A lease is a long-term rental of a new car, usually for 2 to 4 years. You pay every month and give the car back at the end. When you buy, you own the car, either with cash or with a loan.
You pay a starting amount (due at signing), then a monthly payment.
The contract has a mileage limit, often 10,000 to 15,000 miles a year. Each mile over costs extra.
At the end you return the car. The dealer charges for damage beyond normal wear and tear (big scratches, dents, worn tires).
You can often buy the car at the end for a price written in the contract.
Ending early is usually expensive.
Leasing is often good when:
You want a new car with a warranty and low repair costs.
You drive a predictable, moderate distance.
You know you will stay in the US for the whole lease.
Buying is often good when:
You want to keep the car for many years.
Your plans may change, such as a visa ending or a move abroad. You can sell a car you own.
Leasing companies check credit. Without US credit, you may need a bigger payment at signing, a co-signer, or a special program for new arrivals.
If you might leave the US before the lease ends, ask about the cost of ending early or transferring the lease to another person. Get the answer in writing.
Insurance on a leased car must usually include collision and comprehensive, which costs more than basic coverage.
Looking only at the monthly payment. Add the amount due at signing and all fees.
Guessing the miles too low.
Forgetting the end-of-lease inspection. Fix small damage yourself before you return it if it is cheaper.