You pay repair bills on lease equipment as well as insuring it.  You can put on a lot of new parts compared to upgrading.  We have a couple things we're married to because of repair bills but we made the decision and have to live with it.  New combine engine this winter that was half it's value so it'll need to die here most likely.  Dad likes running it and it's trade value was minimal with an engine rebuild or replacement needed so it's staying.  Leasing can be good in some cases as I understand it but the excellent deals are over and penciled out, buying usually wins if leasing isn't a financial need.