You own the car. When you buy a car it becomes yours. You can do whatever you want to it, go wherever you want, and not have to worry about when you return it to the dealership.
End of term for your loan literally means the end. With leasing a car, after you reach the designated lease term you either have to finance the purchase of the car, or lease another one, either way there is more money involved.
Wear and tear does not affect the purchase price. If the vehicle you own has a lot of wear and tear at the end of your loan term, you don't have to pay anything extra. It may just cause the value of your car for resale go down.
A downside would be that payments are typically higher for a purchased new car. Since you have to pay off the full price in a normal 4-5 year loan, the amount will be higher each month than if you were to lease it.
Down payments are usually less. With purchasing a new car they like you to have a down payment of about 10-20%, but with a lease there is normally a 2,000 down payment, and sometimes dealers will have deals involving no down payment.
Upgrading to newer models is a plus. While you may not be able to customize your lease vehicle, at the end of your lease term you can trade in for a newer, better model easily without the hassle of reselling your car.
Repairs costs are normally lower. Since your lease basically will cover the amount of time in a factory warranty, it will be easy and cheap to get necessary repairs when you take it to your local GM dealership service center.
A downside would be mileage. With leases, you are only allowed a certain amount of mileage on a vehicle. If you go over that mileage you will have to pay extra fees per mile.
Now that you know the positives about buying vs. leasing a new car, it's time to make your educated decision of which would be better for you. If you have more questions please stop by our dealership where we proudly serve customers from High Point, Greensboro, Winston Salem, Kernersville, Thomasville, Oak Ridge, Summerfield, and Jamestown.