User: What are the pros and cons of buying a car versus leasing one?
Assistant: Pros of Buying: - You own the vehicle and can sell it for a potential profit when you decide you’re done with it.- There’s often less paperwork than when you lease.- You won’t need to worry about mileage limits.Cons of Buying: - Usually requires a larger upfront payment.- You often have to pay higher insurance costs.- Can take longer to pay off the car loan, resulting in more interest costs over time.Pros of Leasing: - Lower upfront costs, since you’re essentially paying for the vehicle’s depreciation during the period of the lease.- Lower recurring payments and fewer out-of-pocket costs than buying.- You can often drive a more expensive or better-equipped vehicle for less money.Cons of Leasing: - You don’t own the vehicle and must return it to the dealer at the end of the lease period.- You have to pay extra if you go over the agreed-upon mileage limit.- Once the lease is done, you don’t have any equity in the vehicle to use as a trade-in.