Hi L.---There are several issues you need to consider, from my experience. First, you lose money on leasing vs. buying no matter which way you go. If you want the most value for your dollar, it's probably better to buy. Having said that brings me to point #2. New cars lose much of their value the minute you drive them off of the lot. It is a far better value to purchase a used car from a dealer. Many have warranties on them still.
We bought a 2002 Volvo Cross Country in 2004. It had 44,000 miles on it and it was half of the price of a new one. The car had a warranty on it until 100,000 miles. I don't think we'll ever buy new again.
You really need to sit down and make a chart of features you are looking for, amount of money you are wiling to spend, future considerations (more kids), etc. You can calculate monthly payments for new vs. used, repair costs involved down the road, insurance costs for new vs. used.
Then again, most dealers really need to sell cars so many are offering really great deals.
I'll have to ask my husband if we still have the chart he made when we looked for our car. We did the same thing for buying our house as well as any other major purchase (he's an engineer and can be quite the geek sometimes LOL). It really helps to see which 'item' gets the most checks. Let me know if you would be interested in that chart, if we still have it. Good luck. D. ###-###-####
PS. The Volvo Cross Country is a FABULOUS vehicle. Good gas mileage, lots of room (a 6'5" boy has to fit it the back seat), huge safety features. And you always see old Volvos running around on the road. It may cost a little more to maintain, for example the light bulbs burn out more frequently because they burn brighter for safety reasons. It's versatile with good cargo space and all wheel drive which is great for Michigan winters.