When leasing a car, you pay for the vehicle's depreciation and usage over the lease term, whereas buying involves paying for the entire vehicle cost, either upfront or through financing. At the end of a lease, you can return the car and start a new lease, purchase the vehicle, or walk away. When you buy a car, you own it outright once the loan is paid off, and you can keep it, sell it, or trade it in at any time.