I agree with you that leasing is dumb. The answer I was looking for is that neither is a good investment, because they are not investments. They are loss leaders in the cost of doing the business of life. I only consider investments as something that makes me money.

When you run the math, my break even on leasing vs. buying is 5 1/2 yrs. I never put money down which slightly increases pmt., but not apples to apples. When the lease is 6 mo. from being up, Ithe dealer is begging for it back, so miles never matter. The vehicle we lease has a very high residual, which is why I lease a luxury suv $100 less a mo. than what I could get a ford explorer for. I also own a business so it makes more sense for me, but still not as good as buying used. The last thing I would do is buy new.

With the land, lets assume 20 acres @ 2k/ acre=40k. Over 15 yrs. you will have 15k in property taxes. So now at 55k. Insurance will have been $7500. If you had to finance it, another $7500 in int., probably more. So now at 70k for that property. So you are now at $4666/deer v. 2k/deer. Likely you won't find ground for less than 3-4k an acre if you can steal it.
So the cost per deer doubles. When I say this, it assumes strictly as a hunting prop. Things can be different if you are going to farm, rent a house on it, or are looking to shelter money to pass on to heirs, etc. the 2k lease would likely get you on 50+ acres conservatively. What am I missing?