Should I Lease or Buy a Nissan in Bedford, OH?

Is Leasing Right for Me?

That's a question we hear frequently here at Bedford Nissan -- and it is a good question to ask! At Bedford Nissan we recognize that this process is about you and your needs, and it is that focus that has allowed us to increase the number of satisfied customers in the Bedford Nissan Family for over forty seven years. To see if a Nissan lease or a buy is best for you, let's start with a simple explanation of both:

Purchasing a Vehicle:  When you purchase a new Nissan vehicle with a Nissan finance contract you are agreeing to pay for the full cost of the vehicle over the term of your loan. The finance contract typically covers the vehicle price, taxes, dealer fees, licensing costs, and any associated finance costs. Payments vary according to one's credit profile, the amount of money down in lieu of financing, and the length of the finance term.  Consumers who want to trade in their vehicle before their contract obligations have been satisfied must contact their lender to ask for a loan payoff, or the amount needed to terminate the contact. Depending on the market value of their vehicle at that time, they will either have positive equity (the vehicle is worth more than the payoff) or negative equity (the amount they owe is greater than the vehicle's value). 

Leasing a Vehicle: When you lease your new Nissan vehicle you are not financing the complete cost of the vehicle. A lease payment represents the price of the vehicle now minus what the leasing company projects the vehicle to be worth when the lease is over (this is called the Residual Value) plus any fees or finance costs. Tax is typically assessed not on the full price of the vehicle, but only on the total payments. At the end of the lease, the lessee has several options open to him/her: buy out their leased vehicle, return it to the leasing company and choose a new vehicle option, or sell it to someone else (keeping any profit beyond the terms of the lease agreement). Because you are only paying for the part of the vehicle's value that you use, leasing is a great way to enjoy all the benefits of a brand new Nissan vehicle with a lower monthly payment! 

Here are a few questions to ask your self to see whether leasing or buying is better for you:

Lease vs. Buy Consumer Comparison Questions

	Lease	Purchase
Do you like owning new/newer cars?	X
Do you like comfort/luxury features but find them difficult to afford?	X
Do you prefer to drive your cars "until the wheels fall off"?		X
Do you like the security of being well covered by manufacturer warranties?	X
Do you consistently drive more than 18,000 miles per year?		X
Do you worry about being stuck with a vehicle you don't like?	X
Do you like to personalize your vehicles with window tint, sound systems, modifications, etc.		X
Does your company reimburse you for car expenses?	X
Do you find yourself trading in your cars while you still owe something on them?	X
Are you willing to trade the risk of paying for expensive repairs for eventually not having a car payment.		X
Do you get emotionally attached to your vehicles to the point you hate to part with them?		X
Is having the latest vehicle technology for connectivity and safety important to you?	X
Are you willing to trade the responsibilities of complete vehicle ownership for lower monthly payments?	X

 

When comparing the pros and cons of leasing vs. buying remember that there are no right and wrong answers -- there are just your answers. At Bedford Nissan most of our customers prefer to lease. When we ask them why, they share that leasing puts them in control of their vehicle choice.

At the end of their Nissan lease term, Bedford Nissan lease customers enjoy having options. As a leasing customer, you can:

• Keep your current lease vehicle. At the start of every lease agreement our customers know exactly what they are able to buy their leased vehicle for a the the end of their lease term. This gives them, in essence, a two or three year test drive to really know if this car is "the one".
• Walk away from your current lease vehicle. There are no worries about "negative equity- or owing too much on a car you no longer want" at the end of a lease agreement. Turn in your vehicle in the agreed condition/miles with no worries!
• Upgrade early into a new Nissan vehicle.  Bedford Nissan customers frequently are eligible for special offers from Nissan that allow them to upgrade their current lease vehicle early! These programs literally pay off your lease early so you can move into something brand new again!.
• Sell your current lease vehicle to a friend. When the lease purchase option is less then the market value of a given vehicle, some Bedford Nissan customers will sell their leased vehicle for its market value, applying the difference to their next lease vehicle.

We hope that you found this page helpful.  We included some Frequently Asked Questions (FAQ) below.

If you're still unsure about which option is right for you, let us help! We will gladly break down both purchase and lease options on the vehicle of your choice.
 

FREQUENTLY ASKED QUESTIONS (FAQ)

Don't you have to watch your miles with a lease? When you lease your vehicle we will review your current driving habits to determine which lease fits your needs best. While lease customer are charged per mile if they go over the agreed upon mileage limits, with Nissan it is only fifteen cents per mile. (Often such charges can just be absorbed into your next lease.)

• Everyone ultimately pays for miles, though. The value of any trade in vehicle is affected by its mileage, and though you don't physically write a check for miles on a vehicle you own, NADA Mileage Adjustment charts call for appraisers to deduct anywhere from twenty to over fifty cents per mile off the value of a trade in with excessive miles. Most experts agree that leasing is advantageous to most customers who drive less than 18,000 miles per year.

Don't they charge you for every little dent at the end of your lease? Your leasing contract will detail what is considered "normal wear and tear" and what, in most cases, does not result in charges to the lessee. Just like in a car you own, you will need to address significant damage items that fall outside of this range.

• Many lease customers opt for available protection products that relieve them of any unwanted expense. (There are a variety of options in this regard. Make sure to ask your Finance Manager for what works best for you at the time of delivery.)

Can I customize my lease vehicle? Some genuine Nissan accessories are factored into the residual value of your lease agreement. See your Bedford Nissan Sales & Leasing team of professionals for specific questions about customization and how it may affect your situation.

Will I have to come back to the dealer I leased from to turn it in at the end? As much as we love seeing our customers throughout their ownership experience, Nissan currently lets you turn in your leased vehicle at any Nissan dealer. You lease agreement should detail your disposition options. We are happy to review those options with you at any time!