Buying and keeping a car for a long time generally results in the lowest overall cost, but leasing can often mean lower monthly payments, and leasing an electric vehicle may come with a tax break.

Leasing generally keeps monthly payments lower, but you don't build equity. Is leasing or buying a car better for you?We compared the pros and cons of leasing and buying a car to determine which

You will not own the car. Perhaps the biggest downside of leasing is that at the end of it, you will not own the car. Instead, "your monthly payments will continue when you either renew your lease or lease a new vehicle," which "means you are never without payments and never fully own the car," said Bankrate.

Buying the wrong car often means spending years regretting it, usually because of the financial impact. Paying more money than you can afford on a new car is bad enough, but that cost multiplies