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Leasing or Buying Cars: The Pro's and Con's

There are lots of big purchases that we have to save for in our lifetimes, and lots of different inputs to consider when it comes to budgeting for them. One of them, obviously, is a car, and a car is something you can plan on buying several times over the course of a driving lifetime. Cars just wear out and your needs change — you might be single and then a decade or two later have a family which requires more room.

But when it comes to paying for a car, there are two big options to consider: whether to buy or whether to lease. Both have different requirements and pros and cons to consider. Buying, of course, means that you own the vehicle outright when you pay it off and you can keep it as long as it works for you. You could sell it after a day, or sell it after 20 years — the choice is yours. How do the two choices differ in that and other things? This graphic explains it.

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