Buying a new car, truck, or SUV can be quite expensive, this is why many people choose financing or leasing. So which one works best for you? The financial experts at Brasso Nissan are happy to help explain the differences between leasing and financing so you can make an informed decision!
What is Leasing?
The best way to describe leasing is that it’s a little like renting a vehicle for an extended period of time (typically 3 years or 36 months). You do not intend to own the vehicle, rather you are merely borrowing it. Most of the time leasing is cheaper than financing – this is because you are paying the depreciation on the vehicle. There are other advantages like a longer warranty and the privilege to drive the latest cars, trucks, and SUVs for less than financing.
There are some downsides to leasing however. You must maintain the vehicle and keep it in good physical condition, or else you will be charged additional fees. There are also mileage restrictions to keep wear-and-tear on the vehicle to a minimum. Finally, as you technically don’t own the vehicle, you aren’t allowed to add parts or accessories like body kits or performance enhancements.
What is Financing?
The best way to describe financing a vehicle is that it’s a bit like a mortgage. You plan on owning it, but you currently don’t have the money to buy it right now. Like a mortgage, Brasso Nissan works with many different credit institutions to find you a low-interest loan that fits your budget. The loan term typically lasts 5 years or 60 months.
If you choose to finance your next ride, you also get certain perks like a lack of mileage restrictions, and the ability to customize your vehicle. While financing is usually slightly more expensive than leasing, in the end the car, truck, or SUV is yours to keep.
While many customers dismiss extended warranties as merely a sales pitch or a gimmick, these warranties actually help to extend the life of your vehicle. These contracts give you more options than the manufacturer offers, plus they can be added to your finance or leasing plan for your convenience. Brasso Nissan is proud to offer a range of extended warranties to protect your newly leased or financed vehicle. Our contracts are essentially just longer versions of what the factory provides you with. This gives you extra peace-of-mind, especially if you intend to own the vehicle for a extended period of time.
The Choice is Yours
In the end, picking between financing and leasing comes down to a simple choice – do you intend to own the vehicle? Or just drive it for an extended period? If you want to own the vehicle, then make financing your choice. If you want to drive new vehicles for a little while before upgrading, then make leasing your choice.
Either way, the financial experts at Brasso Nissan are here to help you pick the best plan for your needs. You can draw on the expertise of our finance manager or service manager at any time. So contact us today to find out how we can get you behind the wheel of a brand-new car, truck, or SUV for far less than you’d expect!
If you have any more questions or concerns about financing, leasing, or just car-buying in general, leave a comment down below! Or, contact us directly via email, phone, or any one of our social media platforms.