Should I Buy Or Lease a Car?

Lease Agreement

If you’re looking for a car in the Nisswa area, the first thing you have to decide is whether you want to purchase or lease your new ride. There are unique benefits and drawbacks to both leasing and buying, and there’s no one right answer to the question of which one is better. It all comes down to your unique driving needs, and the team at Tanner Nissan is here to help you decide! Our finance center has put together a guide comparing leasing vs. buying in the categories of cost, mileage, customization, and flexibility, so you can stay informed as you shop for your next vehicle.

Leasing vs. Buying: Cost Comparison

  • Leasing: Leasing is a more cost-effective solution for drivers who are interested in upgrading to the latest model every few years. Starting a new lease every few years makes more sense than constantly buying and selling, and it keeps your maintenance costs relatively stable!
  • Buying: If you want more financial freedom and plan on driving a car for a long time, buying is probably a better choice. You’ll own your vehicle outright once you pay it off, rather than making monthly payments for as long as you drive it.

Leasing vs. Buying: Mileage Restrictions

  • Leasing: When you lease a car in Aitkin, you sign a lease agreement that puts certain restrictions on the number of miles you can drive per month. If you go over that limit, you risk having to pay a fine at the end of your lease term.
  • Buying: Once you buy a vehicle, it’s yours to keep! There are no restrictions for mileage attached, and you can drive it as much as you want.

Leasing vs. Buying: Customization

  • Leasing: Your lease agreement will also come with restrictions for customization, meaning you probably won’t be able to significantly alter the vehicle or add your own accessories. When you lease a vehicle, the dealership still owns it, and they won’t want you to make excessive changes.
  • Buying: As we discussed above with mileage, buying a car means you own it outright, so you can customize it as much or little as you want. However, some alterations may end up voiding your warranty, so be careful.

Leasing vs. Buying: Flexibility

  • Leasing: At Tanner Nissan, we want to give you plenty of options when your lease is up to make the process as stress-free as possible. You can either upgrade to a new model, walk away, or potentially buy out the lease so you can keep the car for good.
  • Buying: If you’re still paying off your vehicle but you want to sell it back to us, you can usually do it without much hassle. As long as you owe less than the vehicle’s current worth, we’re happy to take it back. This gives you more flexibility than if you lease since you usually can’t end a lease term early.

Explore Your Finance Options at Tanner Nissan

If you have any questions about buying or leasing a car, contact our office! We’ll be happy to help you decide what works best for you. You can also stop by our dealership to talk to a member of our team in person–we’re conveniently located near Bemidji. Be sure to check out our blog for more vehicle information, service tips, and the latest automotive news!

 

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