrictions placed on you. Lease deals come with a mileage limit, which vary depending on the terms of the deal. This is definitely something to take into consideration if you are someone who has a far commute to work or likes to drive long distances often.
Owning a car comes with its fair share of benefits. You won’t have limitations placed upon you when it comes to how many miles you would like to drive, and you can modify or customize your vehicle as you like. And when you pay off your loan, you won’t have those monthly payments anymore and you will be able to save that money towards your next vehicle.
At that point, you can choose to sell or trade-in your vehicle whenever you like. On the other hand, costs up-front and each month will be higher when you decide to buy the car. And any maintenance costs will be your responsibility.
Ultimately, the decision comes down to what our drivers in Fort Lauderdale, Weston, Tamarac, Pompano Beach, Margate, and Coral Springs personally prefer after seeing the advantages and disadvantages to both choices.
If you want to find out more about buying vs. leasing, you can stop into Performance Nissan and discuss things more in-depth with our finance team about your personal driving needs, and come to a confident decision between the two options.