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