Leasing rents the car's best years; buying pays full price but keeps the machine. The honest comparison needs a time horizon.
When a lease ends, you sign another: the down payment repeats each cycle, with payments rising a bit on each new car.
Cars lose ~15–20% in year one, then ~10–15%/yr. The car's value at your horizon comes back to you when you sell.
Leased cars stay under warranty; owned cars get older. Applied after year 4.