Since the pandemic led to a massive lockdown and shifted millions to remote work, many have greatly cut the number of miles they drive. The reduction in miles means that people may steer clear of traditional automotive financial products like leases since they’re not getting anywhere near their money’s worth out of the car. Nissan has a solution to this problem with a new “SignatureFLEX” mileage-based lease program that allows customers to change their annual mileage allowance over time.
Nissan says its data show a desire for lower-mileage leases, and the company had already developed a 10,000-mile lease for such buyers. That lower-mileage lease has overtaken other Nissan lease terms, becoming the most popular option for its vehicles. Now, the automaker offers a 5,000-mile lease for people needing even fewer miles.
The flexible lease program is only available for the Nissan Rogue, Rogue Sport, and Pathfinder to start. Nissan says more vehicles will become available early next year. Customers can give Nissan access to vehicle data, such as the odometer reading, to provide customized messaging and guidance on mileage usage.
Nissan’s lease program is close to the types of financing exotic car buyers get, with lower mileage limits intended to keep the cars in excellent condition. Nissan’s plan will help it attract new buyers but may help steady its supply of used vehicles at dealers as leases expire. Giving buyers an option to get a lower-mileage lease could encourage people to let their cars sit so that when they are turned in at the end, Nissan dealers have higher-quality inventory.
Source: www.autoblog.com