A lease is essentially a long-term rental agreement. You pay to use an asset for a set period—typically 36 to 48 months for vehicles—without ever owning it. Your payments primarily cover the asset's during that time, plus interest and fees. What is Buying?
You can upgrade to a brand-new model every few years. lease and buy
Exceeding set annual limits (often 10,000–15,000 miles) triggers expensive fees. A lease is essentially a long-term rental agreement
Most lease terms align with manufacturer warranties, minimizing repair costs. Cons: No Equity: You don't own anything at the end of the term. What is Buying
Usually significantly cheaper than loan payments for the same model.
Buying means you take full ownership of the asset, either immediately with cash or over time through a loan. Once your loan is paid off, you own the asset outright and can keep it, sell it, or trade it in. 2. Pros and Cons: A Quick Comparison Pros: