Rent v. Buy?

The classic question "Rent v. Buy" always seemed so easy to me (ALWAYS buy, because then you're not just throwing your money away - you will OWN the asset at the end of the payments). However, recently I've come to realize that it MIGHT be smarter to rent when prices of the assets are falling (such as houses) or when dealers are dying to lease you a car and make you a better lease price than a sale price.

Turns out, it actually is complicated trying to decide whether to rent or buy something, because you have to predict the future. You have to forecast what you think the salvage price of the asset will be at the end of the term, and compare that to renting v. buying costs.

Closely related to this question is the decision of when to pay off your debt, in what order, and how much of it to pay off. The famous debt snowball worksheet helps you figure out what to do, based on the interest rates you pay.

The last thing I have to say about rent v. buy, is that there is some inherent benefit to owning stuff, instead of renting all the time - something intangible and thus, unquantifiable - but definitely beneficial.