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If this is your first car purchase in several years, you may have forgotten about some of the differences between leasing vs. buying. When looking up new Chrysler, Dodge, Jeep, or RAM vehicles, you want to make sure you know which is better for your needs. Dick Hannah RAM takes a look at the benefits of either option and how both can work for customers. You can also explore our new vehicle inventory, apply for financing or schedule a test drive.
What is leasing a car like? For Beaverton drivers, you’ll rent your purchased car for several years. Instead of building equity or selling the vehicle, you’ll only have to pay for the depreciation during the course of the lease term. This means lower monthly payments and a smaller down payment. You also won’t have to pay too much in sales tax. When your lease is up, you can renew, swap it out, end it, or finance whatever value is left.
What about financing a car? This means you’ll take out a loan for the full value of the car, with the intention of being the owner. Your car’s full value will be more than the depreciation over a temporary lease. As a result, you’ll have a larger down payment, more sales tax to pay and larger monthly payments overall.
The difference being you’ll be able to sell your car at any time and recoup any money you’ve invested into the principal of your loan. This is often the most cost-effective option, but it does mean more costs upfront, month-by-month, and a greater commitment on your part.
Now that you’ve read about the differences between leasing and buying, if you’re still unsure about which is preferable, call Dick Hannah RAM at 360-944-3277. Our financial team is happy to walk our Hillsboro neighbors through their available options and help them identify the best option for their budget. In the meantime, take a moment to explore our new vehicle specials, see what might be ideal for you and start dreaming about that next purchase!
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