Originally Posted by PINeely
Yup, it's just like renting a house. You pay and pay and pay and when your lease is up you're no closer to owning that house than when you moved in.
That's actually a terrible analogy. When you lease a car, you are essentially paying down the expected depreciation of the vehicle. You can then purchase it for that predetermined figure or walk away. With a rented house, you have no such agreement and the value, in many cases, appreciates, but there is no agreement regarding a purchase at the end of your lease term. The value of a house does not decline due to age or use - the exact opposite occurs with a vehicle.