Both leasing and buying have advantages and disadvantages, just like renting or buying a house. The most obvious difference is that with a lease, you get a new car every few years and don't have to deal with selling the car. If you like having the newest technology and the most up-to-date safety features, leasing might give you the freedom to make periodic upgrades without breaking the bank.
When you buy a car, each payment you make builds equity, and once you pay off the loan, the car's yours, and you can sell it or donate it. If you buy the car outright without a loan, you save even more money.
How to figure which makes the most financial sense for you? Consider the following factors:
Buying a car is almost always cheaper in the long run, according to most calculations. The longer you own the car, for the most part, the more you save by buying. Consider how much flexibility will matter to you. But the decision always comes down to your budget and your driving needs.
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