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AUTONET TV

Lease or Buy?

Posted October 11, 2017 7:52 AM



Lease? Or buy? These are the options for Corvallis drivers. It's always a tough question for auto owners, but here is some info that'll help you make an informed decision.

If you buy, you'll pay the full cost of the vehicle, maybe an initial down payment, monthly payments on the balance that pays down the loan principal, and the finance charge.

Corvallis drivers who lease finance the portion of the cost of the vehicle that's used up during the term of the lease. You'll pay some money up front: fees, security deposit, first month's payment and maybe a capital reduction. The monthly payments include a depreciation cost and a finance charge. When the lease is up, you return the vehicle to your local Corvallis area dealership. 

So how do Corvallis drivers decide?

First, how much do you have for a down payment? A lease usually requires a smaller down payment.

How much monthly payment can you afford? Again, lease payments will be much lower for any given down payment.

A lease needs requires better credit, so that's a factor.

How long will you keep the vehicle? Corvallis drivers who keep their vehicles around for a while will pay less if they buy. But just two or three years? Then leasing is the way to go.

If your car might suffer a ding or two, like a work truck would, then buying's better. The auto leasing company will want their vehicle back at the lease end in tip top shape, and if repairs are needed, you'll pay.

How far do you drive in and around the Corvallis area? Important to consider because leases have a mileage limit; if you go over, you pay a hefty charge per mile/kilometer when the lease is up. So high mileage OR drivers should definitely buy.

Will the car be used in your business? Check with your accountant, but both financing options have different tax benefits, depending on your circumstances.

Over the short term, leasing is much cheaper. Medium term, leasing and buying costs are about the same. Over the long haul, leasing always costs more.

Leases may sound a bit complicated, and the typical lease decision weighs more on the monthly payment rather than price. So sometimes Corvallis leasers may pay on a higher purchase price than a buyer would.

Here is a tip: If the salesman asks if you'll be leasing or buying, say you're not sure yet. Make your best deal, then look at your financing options.

Here's another: With a buy or a lease, if you total the vehicle, you'll owe the full amount of the loan, or the balance of the lease payments. Usually, it's less than the vehicle's fair market value, and that's all your OR auto insurance company will pay. But ask your Corvallis agent about gap insurance, which pays the difference between fair market value and what you owe. Big consideration for a lease.

Remember, you have to return your leased vehicle in excellent condition and may need to do all the vehicle manufacturer's recommended service and maintenance or face penalties. So see your local advisor at your Corvallis auto repair shop  or D & B Bear Service on a regular basis, get the required work done and save the service records. It's well worth it.

D & B Bear Service
305 NW 2nd
Corvallis, OR 97330
541-752-3316



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What Our Customers Are Saying

I worked for and was service manager at D & B BEAR for 31 years and have recently changed careers. Owner Denny Rice is a one-of-a-kind suspension specialist & provides a great family-driven full-service shop that you can count on. Thank you for the time spent with you all.


-Steven Graves

My parents have owned D & B Bear service for nearly 40 years. They pride themselves on being honest and always putting the customer first. They also have always offered friendly service. My father started working at his family's business when he was 12 years. His experience is something that you don't find that often. If you are looking for great, friendly, honest service, give Jack a call today.


-Jeanette Doane

We discovered these guys from a person who sold us a used car. It was a '94 Honda they had been responsible for since it was new. I have been driving for 55 years and have used many repair shops in many cities. We have used these guys on many occasions in the last several years for all of our cars' repairs. I used to work on cars myself when I was young so I know when I am getting BS. These guys are very very good - the best I have ever had. Do yourself a favor and give them a shot.


-James Denning

Great, friendly service. They kept me informed about the progress and estimates for the repairs they did throughout the day. I will always take my car back here as long as I live in Corvallis.


-Anthony Zak

They have done me right a couple times now by coming in with quotes under others, and never going over their own quote, and my truck has been great!


-Robert Voss

Very knowledgeable and friendly. We were recommended to them by our neighbors and rightly so! They did a great job fixing our car and did it so fast it surprised us and all of my coworkers. Thanks for getting us back on the road so quickly.


-Steve Z

Super friendly people, extremely helpful. Took a look at my brakes and explained the problem piece by piece to me, so I could make an informed decision. Wonderful folks, I'd recommend them to anyone, and I will definitely be returning for any future car issues.


-Steven Alexander Czyz

Great friendly service and reasonable.


-Larry Hood

They helped me so quickly and treated me so nicely! Fair price and some really nice people.


-Kelly Conklin

Les Schwab wanted me to do some major repairs. I took my car to D & B, and they said my car didn't need it. The dealer is more expensive, and they want to do additional maintenance than D & B recommends. These guys are honest, and they are not just in it for your money.


-Jared Martinsen

We had some problems with our radiator on our way home for Thanksgiving and ended up at D & B. They told us we needed a new radiator, but it was late in the day, and no one in town had one. We didn't end up having the work done here because of travel logistics, but they were very helpful and kind enough to let us hang out in their office with a dog and baby while we figured out our tow truck. Very nice folks.


-Ryan King
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