So you’ve decided it’s time for a new car and now you’re faced with that age-old question: lease or buy?

BUY

Pros

•        You own the vehicle

•         You can sell or trade in the vehicle whenever you want

•         You can drive as much as you want

•         You can modify the vehicle if you want

Cons

•         Your monthly payments are usually higher because you’re paying off the entire cost of the vehicle

•         When it comes time to get a new vehicle you have to deal with selling or trading in your existing    car

LEASE

Pros

•         Monthly lease payments are usually lower than the monthly costs of a loan to purchase a car

•         When your lease is up and it’s time for a new vehicle, you essentially just return the car

•         You don’t have to worry about depreciation

Cons

•          You don’t own the vehicle

•           You have to limit your mileage to the terms of the lease, or pay extra charges

•           At the end of the lease you must return the vehicle

•         Wear and tear on the vehicle may result in extra charges when the lease is up

•         You can’t modify the vehicle