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He is paying for the rest of his life but he is always driving new cars.but eventually the person who bought their car will have zero payments while your friend is still paying for the rest of his life.
Also you will be paying for the rest of your life too if you buy a car as maintenance will always be on you and chances are that you will buy several cars over the course of your life unless you plan to drive a car until you die.
Purchasing a reliable older vehicle that you can service yourself is always going to be cheaper but you will still be driving an older vehicle.I'm not arguing for purchasing new vehicles because that's not smart at all from a financial standpoint but purchasing a reliable older vehicle trumps leasing new vehicles any day of the week. If you're dead set on having a new vehicle every 3 years,
Definitively is smart financially if the cost you are paying beats the deprecating market value of the asset itself. If i lease an asset for $6,000 dollars a year and said assets has a deprecating value above $6,000 a year, im better off leasing than buying.then leasing is great but it's not smart financially because your payments never end.