I've been doing little bit research on if I should buy a car or lease. It seemed like money going down the drain if leasing as opposed to buying but of course with high monthly payment rate.
I'm eyeing on latest 2016 Toyota Corolla.

What are your experiences with buying a car vs leasing a car? and what do you prefer?

All responses will be highly appreciated.

BUY!

No reason to lease a Corolla. Really!

Its better to lease a luxury car and change it every few years.. if you are looking for corolla then it would be better to buy IMO.

Buy used car. Less than 2 year used with less than 15K miles will save you lots of $$$$ (vs brand new price). Nowadays quality of every cars are good and still under warranty even if you buy used. Do lots of research.

Leasing car is convenient if you like to change every 2 years.

Buying brand new is if you like the new design/function of car and can't wait to get it. Or if you have loads of money and don't care much about saving.

Choice is yours...

Ok buy used one : is it from dealer or privet party? Are we getting 0 % financing for 60 months?
Used one: you may have to pay financing fees and calculate the charged you will be paying and the money you will be saving.

Thanks for all your input.
And I think I'm done with driving used cars. Really bad experience and overall cost of repair/maintenance adds up a lot in following years. Bought this 2008 car few years ago for like $7500 straight cash and I was doing math how much I spent on repairs and maintenance after 2 years. It is simply overwhelming. The other day, I read about annual repair cost of new cars and it's like $200-$300 depending how you are driving with no accident etc. So, not gonna look at used any more.

What am interested is either to buy or lease. But again here am not getting convincing answer. All am getting answers here is either 'buy' or 'lease'. Can you elaborate more? I understood that when lease ends, I've to start another lease. No equity nothing. But do you think when my lease ends that I can finance it and buy it? I can ask these questions to dealer this weekend but I just want to have some information from many experienced experts here before I can have talk with them who might talk about their profit first than mine.

@Sixfour- I don't see any point of leasing a Toyota Car. You can buy the brand new one under $300 monthly payment with warranty for 2 years. You should only go for a lease if and only you are looking for a high end luxury car.

Let me explain this with an example- If you take a BMW or Cadillac on a lease for 2 years, you will end up paying the cost price of at least two brand new Toyota Car within the end of that initial lease.

Seems like I'm gonna go and buy my new car with monthly finance rather than leasing.
Thanks ohio, that helped me a bit.

You can very well lease the corolla and at the end of 36 months, you can buy it at the residual value.

furke, could you explain me what residual value means? and how I should go about it?
Thanks. Actually, I was thinking about it if there was any option like that but seems like you know a thing or two.

Ok please tell me what's the advantage of leasing a car specially corolla.
I guess answer is simple. If you want to change car every few years then leasing is the best or if you want to own a car and save money then buying is the best. I don't think you can save money with lease to buy option. If that's the case everyone will lease first and buy the same car instead of buying it on first hand. No matter what technique you are thinking to saving money car dealers are 1000x ahead of you.

When you lease a brand new 2016 corolla; at the end of 36 months, the car still has significant value, that value of the car is called residual value. For corolla, my guess will be around 10k. You can finance that 10k after three years for another 5 years if you wish, and you own it.

Lease is a good option not only for high end cars if you drive 12k miles or less per year but also for corollas. Here, we are not comparing dollar for dollar but the value of the lease. With lease, you don't pay the sales tax upfront, rather pay it month to month. 6/4 got tired of used cars, he will get tired of small corolla in three years and want to get a bigger car, may be a luxury car. He has that flexibility with lease.

https://youtu.be/I4ArgsnpYCw

When you lease , you will be paying more but you are always driving conditioned  car and never need to bring to Mechanics for repair.
मेकानिक भनेको कसाइ हुन : ग्राहक जती अज्ञान अनी ब्रिद्द देखिन्छ तेतिनै बढी ठगाइमा पर्छन | आफु विद्यार्थी जीबनमा हुँदा स्टेट ईन्स्पेकसन गर्नलाई अगाडि पछाडिको ब्रेक नफेरी नहुने भयो | हिसाब गर्दा ३० डलरको ब्रेक सु , ३० डलरको ब्रेक प्याड अनी २०-२० डलरको  रोटर फेरेको भए हुन्थ्यो तर स्मुथ गर्नु पर्छ भनी ४४९ मा चुना लागेको थियो| अर्को एउटा विद्यार्थीले १५०० मा क्याम्री किन्यो बर्ष दिन मा १६००-१७०० मर्मत खर्च् तिरे | ओन लाइन हेर्नुस कसरी मुर्गा बनाइन्छ मेकानिक बाट |
 http://thegarage.jalopnik.com/top-5-ways-mechanics-rip-off-customers-1717682723

https://www.youtube.com/watch?v=uD_hlbo1lLU