Buy Or Lease Vehicle? - GoFuckYourself.com

GTS Mark · 02-05-2003, 12:27 AM

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

DH

LiveDose · 02-05-2003, 12:28 AM

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

applejacks · 02-05-2003, 12:29 AM

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

exspamr · 02-05-2003, 12:46 AM

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)

Swiftone · 02-05-2003, 12:53 AM

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.

Simon-interaid · 02-05-2003, 12:53 AM

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.

Ted · 02-05-2003, 12:54 AM

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.

LiveDose · 02-05-2003, 12:57 AM

Quote:

Originally posted by Ted
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...

Rocky · 02-05-2003, 12:59 AM

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

once this lease runs out...

NEVER again

Interlude · 02-05-2003, 12:59 AM

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?

SNOW · 02-05-2003, 01:12 AM

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

BMW 5 series Cool.

GTS Mark · 02-05-2003, 01:18 AM

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

Nasty D · 02-05-2003, 01:36 AM

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!

GTS Mark · 02-05-2003, 01:41 AM

Quote:

Originally posted by Nasty D
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

GTS Mark · 02-05-2003, 01:42 AM

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

DH

Nasty D · 02-05-2003, 01:59 AM

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!

GTS Mark · 02-05-2003, 02:25 AM

Quote:

Originally posted by Nasty D
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

KRL · 02-05-2003, 02:30 AM

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.

02-05-2003, 12:27 AM	#1
GTS Mark Vrume Mark Industry Role: Join Date: Jan 2001 Location: Toronto, Canada Posts: 20,912	Buy Or Lease Vehicle? I'm trying to make up my mind? What do you guys think? DH

02-05-2003, 12:28 AM	#2
LiveDose Show Yer Tits! Industry Role: Join Date: Feb 2002 Location: Somewhere Out there... Posts: 25,792	Can you lease it in your biz name? How does that work as far as write offs up in Canada? __________________ Scammer Alert: acer19 acer [email protected] [email protected] Money stolen using PayPal

02-05-2003, 12:29 AM	#3
applejacks Confirmed User Join Date: Mar 2002 Location: GPWC Posts: 750	I would buy it if Im going to keep... But if you planning to just use it and abuse it.. LEASE!! __________________ <A href="http://www.superchargedentertainment.com/adult/"><img src="http://www.superchargedentertainment.com/banners2/graphics/se-120x60-001.gif" border="0"></a>

02-05-2003, 12:53 AM	#5
Swiftone Confirmed User Join Date: May 2002 Posts: 337	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. __________________ Yo.

02-05-2003, 12:53 AM	#6
Simon-interaid Confirmed User Join Date: Sep 2002 Location: Vancouver Posts: 814	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. __________________ we buy domains with typin traffic. icq me 8566256

02-05-2003, 12:46 AM	#4
exspamr Registered User Join Date: Dec 2002 Posts: 1,427	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)

02-05-2003, 12:54 AM	#7
Ted Confirmed User Join Date: Nov 2001 Posts: 830	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.

02-05-2003, 12:59 AM	#9
Rocky Confirmed User Join Date: Jul 2001 Location: Living Off The Grid Posts: 3,022	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 once this lease runs out... NEVER again __________________ Are you down with Sin?

02-05-2003, 12:59 AM	#10
Interlude Confirmed User Join Date: Feb 2001 Location: State of Denial Posts: 1,147	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?

02-05-2003, 01:12 AM	#11
SNOW Confirmed User Industry Role: Join Date: Feb 2001 Posts: 3,963	Leasing is a loss. End of story.. What are you buying bro?? BMW 5 series Cool.

02-05-2003, 01:18 AM	#12
GTS Mark Vrume Mark Industry Role: Join Date: Jan 2001 Location: Toronto, Canada Posts: 20,912	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

02-05-2003, 01:36 AM	#13
Nasty D Confirmed User Join Date: Dec 2002 Location: P-Town Posts: 2,563	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! __________________ Pimp Mandy Mayhem, Tabatha Sweet, Kristi Montana and Lexy Lohan @ Hawt Money

02-05-2003, 01:42 AM	#15
GTS Mark Vrume Mark Industry Role: Join Date: Jan 2001 Location: Toronto, Canada Posts: 20,912	I'm just wondering if it would be more beneficial for a tax write off if I lease it? DH

02-05-2003, 01:59 AM	#16
Nasty D Confirmed User Join Date: Dec 2002 Location: P-Town Posts: 2,563	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! __________________ Pimp Mandy Mayhem, Tabatha Sweet, Kristi Montana and Lexy Lohan @ Hawt Money

02-05-2003, 02:30 AM	#18
KRL Entrepreneur Join Date: Oct 2002 Location: USA Posts: 31,429	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. __________________ If you would like to develop your domains, you can lease inexpensive foreign labor from the leaders in the field at iWebmasters.com TO LOWER YOUR COSTS AND INCREASE YOUR PRODUCTION! * * * * * * * * * * * * Domains Adult News KRL's Newsletter Biz Tips Just Listed Domains