One of the greatest benefits when leasing is flexibility. When you lease a vehicle, you are able to make affordable payments with shorter terms that last between 24 to 60 months on average. In addition, you get to choose your mileage. You are typically given 12,000 or 15,000 miles per year, but if that's not enough, you do have the option to purchase more miles at signing.

• If you like to drive a new vehicle and are thinking of trading in your vehicle for a new model every two to three years, leasing is a great option for you.
• Payments are typically lower than if you were to purchase the same car.
• Programs that require $0 or little money down might be a good fit for you if you don't have the cash on hand to make a large down payment.
• Leased cars are typically covered under the manufacturer's warranty for the duration of the lease. Such warranties are usually bumper-to-bumper and cover any needed repairs.*
• Leases are great if you want your vehicle to have the newest technology. Since you are always driving a car that's only a couple of years old, you can rest assured that whatever model you lease will have the latest hi-tech options.
• Try it before you buy it. You won't have to worry about buyer's remorse with a lease. At the end of your lease, you can always trade-in your vehicle for a model that's more to your liking. By the same token, if you've fallen in love with your leased vehicle, you can exercise your option to purchase it when your lease is up.

At the end of the lease (typically 2 to 4 years), you normally have four options:

• Return the vehicle
• Purchase the vehicle
• Trade or sell the vehicle
• Arrange for a third party to purchase it

Ownership is the #1 benefit of buying a vehicle instead of leasing. When purchasing a vehicle with cash, you immediately become the owner. If you choose to purchase a vehicle via financing, you are responsible for paying down the loan over time, eventually building equity in the vehicle.

• Unlike leasing, there are no mileage restrictions when you buy a vehicle. If you put a lot of miles on your vehicle, then buying is probably your best option.
• Insurance costs are generally lower on vehicles you buy than on vehicles you lease.
• You're free to sell your vehicle at any time.
• You don't have to worry about accidentally spilling coffee on your carpet which might leave a minor stain. Under a lease agreement, you'll be held financially responsible for that stain when you turn your vehicle in at the end of the lease.
• You can add accessories or make modifications to your vehicle when you own it.