Leasing a car means that you're able to take advantage of the perks of traveling around in a new car without having to commit to that car for many years down the road. This is a great option for many car shoppers who like to enjoy the latest technology, modern features, and desirable options of a new car while making affordable payments. However, there is a big decision that you'll need to make when it comes time to turn in your Nissan. End-of-lease steps, like having your vehicle inspected or doing repairs, are always going to be necessary, but after you have to decide if you want to return your current vehicle and be on your way, lease a new vehicle, or buy the one you are currently driving.
It's important to take some time and think about what you'd like to do at the end of your lease so that you're able to make the decision that works best for your needs and your budget. Although there are numerous benefits with trading up, as well as keeping your vehicle, the choice is ultimately yours to make, so let us help you figure out what you should do at the end of your Nissan lease.
Like we mentioned above, you have some options at the end of your car lease, which include taking on a new lease for a newer model, buying the vehicle that you're currently leasing, or returning it and walking away. So, which is right for you? When it comes to leasing a car, it's nice to never have to worry about your vehicle being outdated, investing in costly repairs, or becoming stranded on the highway, which makes starting a new lease a solid choice for many. At the end of your lease agreement, which can range from typically 24-48 months, your car is undoubtedly outdated. New features, upgraded technology, and more options are now available, and with all the shiny, new models on the lot, getting a shiny new car with a shiny new lease may be the right idea.
If you're someone who always likes to be in a new car, starting a new lease with a new model is going to be the best option for you. Not only will you get to enjoy all the perks of these new wheels, you won't need to be concerned about costly maintenance that you can typically expect when you buy a car and ride around in it for six or so years. You'll still get to take advantage of reasonable monthly payments, lower down payments, and even Nissan lease deals along the way if you choose to team up with Thomas Nissan. Although this option is popular with many drivers, it does have some limitations.
First of all, it's to be expected that in leasing and re-leasing over and over again, you'll always have a car payment, which isn't the case when you buy your car. If you're prepared to always have this expense, then a new lease may be a good fit for you. You may also have to pay more for your car insurance, as well as having to stay on top of mileage restrictions and any damage to the vehicle. If you're someone who frequently travels, having unrealistic mileage restrictions simply won't work. Plus, if there is damage to the vehicle upon turning it in, you're responsible for paying for that damage and having it repaired.
On the other end of the spectrum lies buying your car at the end of the lease terms. This is perfect for those who are quite content with their particular vehicle and don't wish to start a new lease and get used to another car. There are certain instances where buying the car is advised over continuing the leasing chain. For those who have blasted past their mileage restrictions or have accrued costly damage to the vehicle, buying it outright is recommended. And for those who don't want to have to worry about leasing a new car every couple of years, buying it and working toward owning it is an option for you.
There are also limitations to buying your car at the end of your lease, which include being responsible for maintenance issues, as well as paying the rest of the value for the vehicle. Vehicles only last for so long, which means that as time goes by, parts will need to be replaced and repaired in order for your car to operate safely. And also, as time marches on, the features that you fell in love with when you first leased the car will most likely be replaced by more advanced and exciting features. Also, you still have to pay for the rest of the value of the car before it becomes yours.
Of course, if you decide that Nissan isn't right for you for any reason, or you just don't like the specific model you chose, you're able to return your vehicle at the end of the lease and walk away. Although there are benefits and limitations to all of these options, it's important to take some time and figure out what you want to do at the end of your lease so that you're not stressing about it when the day comes and your current lease ends.
When the time finally arrives to get a new Nissan model, buy the one you leased, or return it, here are the end of lease steps we take here at Thomas Nissan. First and foremost, which option do you plan on choosing? If you choose Option #1, which is to turn your vehicle in and get a new Nissan, you will need to schedule your vehicle inspection, where our certified technicians will advise on any maintenance or repairs that are needed. Once you decide if you want to make these repairs on your own before returning your vehicle or have our dealership make them (fees apply), scheduling a return appointment is the next step. We will work with you to pick out your next Nissan, finance it in a way that works for you, and we'll even cover up to $500 in wear and tear fees as well as your disposition fee (where applicable) if you get a new Nissan vehicle as part of our Owner Loyalty Offers.
If you choose Option #2, which is to keep your current vehicle, there will be no need for an inspection, and any wear and tear, maintenance, or repairs needed will simply fall on you as the new owner. All you'll need to do is adhere to the predetermined buyout price, and your Nissan is yours to keep. There may be some additional fees that vary by state and circumstance, but overall you will just continue to make payments until you fully own the vehicle.
If you choose Option #3, which is to return your vehicle, the steps associated with this option are similar to Option #1. You'll need to schedule an inspection of the vehicle, choose to make any repairs or cover the fees for us to make the repairs, and then instead of trading it in, you just leave it with us. No matter which option you choose, Thomas Nissan will help you along the way with easy instructions, expert guidance, and convenient ways to handle your end-of-lease decision.