|Ownership||You own the vehicle and get to keep it as long as you want it.||You don't own the vehicle. You get to use it for a finite
period of time, and usually for a limited number of miles.
|Up-Front Costs||If you are financing, there will typically be a down payment or equity from a trade-in.||Down payments range from zero to several thousand dollars, plus other fees.|
|Monthly Payments||Typically these are higher than with a lease, because you are gaining equity in the vehicle.||Monthly payments are almost always lower with a lease payment, because you are mostly just paying for the depreciation for the time you use it.|
|Early Termination||If you decide you don't want the vehicle any more, you can sell it or trade it in on another one, keeping in mind what is owed, and what the vehicle is worth.||Ending a lease early will result in early termination fees, up to as much as the remaining balance of the lease.|
|Vehicle Return||When you are ready to move on, you can either sell your car or trade it in on another, again depending on if there is a balance owed.||When your lease is up, you turn the car in, and as long as you haven't gone over in miles or there isn't more than normal wear, you walk away, and start over with another vehicle.|
|Mileage||You can drive your vehicle as many miles as you like, keeping in mind the higher the miles, the less value it will maintain||Almost all leases will have language that limits the number of miles allowed during the lease term. Going over this number will result in additional fees.|
|Excessive Wear||Like mileage, it is yours to do with as you wish, but excessive wear will obviously make it less valuable when you want to trade or sell it.||Again, like mileage, if your vehicle suffers more than normal wear and tear, additional fees will apply. Be sure you know what is considered normal wear and tear according to your particular lease.|