Should I Buy or Lease?

car lease paper work

When looking for your next new car, you have a lot of financial options in front of you, and you may be wondering: “Should I buy or lease?” If you’re considering these two options, a great way to do so is to weigh the benefits of each to see what works for you. Let the team at Parker Johnstone's Wilsonville Honda help you make the right decision with this breakdown of leasing vs. buying so you can get behind the wheel of your new car and hit the Portland roads in no time.

What Are the Advantages of Buying?

  • Yours to Own: Buying a vehicle means you can customize it to meet your style and needs. Whether that’s a bumper full of stickers or installing a lift kit, there are no penalties for doing so.
  • Limitless Mileage: Do you tend to put more miles on your vehicles than the average Sherwood driver? When you buy a vehicle, you don’t have to deal with the mileage restrictions that go along with leasing.
  • Financing Options: Leasing isn’t truly the difficult process that some might make it out to be, but the financing process does tend to be more straightforward. Plus, you’ll have the option to refinance your loan in the future for a lower interest rate and lower monthly payments.
  • Sell When You Please: Without being locked into a lease agreement, you can sell your vehicle whenever you feel the time is right.
  • Less Cost Over Time: Buying can be more expensive during the initial process, but it is less troublesome in terms of cost over time as you start paying off your loan. When you own your vehicle, it becomes less expensive to own the longer you have it.

What Are the Advantages of Leasing?

  • Enjoy Lower Monthly Payments: Whether you’re talking about monthly payments or your down payment, leasing a vehicle brings on significantly lower payments.
  • Less Sales Tax: Leasing a vehicle comes with a significantly lower sales tax in most states – in some areas, you might only be required to pay tax on your down payment and monthly payments.
  • Worry-Free Warranty Coverage: Stressing about maintaining regular vehicle maintenance will be a thing of the past when you’re leasing! Any issues that arise will be covered by your vehicle’s warranty, provided you don’t exceed your mileage limits.
  • Easy Trade-In Process: When your lease ends, you can settle any remaining fees and get behind the wheel of another recent model.
  • High Approval Rate: Car loans come with the possibility of being denied. When you’re leasing, it’s far easier to get approved and it’s typically open to individuals with bad or limited credit history.
  • More Choices: When you lease a vehicle, you have the ability to get into a new model with all the latest tech and safety features every few years. You can also test out different types of vehicles – drive a sedan for a few years, then try out a small SUV if you’d like.

Get the Car Leasing or Buying Process Started at Parker Johnstone's Wilsonville Honda!

Now that you know more about lease vs. buying, you can decide which option works best for you. You can even check out more helpful features such as how to improve your credit score, learn about the Honda Pilot MPG, and more. We have a great selection of new, used, and certified pre-owned models for sale as well as plenty of lease specials, including Honda CR-V lease specials, so you can find the right model for you at a price that you can appreciate. Contact us to get the car-buying or leasing process started with a member of our finance team, to learn about our Honda Accord lease options, and schedule a test drive at our dealership near West Linn!

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