A lease is renting a car for a few years; a loan is buying it over a few years. Neither is always cheaper — it depends on how you drive and how long you keep your cars.
Choose a lease if
You like a new car every three years, drive a predictable distance and want the lowest monthly payment. You hand it back and start again.
Choose a loan if
You keep cars for a long time, drive a lot or want to modify them. Once it is paid off, the car is yours and the payments stop.
Watch the mileage
Leases price in a yearly mileage. Going over costs per mile at the end, so be honest about how far you drive.
Compare the totals
Add up everything you will pay in each case over the same number of years, including the car's value at the end of the loan.
On “Lease or loan? A quick decision guide”.
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