2017 Lease Payments

exchief,
I "want" that deal ! What city and dealership did you lease from?

 

Stan23,
off topic...
Sweet Aprilia! We are both South Bay. Do you ride locally? Feel free to PM

 

Autoland Springfield NJ do you have a Tacoma to turn in mine was a 2013 Tacoma mint condition with 22,000 miles on it. If you are going let me know I will give you the salesman name

 

Oh, I was afraid of that. I'm left coast. So what was the delta between your payoff and current market value? That equity would have been your down payment no? The $1500 would have been part of that delta. What ever that delta was minus your $1500 would have been your down payment (which you don't actually pay I know) correct?

 

The dealer purchased the truck and he sold it on the lot. He used 1,200 towards my truck to cover motor vehicle costs and first months payment. The dealer also sent me back a check for 1,500 I put nothing out of my pocket gave him my keys and he gave me the new keys I also had 3 months of lease payments left on the truck at 380 they paid them off

 

If you can buy, buy it 554 a month 72 months (783 credit score) (22 years old) leasing sucks IMO just because your paying for "nothing" in 3 years my truck will still be worth 70 percent of what I paid, I also plan on paying it off within 3 years

 

So let's look at it objectively. Let's say you bought it and paid $554 with $0 down for 72 months, drove 12k miles per year for a $35k msrp truck. It's worth about $15k at the end of the loan wholesale so overall it cost you $24,888 ($554x72-15000) to drive a truck for 6 years.

Now let's say you leased it for $300 a month with $0 down twice (Two 36 month leases) it would have cost you $21,600 to drive a truck for 6 years (300x72).

It would have cost you more overall to buy than lease in that scenario, so leasing doesn't "suck because you're paying for nothing", it's a question of being able to accomplish the right deal. Getting a "good deal" on a lease requires a more comprehensive look at the math involved.

 

so I leased my 16 sr5 access in august. $35,900 sticker. I paid more down to cut my payment down but it was 3k down, 259 a month, 2 years with 24k miles total. Buy out at end is $21k. I have had it almost 4 months and have 1200 miles on it. I will never make the mileage limit so I dont care about that. I have no intention to buy at end of lease but never know. I look forward to a 2018 or 19 when done. Everyone says yeah but it will have super low miles and you would know how every mile was driven but I want new. Plus 2 year maintenance and roadside that covers everything is huge.

 

don't forget I sell my truck back to the dealer and last time they sent me a check for 2,500 back this happens every time I keep my trucks mint. I am also driving a new truck every 3 yrs with a new warranty. He is driving the same truck for 6 plus yrs and no warranty. And I will bet he will not pay it off in 3 yrs. My money stays in the bank he has to put all that money out. And drive the same truck for all those yrs plus pay for all repairs. I lease with no money down I trade keys for keys and they send me a check. in 3 yrs I will be in another new Tacoma.

 

I put 0 down, and I will be paid off in 3 years, I don't owe a payment until March and I bought it last month. My problem with a lease is I don't own the vehicle, I don't mind fixing something that is broken, if I get 200k out of the car it's more than worth it, because over a 10 year period with me paying off in 3 even 4 years youll still be dishing out more money than me in the long run. Also I can modify my truck anyway I want and not have to worry about it

 

I leased. I put zero down, the truck will be paid off (I will own it) in 3 years and I am 100% tax deductible. I can modify as I want as well.

 

Explain how you are 100% tax deductible?

 

My truck is used for business purposes. Leases are deductible, purchases are not.

 

Well I am 22, so no use for me leasing IMO, but my Uncle wrote off his truck last year and he purchased it.
https://turbotax.intuit.com/tax-too...-Taxes/Business-Use-of-Vehicles/INF12071.html

Explain how you are 100% tax deductible

 

I don't think you read that link very well. I would scroll to the bottom and read that info. Purchases are bound by mileage deduction and depreciation. Your uncle wrote off depreciation.

 

What is a lease? You are financing the depreciation so it's literally the same thing.

For example, a vehicle leased in 2016 that is valued at $45,500 and that is used 100% for business would require an income inclusion amount of $53 to be subtracted from the 2016 lease payments in arriving at the deductible amount for that year. In 2017, the income inclusion amount would be $117. Higher income inclusion amounts would apply for 2018 through 2020.

 

Ok grasshopper. You're 22 years old and you know it all. I will move along.

 

Not worth your time ...

 

OK

 

Ahh another great tax loop. My issue with this is how come folks who work and need their wheels to get there don't have the option to write off the vehicle usage?

So do you just sign the lease for the whole value of the vehicle? And then who owns it, you or your company?

I was hopping for a better conversation than that, this is where the wise one shows the ways to the grasshopper, not just insult and run away.

It's my understanding these tax loops are why leasing actually stuck around and has become common place. It is also my understanding that you can use the system as a small business to get substantial tax breaks even when purchasing.