Pros of leasing a car:
Cons of leasing a car:
Pros of buying a car:
Cons of buying a car:
Limited flexibility: Owning a car means you are responsible for it for the long term, which may limit your ability to quickly change vehicle models or brands.
Risk of negative equity: If the value of the car depreciates faster than the rate at which you are paying off the loan, you may end up owing more on the loan than the car is worth, leading to negative equity.
Potential for higher overall costs: While leasing may have lower monthly payments, buying a car and keeping it for a longer period can lead to lower overall costs, as you avoid the recurring expenses of getting a new lease every few years. However, this depends on factors such as the specific car, financing terms, and maintenance costs.