The Basics of Leasing
Leasing is a great option if you like to drive the latest and greatest, prefer a lower monthly payment, and are a responsible driver who takes great care of your vehicles. But how exactly does leasing work?
There are three key components of leasing that make this ownership option different from buying a new or used vehicle.
1. Your vehicle will most likely never be out of warranty.
Most Nissans are covered for up to 36 months with a vehicle warranty and 5 years for a powertrain warranty. That means, if you sign up for a three-year lease, your Nissan is most likely covered at any time if things go wrong.
Of course, you’re responsible for normal maintenance such as oil changes and tire rotations. If something breaks because of extenuating circumstances (such as the driver being irresponsible or an accident), your full-coverage insurance may need to come to the rescue.
But other than that? Your warranty’s got your back.
2. You only pay for what you use.
Think of your lease payment like paying rent. Nissan figures out the value of your new car and what it will likely be worth in three years. Then they divvy that value up so you can pay it over time, and that’s your monthly payment.
With a purchase, your monthly payment goes towards the overall balance of the vehicle, which factors in its lifetime monetary value. But with a lease, all you need to worry about is what that vehicle is worth at the moment, because you only pay for what you use.
3. You have more ownership options at the end of it.
When you opt to purchase a vehicle, you have only one choice when you decide it’s time to drive a different car: sell or trade your current one.
With a lease, you have three options: you can hop into a new lease, choose to buy the car you have been leasing, or hand in the keys and walk away from the whole thing.
It’s really that easy! Leasing is an extremely accessible way to drive a reliable vehicle at a lower monthly payment.
You may be surprised at just how much car you can afford once you opt to lease!