Many people buy their vehicles when it’s time to consider a new or used car. For them, they get a loan, they pay it off, and at the end of the loan the car is theirs. They can do with it what they want, from selling it to keeping it. The loan, of course, includes fees and interest so it’s not just the price of the car that you’re paying for.  But when you buy a car, you can drive it as little or as much as you want to drive it.

That, of course, contrasts with a lease. A lease is a defined term to a car — you get it for just a certain amount of time, thanks to a contract. So how else do they differ? This cool little (ok, not so little) graphic from TaxAct explains it.

Click to Enlarge Image

Buy or Lease? An In-Depth Look at the Costs of Buying and Leasing a Car