Leasing can make a lot of sense versus owning if the car's in the company's name - i.e. deductibility of lease payments when they're made versus a big upfront hit to cash flow with depreciation deductions over time.
That said, I can't say that I practice what I preach. Being a mechanically inclined fellow, I always find it best to buy a quality used car between 3-4 years old with 30-50k on the clock. The biggest depreciation of a car is in the first couple of years, but cars are built so well today, they're pretty trouble-free to 100+k miles. Following this approach, I've drive BMW's for the price of a Honda. I have never bought a new car and do almost all the work myself.
My rides:
DD's - 2000 BMW 528iT (wagon with a rare 5 spd) & 2000 BMW 323ci conv
Toys - 1978 Porsche 911sc targa and 1987 Corvette Callaway Twin Turbo conv (wanna race? at a track, of course)