When it comes to the old dilemma of leasing a car or buying one, everybody seems to have an opinion on which option is best, but no two people agree on the facts. To sort through the myths, we talked to someone who knows the ins and outs of the auto business.

Dave Cavano, manager of Automotive Services, is an expert on Leasing vs. Buying automobiles. Here he compares the advantages of both options:

• Credit requirements.
  With a lease situation, says Cavano, you’re required to have an above-average credit rating. If you’re financing a purchase, on the other hand, you can get away with less-than-perfect credit.

• Wear and mileage restrictions.
  When you finance a vehicle, you can pretty much maintain the car anyway you want to. When you lease a vehicle, you're required to keep the car in pristine mechanical and physical condition. There may also be restrictions regarding high mileage.

• Tax benefits.
  If you're using a vehicle for business, regardless of whether you lease or buy, there could be tax advantages. However, when you lease a vehicle, you're only paying tax on the monthly payment. When you purchase, you to pay tax on the entire price of the vehicle.

• Monthly payments.
  With major auto manufacturers offering zero percent financing, the monthly payment for a purchase is only slightly higher than the monthly payment on a lease.

• Do your homework.
  Before you decide to buy or lease, make sure you investigate all the deals available, and always read the fine print before signing any agreement. If you don’t do your homework, it could cost you thousands of dollars in the long run.