Leasing and buying a car are completely different entities. The two are only comparable in the fact that a new vehicle could be parked in the driveway soon. There are many factors about car leases that may make them less appealing than purchasing a vehicle though. Car leases are excellent choices for people who wish to have a new vehicle every two to three years. People who wish to keep their vehicles longer may find it more appropriate to purchase a car.Important Facts to know before taking Car LeasesNew Car Only- Leasing a car rather than buying negates the opportunity to seek used vehicles. Vehicle leasing is only available on new cars. The lease price can be as high as purchasing the vehicle. People considering the lease option should keep this in mind when looking for a new vehicle. It may be more cost effective to purchase the vehicle than to lease it.Mileage- Car leases have a limit on the yearly mileage the vehicle may be driven. If the vehicle mileage goes over the set limit, there is an extra charge at the end of the lease for every mile over. If preparing to lease a vehicle, find out the exact mileage set in the contract and strictly adhere to it. Note the cost per mile that will be charged in the event of an overage.Financing- Car leases are financed through the vehicle manufacturer. People who lease cars are taking an extended rental on the vehicle. There is no comparison shopping for interest rates with car leases. The amount that is charged is the amount the lessee must pay. If there is a default on the lease, the vehicle will be repossessed and the lessee will be held responsible for the remaining time on the lease agreement plus any repairs that must be performed on the vehicle.Once these factors have been considered, a more clear and concise decision can be made. Car leases are generally financed through the manufacturer of the vehicle. It must be returned in good repair in order to avoid added costs at the end of the lease.