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The only way buying a car is cheaper than leasing is if you keep the car past the break even point (the break-even point being the point at which the difference between the leasing payments and the finance payments converges) This varies based on the car, but typically this is in the 6-8 year range. (Not counting any maintenance you may have to pay for outside of warranty period).
As an example:
Let's say you have a car with a price of $65,000
Finance Option
Assuming $0 down, 7% sales tax, 3.5% APR, 60 month term
~10k miles/year; 50% Residual Value @ 36 months
Monthly Payment = $1,265
After 3 years of ownership, you will have paid $45,540
After 3 years of ownership, car is valued at $32,500
After 3 years of ownership, you will have $30,360 remaining to pay on the loan
So after 3 years of ownership, you will have positive equity of ~$2k
Lease Option:
Assuming $0 down, 7% sales tax (applied on monthly payment), 0.00128 MF, 36 months/10k miles;
61% Residual Value @ 36 months
Monthly payment: $926
After 3 years of leasing, you will have paid $33,336
After 3 years of leasing, you will have spent net $10,064 LESS than had you purchased. ($45,540 in finance payments - $33,336 in lease payments - $2,140 in equity)
So as I mentioned above, purchasing a new car is typically ONLY cheaper if you plan to keep it for a long time (6-8 years) and it remains trouble free.
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