The pros and cons of buying or leasing a vehicle

Sponsored by JPMorgan Chase & Co. Should I buy or lease a vehicle? As with many major purchases, there’s no definitive answer, but both options have specific pros – and cons – depending on your transportation needs and financial situation.& The differences between leasing and financing& Leasing and financing both provide you with a vehicle, but the payments yield different results. Think of leasing like renting an apartment while financing is like buying a house.& When you lease a car, you borrow it for a certain amount of time and make monthly payments for its use. Once the term is over, you return the car or opt to buy it, if buying is permitted under the lease contract.& When you finance a car, you take out a loan or installment financing and make monthly payments to a lender until it’s paid off. Once all payments are made, the vehicle is yours to keep for however long you please.& Leasing a car: Five pros and cons& Pro: Leases can sometimes come with lower monthly payments and down payments (if needed). Plus, many new leased vehicles often include maintenance and repair coverage under the manufacturer or dealer. As long as you avoid...