What are the advantages and disadvantages of leasing a car?

Perhaps the greatest advantage of leasing a vehicle is a lower monthly payment; the biggest disadvantage is the lack of ownership at the end of the lease. Whether or not a lease is the right decision ultimately depends on the motorist's lifestyle and preferences, cites 'Edmunds.'

Other advantages of a leased vehicle include a smaller down payment, lower repair costs (due to factory warranty) and access to a newer vehicle that financial constraints might otherwise prevent.

Additional disadvantages include mileage limitations, higher insurance costs, the inability to terminate the lease and hidden fees assessed at the end for even minor dings, scratches and other defects, according to automotive experts at 'RealCarTips.'