I have heard that when leasing you can write-off the lease amount from taxes if you have your own business, versus financing, where you can't write it off.

Is there any truth to this? Or did I just misunderstand?

 

You may write off lease/car payments using either the national mileage rate OR itemizing your costs of owning the car, whichever is greater. If you choose to itemize then you MUST keep a detailed, daily record of how your car is used for your business. You can find plenty of better answers by simply searching on Google for your question. Speak to your tax advisor as well for further details.

LOL Getrad, unless your name is Mr. Evolutionm.net I'm sorry to break it to you, but I'm here to stay on this free site. And I don't pull the "I pressed buttons years before you did hence I'm better than you" card.

I'm sorry about your recent, turbulent job experiences but my point here is to show that Leasing is NOT some evil, red-eyed monster and CAN and DOES fit into certain people's lifestyles. When people make blanket statements that leasing is "bad" without providing solid facts and arguments, it only reinforces the rumor that leasing is indeed "bad". Look at the website I provided and you'll see it shows unbiased information to anyone (ahem, the OP) who is asking the lease vs buy question. Btw you did not actually mention that losing your job meant you had to drive an extra _____ thousand miles per year so we'll just assume you did so because you were looking for jobs and going on interviews, as opposed to pleasure driving looking for car parts to buy.

Additionally, it's ironic that you're now making judgments on me since you so adamantly stated that I should not make judgments about you. Just pointing out the irony there.

Highlyevolved, people who own Ferraris (at least in my experience with my own clients and friends) do not "flush" money down the toilet. In fact, the most frugal and money savvy people you will ever meet are millionaires and billionaires (I'm not talking about the idiots you see on TV or athletes). Sure, a Ferrari is a toy to them, but that's in fact why they lease it because they have a plethora of vehicles and do not plan to drive any one of them too often. It is a high quality issue for sure, and yes it is more difficult to grasp (me included) for those of us who do not have 7 figures in our checking accounts.

Leasing an Evo CAN be fine for someone who:
a) Won't use it as a primary vehicle
b) Won't drive over the mileage
c) Wants a "warranty" the entire period of ownership
d) Does not want to pay for more than the depreciation in the first 2-4 years
e) Plans to change the vehicle at lease's end

If you do NOT fit these categories, then you are NOT a good candidate for leasing ANY car. By stating you are NOT a good lease candidate does NOT make leasing a bad thing. It just means YOU cannot and should not do it.

 

I play with the hand I have been dealt. When you come at me with statements of unbiased judgment, that's what you get back in return. Same as if you where to take a swing at me I would swing back I am not the type of of person to lay down and take things. So unless you don't want people to judge you then don't make judgments yourself.

It's called the golden rule "bro" treat others as you want to be treated. Have a miserable life

BTW: IMHO LEASES ARE EVIL!!!!!!!

 

But bro, c'mon !

 

 

Obviously you're not picking up on my sarcastic use of the word "bro." and I am just calling it like i see it. The dude who I was talking to is obviously a "bro."

BTW Welcome to the Evo X Community

 

Yeah man I picked up on it. Just trying to have some fun, lighten the mood.

Thanks, I'm loving the EVO X

 

My parents think leasing works great for them. They don't drive exceeding the yearly cap miles of 12000 and they don't have to worry about their cars are broken down. They basically are having the best years of their lexus and mercedes. Basically the only things they are concerned about are the reliability and safety of their vehicles.
If you only have one car and it is your evo, I think leasing can be a terrible idea especially mitsubishi offers 0% financing to purchase. You will lose your freedom to mod and in the end you don't own anything after paying 15000 in 3 years. '
Lastly, it's hard to get out of a lease early...Good luck with your decision

 

Absolutely no difference getting out of a lease early vs. selling a car with a lien (i.e. your typical car loan where people feel like they actually own their car?). A leased car has a cash buyout amount just like a loan. Where the hell r you guys dreaming this sh*t up?

Sorry for being a tool, but these nonsense statements just bring it out of me.

 

+1 Agree 100%

You owe the bank MONEY, NOT a car. If you don't have money, they take your car in order to make that money back. That applies to purchase or lease, it's no different. Money owed is still owed money

 

+1 people THINK when you purchase that car is yours... WRONG if you finance the car belongs to the bank. they'll come take it ANY time they want legally if you stop making payments. lien holder on the car title take note is the bank , NOT you (which only changes after you pay it off 100%)...

so reality is lease and buying are very similar if you are financing it.

 

Not exactly true. Getting someone to take over lease payments vs. selling a financed car is a different game. Theoretically there is no difference between a lien against a vehicle and paying a lease in that in either case you don't really own the car, but in reality lease contracts are MUCH different then finance contracts and to presume otherwise is a bit dishonest.

 

I know when I contacted MMCA they told me in order to get someone to take over the lease that I would have to act as a co-signer for the person taking over. So either way my name would still be on the lease and in the end if the person went over the miles or decided to not pay the money owed/ money for miles owed is still on me. You could have someone buy out the lease which is the easiest option to getting out of a lease you just have to find a person to buy it and most of the time you are going to have to take a hit and drop the price of the car. So basically say the buy out is 29k and you sell it for 27k you still have to pay 2k out of your pocket. Swapalease.com offers a way out and say that they can get your name off the lease but in the end they can't cause MMCA's rules apply over what they are offering you.

 

I agree with Milfesto, payments are payments. A lease is more of a bullet loan if someone decides to purchase the car in the end.
However, 0% financing is just a lot better in my opinion.


He's got it. Also selling a leased car can be difficult because the seller wants to minimize the loss on his end..
I am really not sure the x is the car that can be sold more than the lease balance..
By the way correct me if I am wrong. Thanks!

 

I know I can't get the buy out price. It still like 30k but I am keeping her anyway. I love this car and have always wanted one.