Up-Front Costs

Buying
If financing you will typically have to pay a down payment or include equity from a trade-in.

Leasing
You may pay a down payment of zero to several thousand dollars, and can include other fees.

Monthly Payments

Buying
Monthly payments are usually higher because you are slowly obtaining the vehicle's equity.

Leasing
Monthly lease payments are almost always lower, because you are mostly paying for the vehicle's depreciation of the time you use it.

Early Termination

​Buying
Keeping in mind what is owed and what the vehicle is worth, you can sell/trade at any time.

Leasing
Termination fees will apply if ending a lease early, which can cost up to as much as the remaining balance of the lease.

Vehicle Return

​Buying
Depending on if there is a balance owed, you can sell or trade your vehicle when ready to move on.

Leasing
When the lease is over you get to start fresh with another vehicle - as long as you haven't exceeded the miles limit or damaged the vehicle beyond normal wear.

Mileage

​Buying
There are no mileage limitations, however you should factor the higher the miles, the less value it will maintain.

Leasing
Most leases have mileage limitations. Going over your limit will result in additional fees.

Excessive Wear

​Buying
You are free to do as you wish, however excessive wear will decrease value if you want to trade or sell it.

Leasing
You may be charged fees if your vehicle suffers more than normal wear and tear. Make sure you understand what is considered normal wear and tear according to your particular lease.