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Should I Buy or Lease?

Tiny car behind coins

Are you shopping for a new Jeep and asking yourself, “Should I buy or lease?” When deciding between lease vs. buying, the best choice is going to depend on your driving style and financial situation. Portland drivers often ask us about the difference between lease vs. buying, and our helpful finance department is always happy to answer any questions that make the choice easier. They break it down for you below: 

Perks of Leasing

  • You can often expect lower payments — both monthly and down payments — when you lease a vehicle.
  • In most states, leasing a vehicle drastically lowers sales tax. In some areas, you only have to pay tax on the amount you put forth in the down payment and for the monthly payments.
  • When your lease agreement is over, the process of trading in for your next leased vehicle is simple. Head to Dick Hannah RAM, pay any remaining fees, and drive away in your next vehicle.
  • Warranty coverage and maintenance are a breeze when leasing. Any issues that pop up under your warranty are covered, as long as you don’t go over the mileage limit.
  • Leasing allows you to stay in the newest models with the most up-to-date tech every time you lease a new vehicle. You’ll have tons of options and will be able to find the perfect model and features for you.

Benefits of Buying

  • If you’re driving your vehicle inside and outside of the Hillsboro area, you may want to consider buying. Since there are no mileage limits like you get on a leased vehicle, you’re free to drive as much as you want.
  • Buying a vehicle means total ownership. This means you are free to do whatever you like with the vehicle. There are no restrictions on how you can modify or decorate it.
  • Want to make your new vehicle stand out among the crowd? Buying rather than leasing allows you to customize it with cosmetic and mechanical changes as you see fit. Create the car of your dreams without restriction.
  • Since you’re not locked into a lease agreement and you own your car, you can opt to sell your vehicle whenever you choose. The cash is yours to keep. 
  • While leasing isn’t that difficult, the car financing process is more straightforward. It’s also more open to shoppers without great, credit scores. When buying, you can also refinance your loan to lower your interest rate and monthly payments.
  • Though buying a new car is more expensive in the initial period than leasing, it is less expensive in terms of cost over time as you work towards paying off your loan. With total ownership, the vehicle becomes less expensive to own the longer you have it.

Choose Between Lease vs. Buying at Dick Hannah RAM

Whatever your answer to, “Should I buy or lease,” know that it’s a personal decision. What works for some might not work for others. Work with our financing team and check out leasing deals and financing specials to help you make your decision, and answer all your questions about how to buy a new car.

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Dick Hannah RAM 45.646640, -122.600040.