Lease vs Buy a Vehicle

Pros:

• You will be the owner with the title in your name
• Because you own it, you are able to alter or customize the vehicle however you please
• In the long run, buying is more cost effective
• You can see the vehicle whenever you want for a return on your investment
• There are no mileage restrictions

• You will not know the resale value of the car until it is time to sell
• Down payment is significantly higher as you are financing the entire cost
• Monthly payments will be higher
• Maintenance and repair costs will come out of packet after warranty expires

Pros:

• Only paying for the period of time you use the vehicle
• Lower monthly payments
• Smaller down payment
• Car is usually covered under warranty for length of the lease
• You can upgrade your car every few years (usually 3 years)
• You are not liable if the vehicle depreciates faster than expected

• You are limited on the number of miles driven each year
• Additional fees for exceeding mileage limits
• You are basically renting the vehicle for an extended period of time, so the title will never be in your name
• Leases do not help build equity 
• Additional fees for terminating lease early