The price of a new automobile today can be a bit intimidating. However, with the right payment schedule and low interest rates, it is easier than many people think to buy a new car. Nonetheless, many drivers will make a strong case for leasing instead of purchasing a car. Leasing has become increasingly popular over the past decade. Of course, your personal use for the car, your financial situation and your ego will be significant factors in your decision as to which is best for you.

While leasing for business purposes can be beneficial from a tax deduction standpoint, there are various pros and cons you need to take into consideration when leasing a car for personal use:

The upside of buying a car:

It’s all yours, meaning you own the car and can customize or accessorize as you choose.

No mileage limits or other restrictions.

Manufacturer incentives can make purchasing more affordable.

You can sell when you choose to or use the car as a trade in when you purchase a new car. Although the car will depreciate in value, you still have a salable asset.