Should I lease my next car or buy it?
Hey guys and Happy 4th of July weekend! We are getting ready for a weekend of fun here in Pawleys Island. 4th of July means big savings here at Coastal Nissan and Coastal Chevrolet Cadillac. We actually have an all month long sale
going on! With sales we usually get a ton of questions ranging from features about the car to options on purchasing. Making the decision to buy a car is a big one and we understand that, so in order to make your buying process easier, we are going to talk a little bit about whether you should buy your new car or lease it.
Benefits of Buying
- You can essentially put unlimited mileage on your vehicle. Unlike leasing, when you buy a car you can put as many miles on it as you want without penalty. If you find that you travel a lot for work or simply drive a lot around town, buying your car may be better so you don’t have to conserve your mileage.
- You will own the car at the end of making payments. This is great and a lot of people buy because of this reason. They don’t want to keep making payments on their car forever. If you tend to keep your vehicles for long periods of time then buying may be the route you want to take.
- Pride of ownership. Nothing is better than that accomplished feeling of owning your own car. You don’t get that when you lease a car because you have to turn it in at the end of its term. Apply for financing at Coastal here.
- Increased flexibility. By this we mean that if you ever wanted to trade in your current vehicle, you would be able to do it because you purchased your vehicle. However, if you had leased it you have to wait until your lease is up to get into another vehicle.
Benefits of A Lease
- Usually lower monthly payment. When you lease a vehicle you are essentially paying for a percentage of the vehicle, thus resulting in less money you have to spend per month.
- You don’t have to worry about being upside down/negative equity. Because you have the option of turning in the vehicle at the end of your lease, you can go into another new car without having negative equity.
- Usually takes less money down to fit your budget. Because you are leasing the vehicle for a shorter term, money down has a larger effect on your monthly payment.
- Lower maintenance costs. Because you are leasing a car every 3 years, the manufacturer warranty is always going to be in effect throughout your term. If anything does happen then usually the powertrain and bumper to bumper warranties will cover it. Also, with our dealership you get 3 years of free tire rotations and oil changes when you buy a new Nissan, so you aren’t paying for those during the duration of your lease!
- You will be in a new car every 3 years. If you are all about the latest and greatest models on the road, then leasing is where you want to go. A lease is up every 3 years, which means you have the option to get in the most updated model at the end of your lease term. Who doesn’t want to be driving the newest thing out there?
- No trade-in hassles at the end of your lease. At the end of your lease, all you have to do is go to the dealership brand that your vehicle is and turn in your lease. That’s it! No worries about trading it in. Even if you decide to buy out your lease, all you have to do is look at your contract from when you originally signed and it will have the dollar amount for your buy out.
- Usually you can get in a nicer car for less money. You are only paying for a portion of the vehicle, so the cost of ownership is more affordable. Thus, if you want to get out of your current vehicle you can most likely get a brand new one for less money than if you purchased.
There are some great benefits to both buying and leasing. Hopefully our post has helped you narrow down which way you would like to go. If you have any additional questions about leasing vs. buying that we didn’t cover, feel free to contact our finance managers directly. Laura Ludemann at Chevy/Cadillac: 843-979-6026 and Ben Dameron at Nissan: 843-979-6051.
Thanks for reading and we will have some helpful information next month!