Buy Or Lease Vehicle?
 

I'm trying to make up my mind? What do you guys think?

DH

Can you lease it in your biz name? How does that work as far as write offs up in Canada?

I would buy it if Im going to keep...
But if you planning to just use it and abuse it.. LEASE!!

buy... leasing is a waste of money... you can resell your vehicle when you are done and get some money back... if you lease you are basicly flushing the money down the toilet (and paying extra for going over the alloted milage at the end of your lease)

Leasing is for stupid people.

Honestly, theres no advantage. At least if you buy and dont like the car in 6 months you can trade it in, if you lease your stuck with it.

Buy my souped up cougar.

The one that looks like the transformer.

I'll sell it to you for 22,000 canadian.




I want to buy the new BMW roaster.

talk to your accountant about it , most business's in AU lease vehicles because of the tax advantages and it free's up capital for other income producing activities. you accountant (if they are any good) can provide you with the best information for your circumstances.

Thanks Ted, I was beginning to think I was the only one running a business here...:1orglaugh

i have leased vehicles through my company for about 6 years

and i agree with the other people so far that have said that leasing a vehicle is for idiots

:disgust

once this lease runs out...

NEVER again

Run the math, see how long you're going to keep the car, what it's resale value will be, etc. Generally, the better the car, the less likely you should be to lease it.

Think of it this way... car dealers just LOVE to lease cars these days. I wonder why?

Leasing is a loss. End of story.. What are you buying bro??

BMW 5 series Cool.:)

Hehe Audi S4.

The dealer is trying to push me into a lease, wants a wack of money down... I doubt I will keep the car more than 2 years as I get tired of cars quickly and also thought I might be able to write off a more substantial amount leasing versus buying.

I dunno all this stuff is very confusing.

DH

Leasing isn't that bad if you like to change cars....you know the payment is there and you never have to worry about getting upside down in a car loan, and you always have a pimp ride. If someone can't put 1/3 or more down, car loans suck! Owing more than the car is worth happens fast these days!

Well I am getting the car for less than the market value...

I think I could turn around and sell the car for the same price I got if for in 2 years.

DH

I'm just wondering if it would be more beneficial for a tax write off if I lease it?

DH

I think you can depreciate part of your payment on lease for tools of the trade, but I also think you can do it on a purchase too, just depends on how good your accountant is. Sounds like fun shopping for a new ride!

It's fun but fuck is it ever confusing! I am trying to sock away as much as I can for tax time and having to shell out thousands for a car this time of year is just bad timing.

DH

I've done both over the years and you end up getting screwed pretty much either way if you are buying new cars.

Best bet is finding a new car about 6-18 months off a corp short term lease so someone else is eating the front end depreciation hit.

I've bought cars cash also and though many have said its stupid doing that as well, its nice knowing you own your car fully and not the bank or leasing company.

Cars that I've lost the least on are Benz's. If you take good care of them they have really strong resale value.