Should I Buy or Lease?

Whether you’re planning to buy a new or certified pre-owned Nissan vehicle around Hamden, you might be debating leasing vs. buying. One of the most common questions we’ve received from New Haven buyers is “Should I buy or lease a car?” 

Since this is a major decision, the Executive Nissan finance team has decided to tackle this topic head-on. In the following guide, our staff explores these options and spotlights which is the better option for your budget and needs.

Leasing vs. Buying a Vehicle

“Should I buy or lease a car?” Before answering this question, it’s important to distinguish these two unique options so you can make the most informed decision.

Leasing a Car in North Haven

When you decide to lease a car around the Northford area, you will be paying for renting a car for a long-term contract period. During this period, you will be locked into monthly payments for the entire duration. You will not build equity as you would from buying the vehicle outright.

Instead, you are paying for the ability to use your chosen vehicle for a specific timeframe and the mileage agreed upon between you and Executive Nissan. When your car lease ends, you can trade your vehicle in and replace one leased model with another, buy the car outright, or end your lease.

Pros and Cons of Leasing a Car

Pros:

• Lower Monthly Payments: You will have smaller down payments when you decide to lease a car near Hamden.
• Worry-Free Maintenance: Many Nissan vehicles come with a three-year lease. As a result, many service repairs will be covered within the terms of an existing lease.
• No Resale Worries: If you’re leasing your vehicle, you can return it when the lease ends. However, if you exceed the agreed-upon mileage or there’s wear and tear, you might have to pay some fees.
• Get a New Nissan Every Few Years: You can return your vehicle every few years, with the option to upgrade to the latest models and newest tech if you choose to.

Cons: 

• Mileage Requirements: When you exceed the agreed-upon mileage, you will pay some fees.
• Constant Monthly Payments: You must maintain your monthly payments consistently to keep your vehicle throughout the terms specified in the lease.

Pros and Cons of Buying a Car

Pros:

• Ownership: You can always buy the car once you finish your monthly payments, with the option to sell it off, trade it in, or do anything else you decide.
• Vehicle Customization: Leases have strict terms regarding what can be done with your Nissan vehicle. If you own your model, you won’t have to deal with those issues.
• No Restrictions: You won’t have to worry about wear and tear, mileage riles, and other concerns. Repairs and other maintenance needs are entirely at your discretion. 

Cons:

• Higher Monthly Payments: If you decide to lease your vehicle, you’ll have lower monthly payments compared to financing that same vehicle.
• Rapid Depreciation: New cars lose between 15% and 50% of their total value in the first five years. 
• Larger Down Payment: When you’re getting approved for a loan, you may have to make a larger down payment to do so. Leasing a vehicle will mean less chance of this occurring.

Buy or Lease Your Next Nissan with Executive Nissan

Still wondering, “Should I buy or lease a car?” The choice is up to you and what works for your budget and needs. At Executive Nissan, we want to make sure the entire car-buying process will be as straightforward as possible.

Check out our new and pre-owned vehicle specials to see what might be an excellent option for your New Haven rides. Explore our vast inventory and find the perfect vehicle at Executive Nissan today!