11-22-2023Quote:
This, in my opinion, is the only REAL "benefit" of leasing a vehicle. FINANCIALLY, it does NOT make sense whatsoever (unless you can deduct the expenses... see below) but the hassle factor associated with straight vehicle ownership freedom is worth something. So, in that respect, I can see why someone WITH THE AVAILABLE $$$ would lease a vehicle.Originally Posted by Jetjok
Has it cost me more to lease the 2011 than it would have cost me to buy it new at about $74K and sell it next year for about $45K, absolutely, but there’s been no hassle, and at the end of the lease term, or up to six months earlier, I can just drop the car off at the dealership and walk away. To me that’s worth something, because I really don’t want to have to advertise a used car and then suffer through all the crap that goes along with selling it..........but for someone who likes new cars every couple of years and is willing (and can afford) to pay a premium, it is convenient. Knowing that the car is “only a rental”, also gives me one less thing to worry about.
Quote:
The only way you can deduct leasing expenses is if the vehicle is used SOLELY for business purposes. If you try to use a leased vehicle for private purposes but claim it as a business expense, it will NEVER survive an IRS audit. If you want to roll the dice and see, go ahead but know that you are cheating the system if you do and that has a risk of being caught.Originally Posted by Jetjok
Leasing is not for everyone, especially if you can’t deduct its cost
As a business, if you need new cars often, then leasing could be financially advantageous because of the tax savings however, it would depend on how many cars, how much taxes you'd pay, etc.
Since I do my own maintenance (and actually enjoy it lol), the cost of ownership isn't TOO bad, however, I actually KEEP UP with the manufacturer's recommended MX intervals so it does cost me a bit more than someone who just ran it into the ground without regard for MX stuff. The cost of buying tools and equipment is rather high however, since I plan on maintaining many cars over the course of my car-owning lifetime, the tools will MORE than pay for themselves over and over again.
