I am in need of a new vehicle and I am trying to decide if I am better off buying a car (likely used) or leasing. I think I can get a car for around $300 a month as a lease with my credit scores. With my insurance, i will be around $450 to $500. I think if I bought a car, the monthly payments would be cheaper but if the car is used, I risk the chance of it having issues down the road and needing to pay out of pocket for the repairs.
I've always preferred a lease car. It's nice to have a new car every few year and leasing also helps build your credit. This has plenty of benefits as I'm sure you're aware.
If I were to buy a car, I'd look for a reliable brand with a good service history. Something about 4-7 years old.
If you can manage the payments and have everything in order, lease. You don't have to worry about the car needing repairs because they cover the cost and will, in most cases, give you a temp car while it gets repaired so you won't ever be without something.
I only say lease now because my credit score is high so my payments are low.
If you can afford to buy a car outright, definitely do that. You can get a good car that's just 5 to 7 years old for under $5,000.
Buying is better because a lease is similar to renting. You are essentially paying to borrow a car. Sure, it is great in the moment but you are essentially paying to not own anything which is a major downside.