Lease or Buy? builds a comprehensive framework for making the lease-or-buy decision, with an emphasis on equipment leasing. Schallheim outlines the benefits of leasing, describes the full spectrum of leasing arrangements, considers the tax and accounting implications for leases, and reviews the basic model for determining the lease-or-buy decision, with a focus on net present value and internal rate of return analysis. Numerical examples and exhibits provide important tools for comparing the costs of leasing with those of buying, understanding the major factors in the decision, and shopping for the most competitive terms. The Financial Management Association Survey and Synthesis Series.