When it comes to getting a new set of wheels, the process of getting your budget and other financial issues squared away can be harrowing and intimidating. However, one of the first decisions you should make is whether you want to buy your new vehicle or if you want to lease it. Both options have their pros and cons, of course, but ultimately the choice is up to you and whether or not buying or leasing is better-suited to your lifestyle and tastes.

Buying your vehicle is better if you're in it for the long haul. Some drivers choose to be more frugal by purchasing a vehicle, paying off the auto loan put towards it, and keeping their vehicle for as long as possible after it's been paid off. However, this can be costly if you don't keep up with regular maintenance and it can also be disappointing if you're the type to want the newest features and technology.

Leasing is a better option if you're the type to trade your vehicle back in every few years for the newest models the market has to offer. Instead of going through the process of getting an auto loan, you just sign a contract for a specific lease term - typically three years - and then simply pay the amount of money the dealership loses through depreciation. For example, if the vehicle is $20,000 at the beginning of the lease term and its value drops to $10,000 after three years, you'll only be paying $10,000 total through monthly payments.

Buying a vehicle is better if you want to keep your ride for a long period of time, especially if you're good at keeping up with routine maintenance to prevent long-term damage. However, if you like having the latest gadgets and up-to-date safety technology, leasing your next vehicle might be the better option.