Did you buy or lease, and why?

Rent with the option to buy then.

 

Buy out, trade, turn in, sell privately, extend lease. Basically a buy with the option to return if the market value takes a dump. Or trade if that value goes up and reap equity, or buyout and keep if you love it...my Fj is a lease, my residual is 20.2k I can sell that bitch that's bone stock for 36k all day and reap 15k or trade or keep and buy it at 15k below market value... it's a beautiful thing.

 

Cash.

 

dont matter either way you win with a tacoma.. lease or finance.. unless you drive 40k a year then you are shit out of luck.. go get a civic or something

 

I leased, with the original intention of buying, but a lease gives me an out since i have a great residual of 20,5xx at the end of my 3 years. I can go right into another tacoma if i want with the equity i have in the truck.

 

I thought you can only deduct either or. Lease payments or mileage?

 

You can write off interest if you buy, not sure you can write off a lease payment.

 

You can indeed write off a lease payment. If you leased the vehicle solely for the business you could write off the full lease payment.
If you used the vehicle for 50% private use and 50% business use you could write off 50% of the lease payment.
In my case I use it 75% for private use so I'm writing off 25%.

Ask a finance guy or an knowledgable accountant :]

 

Truthfully I'm not sure, but it would seem that wear and tear (depreciation) on a vehicle is not the same as the cost of operating it (fuel).
One could try to argue those points anyway...
I'm sure as hell going to try to claim both. If the IRS doesn't like it, well, I'll revise it to deduct lease cost rather than miles.
But I'll let them find it ;]

 

drive to much to lease. tacos don't depreciate much... i would recommend buying

 

Smart move - if you drive too much, never, ever lease.

 

Same thing happened to me with my POS 2001 Ranger. And I wound up buying a Tacoma for all the same reasons. My Ranger reached only 147,000 miles. What was your final miles on your Ranger?

 

Ok so it looks like you can write off a lease payment but not sure what percentage is actually written off but you can't take milage with that's it must be itemized.

 

You can't depreciate something you don't own. If you don't own it then nothing is losing value.

 

Bringing this thread back from the dead. Maybe someone can fill me in on something. I’m leasing my truck with the intention to buyout. I did some minor modifications (roof rack, bumper, tires). Will Toyota give me an issue regarding the modifications when I go in to buy the vehicle? Appreciate any insight.

 

No not at all, you don’t even have to bring the vehicle when you buy it out.

 

Leased initially with the intent to buy it at the end (too good of a lease deal to pass up).
The unexpectedly came into some money a few months later, so I bought it out early.

**Edit, just realized I replied to a 3 year old thread, LOL **

 

Appreciate it. That’s what I figured. Just want to be certain. I called last week and Toyota told me to contact the credit union I’m leasing through.

 

I bought because I plan to drive my truck until it will not drive anymore plus I like to modify.

Lease is a fancy term for rental.

 

Remember: When you need to be certain, always ask a random dude on the interwebs..

j/k