This question is hard to answer. It really depends on your lifestyle and your preferences.
Certain lifestyles may work better with leasing than others. For instance, if you entertain business clients, leasing allows you to drive a luxury vehicle for less money (and there may be a tax write-off for certain professions). Other people just like to drive a brand-new car every two or three years. So ultimately, leasing isn’t only a dollars-and-cents question – it’s about personal tastes and priorities.
The lists below summarize the pros and cons of leasing vs. buying.
Leasing makes it easier to get more car for less money. You are essentially paying for a portion of the car, instead of buying the entire vehicle. So, like many things, leasing looks great in the short run. But if you take the long view of economics, you will see that leasing will eventually be more expensive.
Now consider the person who buys a car. At the end of five years of car payments, the car now belongs to him or her. It might not have much value on the open market, but if you’re willing to drive it for several more years, it may become very inexpensive to own once all the payments have been made.
It is ultimately up to the smart car buyer to weigh the pros and cons, determine what their needs are, and what best suits their lifestyle.
-Edmunds.com
Updated: 05/05/2015 – by Philip Reed, Senior Consumer Advice Editor
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