Buy vs. Lease | Amherst, NY
Which is the Better Option For You?
When it comes to driving home in a new car, the process can be thrilling, but it can also be long and stress-inducing with so many options to choose from. Considering whether to buy vs. lease in Amherst, NY, means going through the pros and cons of both, and seeing which fits your individual circumstances. At Mike Barney Nissan, we can help make the car buying, or leasing, process enjoyable and hassle-free.
Like any major decision, it’s important to know the benefits of drawbacks of all your options. If you would like to drive your new Nissan for as long as possible, buying is the better option. When you buy from Mike Barney Nissan, you own the car once the loan is paid off. Once it is, you no longer have to worry about how your monthly car payment fits into your budget. This is an advantage because it means you could go several years without having a car payment, and you will be saving money compared to someone who has to keep leasing every few years. Another benefit to buying a new Nissan is you won’t have to worry about mileage restrictions. If you do a lot of driving, or plan on taking a road trip in the near future, buying is the better option. Other benefits include being able to sell or trade in the vehicle at any time if your needs change, you won’t need to worry about wear and tear, and your vehicle is yours to customize and modify to your liking.
There are also various drawbacks in buying a new car. It can be difficult to determine what the vehicle will be worth when you’re ready to make a trade or sell it. When you lease, this value is predicated up front. You can also lose money if you still have a loan on the car, and you get less than that amount when you trade or sell it. Another potential con is coming up with a sizeable down payment. Dealers may require 10-20% of the purchase price when taking out a car loan.
You can also decide to lease when considering to buy vs. lease in Amherst, NY. Over 70% of people lease because it lessens your risk for depreciations, and you typically have a lower car payment because you’re not buying a new Nissan at its purchase price, you only pay the depreciation value of the vehicle. This helps when you have a specific budget you need to stay within each month, or you only have enough saved for a smaller down payment. With leasing, you can also afford to drive a vehicle you may not have been able to if you were to purchase it outright. So if you enjoy having the latest features at your fingertips, and driving a new car every few years, leasing is right for you. And when you lease from Mike Barney Nissan, we allow generous wear and tear, and a $500 allowance when you re-lease for excessive wear.
In terms of drawbacks to leasing, you have a limit to the number of miles you can drive. If you go over the set amount, you’ll pay a fee per mile at the end of your lease. You also won’t be able to make any major altercations to your vehicle. When you lease, you’re essentially renting for a set amount of time. This means when the lease is up, you either need to get a new car, with new payments, or take a loan to buy the car you were previously leasing.
When you’re considering whether you want to buy vs. lease in Amherst, NY, visit Mike Barney Nissan to get either process started. We are located at 3676 Sheridan Drive in Amherst, NY.