PROS

• You can often get into a lease deal with a lower down payment than that mandated by many purchase plans.

• Since you're only paying off the depreciation on the car's value (plus a fee to the leasing agent), your monthly payments may also be less than buying the car.

• The end of the deal is generally a snap. Rather than having to hassle to sell a car or trade it in on a new one, you simply bring it back to the dealership or leasing agency.

CONS

• The first is akin to the advantages of owning a home rather than simply renting it -- you're building no equity.

• You'll never be without a car payment, while someone who buys a car and takes care of it can enjoy several years of driving without having to fork over any dough.

• Getting out of a lease prior to its designated termination date can be prohibitively expensive, as many leases levy steep penalties for early returns.

• Leases commonly charge you extra if you drive more than the number of miles specified in the lease.