Buying a car:
- You own the car and can keep it as long as you want.
- You can customize the car as you like.
- You can sell the car when you’re done with it.
- Higher upfront cost, including a down payment and higher monthly payments.
- Depreciation, the value of the car decreases over time.
- Maintenance and repair costs.
Leasing a car:
- Lower upfront cost, including a lower down payment and lower monthly payments.
- No depreciation worries, as you’re only paying for the car’s value while you’re using it.
- Often have option to drive a new car every few years.
- Have mileage restrictions and extra charges if exceeded.
- You don’t own the car and can’t customize it.
- At the end of the lease, you’ll have to return the car to the dealership.
Image by Gustavo Fring