You know very little about leases. While you can typically choose to execute the purchase of a lease during or at the end of the lease period, the intent is not to build equity. It’s not a purchase. It’s a long term rental.

For a lease, you pay a combination of the estimated depreciation of the vehicle over the period of the contract + interest + taxes/fees. You will pay minimal regular maintenance. Most leases are short enough to avoid any major maintenance, and leases are notoriously poorly taken care of by owners as they just hand the vehicles back in a few years. And that is generally with very few consequences, short of anything major.

For a purchase, you are paying the entire value of the vehicle + interest + taxes/fees + full preventative maintenance, major maintenance and part replacement, etc.

The value of a lease is nearly entirely dependent on the money factor (interest) and the estimated depreciation curve the leasing entity is currently using. A $25k car that’s expected to lose 40% ($10k) in value over a 39 month lease is going to have a higher lease payment typically than a $30k car that’s expected to lose 30% ($9k) in value over the same period.

Leases are not always worse than purchasing. It really does come down to a vehicle by vehicle basis, and is entirely dependent on what the manufactures offers are currently. It’s the same as the math for rent vs buying a home. Not every vehicle, manufacture, or market is the same or even static.