Owning a car: It's yours do to with whatever you please. Drive as many miles as you like, modify or customize the car if you want. And when you trade it in years later, you'll get something hopefully not too much lower than what you paid.

Leasing: You get a brand new car for a very low price. (But you'll be giving it back in a couple years) Possibly to drive off in another brand new car if you lease again. I think if you lease another car from the same brand you get a discount on that 2nd car you lease. This is what I've heard but I've never leased before.

If you take delivery of the lease car but after a few months cannot afford the monthly payments and return the car you still have to pay the balance of what you would have paid had you kept it ie pay out about £5000 for a car you have not got ! Beware the small print.

Less outlay of cash. That's pretty much it. That convenience costs you for pretty much every part, from limiting your maintenance location and cost options, Insurance and disposal options. And that's before we get to the interest on the loan.

If you lease a car do not sign the contract unless you have fully read and fully understood the small print.

None at all.

Leasing: great if you don't drive a long way to work. You can negotiate a nice buyout price at the end, or simply return it.