Leasing vs buying a Nissan

Buy or Lease

Trying to decide whether to buy or lease a vehicle? We have provided the information below to help you make an informed decision.

When you buy a new or used Nissan from us, you pay for the entire cost of the vehicle. If you lease a new or used Nissan, you'll pay for only a portion of the vehicle's cost, which is the part you use during the time you are driving it.

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Buying

Leasing

Who Owns It

Whether you pay for your new vehicle with cash, or finance it and make monthly payments, it is yours. If you're financing it, you'll have to meet the obligations the lender requires, like a certain down payment amount and timely monthly payments. If you don't, the lender has the right to repossess it.

JUST ANNOUNCED

The State of Illinois has now made leasing more affordable. They have changed the sales tax calculation on leasing and now you can save up to 50% or more on the tax required for an approved lease. Contact our Finance department with any questions.

Up-front Costs

If you're financing it, the bank will probably request a down payment. You can also trade-in another vehicle and use any equity towards your down payment. The amount of the down payment is usually based on the lender's requirements and your credit score.

Who Owns It

You do not own the car when you lease. You're paying for the use of the vehicle, but the finance institution that you leased it through actually owns it. This is usually why you pay less per month in a lease than if you were to buy the car.

Future Value

Your vehicle will be worth whatever you can sell it for in the future and that depends on how well you maintain it. (Be smart and protect your investment with regular scheduled maintenance by a factory-authorized facility!)

Up-front Costs

Leases often do not require any type of a down payment. All you usually have to pay is the first month's payment, a security deposit, the acquisition fee and other fees and taxes. But, as with a purchase, if you want to lower your monthly payments you can always pay more upfront.

End of Payments

Once you've paid off what you owe on your contract, that's it. Your vehicle is 100% yours. The lending institution will send you a lien release as proof that the vehicle is completely paid off and all yours.

Future Value

In most leases you don't end up owning it so you don't end up selling it. That's the financial institution's job. Although you may have mileage limits and wear and tear guidelines that, if you exceed them, could cost you extra money when you turn your vehicle back in.

 

End of Payments

Most people return the vehicle at the end of the lease term. But some like to purchase it during their lease or at the end. Others like to trade it in before their lease is over. Just ask us about these different options before signing any paperwork and we'll make sure you have your lease set up the way you want it.

 

Best Cars to Lease

The best cars to lease are those with the best book value after the term of the lease. Since they depreciate less, you pay less. Review the lease ratings to see which cars retain their value.

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