If you buy a phone and sell it after a year, you have 'nothing'

If you buy it outright you spend $1000 and resell it for $500 you have $500

You lease it for $500 you still have $500

But that has to be your original plan to get a new phone.

Sometimes, the lease deals work in your favor and you'll end up with more than the resell value. Sometimes you can get a really good outright deal too.

Edit: and without a lease deal, outright usually wins.