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In general, leasing is the more expensive alternative in the long run unless you don't plan to lease another after the first (i.e. it's a short-term/one-time thing). This is because, although with a lease you only pay for the part of the vehicle's value you used up, the leasing company assumes a fairly short life for the car. This means they think you're consuming the value of the car more quickly than you are. In addition, there is the leasing company administration/profit built in to the lease payment. That is actually on top of the imputed interest rate. With a bank loan, it's covered by the interest rate alone.
Another higher lease cost is insurance. The leasing company may (will likely) require more insurance coverage than a bank does for a loan purchase (or what you would carry if you buy the car outright).
If you purchase a car, there is some residual life/value left after you've paid for the car. You then have a period of no payments (the middle class wealth period), or an asset with a trade-in value to reduce the cost of your next car.
There are 2 reasons you can get a good deal on a just-out-of-lease car. The short life assumed in the lease means that the lessee has actually paid a bit more than the value they've used up. In addition, the leasing companies insure the sale price of the car after the lease. If they can't get that for it, the "loss" is somewhat mitigated by the insurance.
Bottom line... a lease guarantees you lower payments that never end, a new/late model vehicle that's always under warranty and should be reliable, but no equity, and a higher total cost over the life of the vehicle than if you own it.
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