Buying Vs Leasing | Doral, FL
If you're planning to acquire a new vehicle soon, you'll need to either buy it or lease it. While both of these financing methods have their advantages, buying tends to be a better approach for most buyers — and here's why.
You'll Own An Asset
When you lease a vehicle, the monthly payments are typically lower than they would be for a purchase. But there's a catch: The money you pay only covers fees and depreciation, and you'll have no equity built up when you surrender the lease. In comparison, when you buy a vehicle, your monthly payments go toward eventual ownership. When it's paid off, you'll have an asset that you can sell, trade in, or continue driving without the burden of a car payment.
You'll Have More Flexibility
Once you sign the lease for a vehicle, you're locked into keeping the vehicle for the length stipulated by the agreement. If you want to get out of the lease, you'll most likely have to pay an expensive termination fee. However, if you've financed a purchase instead, you can sell your vehicle or trade it in whenever you see fit without worrying about paying a penalty.
You Can Use Your Vehicle As You See Fit
When you lease a vehicle, it will usually be subject to a variety of restrictions. You'll likely face strict limitations on how much you can alter or customize your ride. You'll also be charged extra fees and fines for wear and tear or for exceeding your yearly mileage. When you buy a vehicle, though, you can drive it as many miles as you like and customize it however you please (just be careful not to void the warranty).
No matter whether you prefer to lease or buy, our finance department here at Bill Seidle's Nissan will work hard to answer your questions and get you into the vehicle you prefer.