For cars, homes, apartments, and even smaller items it seems you always get the option to either lease or buy? But what exactly does leasing entail and which one is better for you and your wallet? Well, buying is straightforward. You pay money for the ownership of an item, and once you buy it you are expected to make the monthly payments, keep the item up, and generally do all the things owners do.
Leasing, however, loans you the item for only a set period of time. You’ll get the item and act like you own it, but at the end of your lease it has to go back to the original owner. You still have to maintain it and pay some fees, but the fees are traditionally much lower than if you were to buy the item yourself. Some jobs even lease you out a truck or at least there are lease to own truck driving jobs for the duration of your employment.
Leasing gives you fewer fees, and generally acts as a trial run for you actually owning the item. You pay lower monthly costs and only pay for the portion of time that you used the car. Then once the time is up you simply give it back and can lease another car. If you want to cheaply lease a car and then hop around from car to car when the periods are over, then you can.
Whether to buy or lease depends mostly on your budget and how long you want to have the item, and both options have several drawbacks and benefits to you as the consumer. So take a look at the item and see which option would be more viable, then make the choice and stick with it. You’ll be happier that way.