Pros:

• Minimal downpayment up front.
  
• Makes it easier to upgrade to a more expensive model.
  
• Drive a new vehicle every 2-3 years.
  
• Makes it easier to keep up with the latest vehicle technology.
  
• Potential tax advantages.
  
• Always under factory warranty.
  
• Lower monthly payments.
  
• The option to purchase the vehicle at the end of the lease.
  
• No used car trade-in headaches.

Cons:

• Penalties for early termination of the lease.
  
• Charges for excess miles.
  
• Charges for excess wear and tear on the vehicle.
  
• Insurance coverage may dictate more coverage.
  
• You never own the car.