Leasing vs. Purchasing....Which is Better?

Deciding between the two is more of a lifestyle question than a financial one. In a nutshell:

Leasing tends to benefit people who:

  • Regularly get a new vehicle
  • Drive less miles
  • Prefer not to worry about any major mechanical repairs(Most leased vehicles are covered by the manufacturer's warranty for the term of the lease)
  • Want a lower monthly payment

Purchasing tends to benefit people who:

  • Keep their vehicle for a long time
  • Drive a lot of miles
  • Have a larger down payment or a trade
  • Looking to build equity
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