So since I'm on this whole Dave Ramsey Money Makeover kick, I'll give you his answer.....

Neither if u have to borrow the money from a bank. If u can't buy a car in cash so that u don't have to make payments, you can't afford the car. He goes into detail about why on his show.

In MY experience, I wouldn't do either. With all the interest you will pay on the car with a loan, you would have bought the car at least twice (maybe more depending on the make, model and year of the car). I have no experience with a lease so I can't speak on it. It just never made sense to me.

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Lol .. funny you said that I just purchased a 2013 Kia optima and Im already pushing close to a thousand miles and my car is Not two weeks old.. so buying can be a good investment. But if you like to get cars every 2 to 3 yrs,leasing is probably a better option

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@CoilyCrimpyJen

David Ramsey could kick rocks lol.

No seriously, I didn't have a car note and loved not having an extra payment. But after having my sonata for 8 years, 150k miles on it, it started to mess up. It's was costing me more money to get it fixed, than what the car was worth. Also, I thought about my job, my responsibilites and my future niece and little cousins that will need rides from me. People think it's so easy, and I wish it was that way so I wouldn't have to dish out almost $400 a month in a car note. But, I'm in a safe ride.

Now, if I didn't have the job I have now, and I lived back in DC, then it'll be a different story.

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if you lease you are at a set mileage and can not go over unless you want to pay for extra mileage. Also with leasing when you go to trade in you sometimes have to pay for any dents or scratches. Good thing, all services are normally free by the dealer like oil changes. final con to leasing is if you choose to buy the leased vehicle, the company goes by the sales price, you have to undergo another credit check and risk higher payments, higher intrest rate, and longer term.