Used both for many hours.
VEGAS
Pros: Very fast and quick editing, has a decent amount of stuff to get the job done.
Cons: Needs more effects/ the ones added are a little cheesy and difficult to use for a beginner. I could never figure out the visual effects and IMO it didn't look very nice.
Premiere
Pros:
So many different things to learn,
Comes with a lot of great quality basic stuff which over time is great to learn.
Cheap at 20$ a month along with other Adobe apps(if you are a student).
Encoding and rendering is made super easy to use.
Cons:
Can be slow once you put a lot of edits/effects in it.
If you want to get editing done quickly, text edits in premiere are a little funkier to work with compared to Vegas.