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Many people see leasing cars as a great way to get into a nice vehicle while having a low monthly payment. Unfortunately, they devil is in the details, and once you take a close look at all of the mathematics and gotcha’s involved, it becomes quite clear why Kiplinger’s Personal Finance argues that leasing is the most expensive way to operate a vehicle. Leasing isn’t a good idea in nearly all cases.

It can be extremely difficult to compare prices on a lease. You have to pour over the terms and conditions of each lease option to see what the best deal for you is, whereas when you buy a vehicle, you can setup financing for a certain amount of money, and then get the most car you can for that amount of money.

When you lease, your monthly payment will be lower than if you were to get a traditional loan on a vehicle, but that does not mean the vehicle will be cheaper. After a few years, you’ll owe thousands of dollars to own your vehicle, buy when you make traditional payments, you owe them nothing, and the car is yours free and clear. Many manufacturers like to make their leases look artificially inexpensive by charging large up-front fees to create much lower monthly payments. You might only be paying a couple hundred dollars per month, but in reality you’re probably paying another $100 to $200 a month, because of the large amount of money due at signing.

Most leases will only allow you to drive about 15,000 miles per year. If you drive more than that, you definitely do not want to consider a lease, or you will be stuck buying the vehicle or paying huge overage fees because of your mileage. In many cases you have to pay anywhere from 8 to 15 cents for each mile that exceeds their pre-determined limit.

If you do turn in a leased car, have it detailed inside and out. Take it to a mechanic and make any needed repairs, you’ll pay much less than if the company finds the repairs and then later charges you for doing them.

Never get a four or five year lease. Many customers who sign up for them end up getting stuck with a vehicle they don’t particularly care for, or end up paying a significant amount of money in early termination fees and penalties. If you lease your car for five years and you get in some sort of accident, you could get stuck paying a significant gap between what the insurance company will provide and how much money the lease company wants for the vehicle.

When you factor in all of the hidden fees, the confusing pricing structure, and all of the penalties that the company could potentially charge you, it just makes sense to buy a vehicle. Your vehicle will actually be yours, and your vehicle won’t be at the mercy of some financing company.