Buy vs. Lease

There's no feeling in the world quite like getting behind the wheel of your brand new vehicle. When it comes to purchasing that vehicle, there are two main methods: buying and leasing. Understanding the advantages and disadvantages of each method will make choosing one or the other a much simpler process. 

Buying a brand new vehicle makes the vehicle yours to modify. You can change or add whatever you like to the vehicle. That is, as long as it is street legal! A purchased vehicle is yours for as long as you want it, while leased vehicles are only kept for a few years.

Initial warranties do not last all that long on a brand new vehicle, meaning you will start to see warranty rates increase very soon. You will also spend more when you buy a new vehicle (though if the vehicle lasts long enough, you could save money over time).

Warranties on leased vehicles tend to last for the entirety of the lease. That means no out-of-pocket costs for your vehicle's health. You also do not take a hit on vehicle depreciation.

The tradeoff to this is that you cannot alter the vehicle or add anything to it for the entirety of the lease. There are also mileage limits to leased vehicles.