Be sure to investigate and compare insurance costs for a leased car versus a used car. Leases often require substantial amounts of coverage that go beyond what you may normally select, and any extra costs should be factored in your analysis.

I will say, for whatever it’s worth, that I have been lured to at least consider leasing by the thought of driving a new luxury car every few years. However, after crunching the numbers I always come back down to earth and end up purchasing a late model used (uh, excuse me, I mean “pre-owned”) car. I can say that over the past 12 years I have saved a large sum of money by going used while still driving excellent cars.