A true total-cost comparison — not just monthly payment vs monthly payment.
Total cost comparison over the same period
A lease payment is lower than a loan payment for the same car because you're only paying for the depreciation during the lease term, not the full vehicle value. That sounds appealing until you realise you also end up with nothing at the end — you then face another payment for your next car, indefinitely.
Long-term, buying almost always wins financially — especially if you keep a car past its loan payoff. The years of driving payment-free after a loan is paid off are where buying's advantage compounds dramatically versus perpetual lease payments.
Leasing makes more sense for specific situations: businesses that deduct lease payments, drivers who want a new car every 3 years, people with variable income who need lower fixed monthly costs, or those whose needs may change and value flexibility over ownership.