A new dealership bulletin reveals everything.
Automakers are responding quickly to our new reality by offering greater flexibility when it comes to car leasing. CarsDirect has obtained a bulletin recently sent to Nissan dealers informing them of a new 10,000 mile-per-year lease which adds 3 percent to a vehicle's standard 15,000-mile-a-year residual value. The higher the residual value, the cheaper the lease prices. Nissan is also in the midst of a financial recovery, so the more customers the better.
Taking the Altima S as an example, its promotional lease price earlier this month was $279 a month for 36 months with $2,599 due at signing and a 12,000-mile annual limit. The new lease deal is $269 with $2,499 upfront and a 10k yearly limit. Factoring in the initial payment, this is a difference of $14 a month, or $168 per year. But is this really a better deal than paying the charge for exceeding the allowed miles?
According to Nissan's mileage overcharge rates, driving 12,000 miles on a 10,000-mile lease tacks on an additional $300 per year. It really boils down to one's driving habits because paying for the extra miles in advance could be the better way to go.
Nissan isn't the only automaker rolling out 10k annual mileage allowance leases. Honda, for example, is doing the same but its entire lineup is eligible. Lexus and Lincoln recently began offering an ultra-low 5k yearly limit. Toyota recently rolled out a clever plan for the 2021 RAV4 with a new 39-month lease resulting in an unchanged residual value compared to a 36-month program. Prices were cut by up to $25 a month simply by allowing customers to spread out the cost by an additional three months.
Those who have their heart set on new Sentra or Altima and want to take advantage of this lease deal have until November 30. They also need to know there's a $500 holiday bonus on the table.