Buy
- Can pay off your auto loan, which eliminates a monthly cost.
- Requires more money up front, and each month.
- Have the freedom to sell or trade it in whenever.
- Usually cost less than leasing overall, over time.
- It's yours to sell, total or drive for 20 years.
- The car's value depreciates as soon as you drive it off the lot.
Lease
- Costs less up front and each month so you can afford a more expensive car.
- If you always lease, you'll make car payments for life.
- A lease contract is difficult and expensive to break.
- You can get a tax break if you use the car for business purposes.
- Can upgrade to the newest model every couple of years.
- You'll owe fees for exceeding annual mileage limits or any damage to the car.
