NTers who lease their whips? Vol: new whip every 3 years

[keko jones]

Just funny to me this entire thread. Leasing a Mercedes Benz, BMW, Porsche, Bentley, etc makes sense to me if you can afford to buy this car. If you are leasing it because normally you can't afford it .. Then is just stupid especially if u doing just to stunt.

If you are leasing a Honda Toyota Nissan and you are complaining about repair cost and **** then you should be buying because is obviously you are worrying about money when the labor on these is dirt cheap.

If you are leasing because you like to keep up with tech and current models and you can afford and you don't mind spending money then this is reccomended because whether you own it or lease it is not setting u back and if you had to drip 4k on engine it would not be felt.

That's my entire argument in a nutshell.

 

[youngdoc]

My dude youngdoc needs a 2023 if he's getting tired after 2 years

It's because I can't afford the type of car I want yet. I'm sure I wouldn't be tired of a Panamera at this point

I'm tired of my car but it helps knowing I'm getting a new and completely different one next year

 

[gottabeem21]

IMO if you can't pay cash for a car, you can't afford it.

that doesn't mean that you can't finance it, that's your choice, but nobody should be leasing or buying a 30k dollar car with 10k in the bank

 

[getyashinebox]

^I think of most expenses in terms of % of disposable income, but I believe this as well

Also car payment should not exceed 10% monthly net income

 

[Rootin4EverybodyBlack]

You speak as if leasing made him rich

not my point at all. Dude just said you'll never be wealthy if you lease and that just ain't true.

 

[hoosierdaddy317]

N

You speak as if leasing made him rich

not my point at all. Dude just said you'll never be wealthy if you lease and that just ain't true.

Leasing European whips > financing them or purchasing them outright.

Leasing Hondas, Chevys, Toyotas, etc

 

[njcollector]

i never understood this, i've also heard this is a poor man's thinking



i wouldn't lease, it's not your property... technically youre driving an expensive taxi, that's always on time and if you want you can buy the taxi but only after 3-5 years




just buy an old honda/toyota and then save up

 

[youngdoc]

i never understood this, i've also heard this is a poor man's thinking



i wouldn't lease, it's not your property... technically youre driving an expensive taxi, that's always on time and if you want you can buy the taxi but only after 3-5 years




just buy an old honda/toyota and then save up

What if we don't want an used car though?

I'm not worried about saving right now. My salary is going to increase 5x after residency

 

[pdino]

Many people who lease, lease for business. If you are filling out a 1099 form, and are independently contracted, or work per diem, it can be in your favor to lease:

1. General business use. If you use your car in your job or business and you use it only for that purpose, you can deduct its entire cost of operation. You can deduct everything from taxes that is for BUSINESS (not personal) use. Operating expenses could include: gas, maintenance, interest on your car loan, repairs and insurance (which is typically not allowed as a deduction for personal-use cars).

2. Business miles driven. People who use their cars for business-related work can claim 51 cents per mile IIRC (The mileage rate changes virtually every year.) 

People who do not use their cars for business but still itemize might be able to deduct mileage for such things as driving they do for charity work or trips they make for medical reasons, such as driving to doctor appointments.

3. Leasing a business vehicle. If people lease their cars for business, the entire lease payment can be deducted from the taxable income.  In some cases they can combine this with individual deductions, such as operating costs(gas, repairs, tires, etc). If you drive the car for business: When you lease, a portion of the car's depreciation and financing costs can be deducted on your taxes, roughly 3k, in depreciation, annually.

4. There are other financial incentives for leasing: The Clean Vehicle Rebate Project (CVRP) offers rebates for the purchase or LEASE of qualified vehicles. The rebates offer up to $2,500 for light-duty zero emission and plug-in hybrid vehicles that the California Air Resources Board (ARB) has approved or certified. Here's a list of vehicles with the rebates available at the click of a button. http://energycenter.org/clean-vehicle-rebate-project  

Don't live in California? there are different offers from different states. 

Your state doesn't have credit/rebate? The federal government does.

From IRS website (http://www.irs.gov/Businesses/Plug-In-Electric-Vehicle-Credit-(IRC-30-and-IRC-30D)  ): "For vehicles acquired after December 31, 2009, the credit is equal to $2,500 plus, for a vehicle which draws propulsion energy from a battery with at least 5 kilowatt hours of capacity, $417, plus an additional $417 for each kilowatt hour of battery capacity in excess of 5 kilowatt hours. The total amount of the credit allowed for a vehicle is limited to $7,500.The vehicles must be acquired for use or LEASE and not for resale."

Buying versus leasing is situational. The idea that leasing is financially irresponsible as has been stated in this thread has annoyed me. I can list examples of different situations (albeit rare) where you will get cash flow for LEASING. 

Even though I have argued devils advocate in this thread; I own my car, and plan to own if it matters.

 

[seasoned vet]

What if we don't want an used car though?

yeah
apparently, people who dont want a used car that are perfectly aware of the pros and cons of leasing dont exist

 

[heliumclinton]

lol the logic when most company don't change styles for 5 to 8 years. so you have a newer car but most likely same style with minor cosmetic changes.

Lol the logic when you think someone is going to lease the same car 3 years later, what's wrong with you dudes?

your reading comprehension is not good if that's not what you took from his original message .... In addition is funny that you are claiming play money and not realize that's what the rich do. They lease the same **** just newer ... SmH

why don't you have a discussion without trying to insult? What was the original message then? After my bills are paid and money put into savings each month I still have funds left, I consider it play money. Never said I was rich

Just a question .. Do u upgrade your bodies and lenses everytime a new comes out? If not what you do?

I'm lost, are you still talking about cars?

 

[am1x90xnike]

Leasing for capital is different than leasing for personal use. There is no arguing that if a dude has all the facts and he wants to lease, he should lease, he should do with is money whatever he feels, I think it's dumb, not my money, not my problem.

Dudes grandfather been leasing for twenty years? Some questions need to be asked about how he conducts his business, is he rich or is he wealthy? If he walked away from his job right now, today, would he be able to keep up his lifestyle for the next ten years? I imagine at year 8-9, after leasing his car for all those years, spending without having income come in, pockets would get pretty tight...then what? He has to start over after ten, no car, so he already starts at a disadvantage.

Wealth isn't about having a bunch of money, thats the misconception, plenty of folks have money. Wealth is about security, knowing, even with nothing coming in, you can still live a comfortable lifestyle.  I'd rather pull in 50k a year, living off 30k, holding 600k in assets, than pull in 100k, live off 60k, and hold 300k in assets, in the second situation, money catch up quick (I personally plan on bringing in more and having a higher net worth and live off around 30k myself, but thats just me). 

 

[heliumclinton]

I think it's dumb, not my money, not my problem.

I agree, a car note of any kind is dumb. Save up 5K cop a ol reliable whip and save the rest of your money and let it set there to give to your kids when you die

Marvelous life to live

 

[keko jones]

why don't you have a discussion without trying to insult? What was the original message then? After my bills are paid and money put into savings each month I still have funds left, I consider it play money. Never said I was rich
I'm lost, are you still talking about cars?

If you can't go back to his original post then I don't now what to tell. I'm not insulting you, in being straight forward you in the other hand are taking cheap shots. Example you know I'm talking about camera equipment and you try to be sarcastic with are we still talking about cars.

Furthermore your not so funny uneducated statement about people leasing same vehicle is incorrect. People that come from money and have money lease the same line over and over again. Of the body change so beat it. They aren't going from Benz to BMW every the years. Do they change of course but looking at it long term they tend to stay with the line their prefer best ..

 

[youngdoc]

why don't you have a discussion without trying to insult? What was the original message then? After my bills are paid and money put into savings each month I still have funds left, I consider it play money. Never said I was rich
I'm lost, are you still talking about cars?

If you can't go back to his original post then I don't now what to tell. I'm not insulting you, in being straight forward you in the other hand are taking cheap shots. Example you know I'm talking about camera equipment and you try to be sarcastic with are we still talking about cars.

Furthermore your not so funny uneducated statement about people leasing same vehicle is incorrect. People that come from money and have money lease the same line over and over again. Of the body change so beat it. They aren't going from Benz to BMW every the years. Do they change of course but looking at it long term they tend to stay with the line their prefer best ..

My mother's last three cars have been a 5 series, A4 and E Class.

In the past had a Grand Cherokee, Mazda, X5

Some people just like change

 

[keko jones]

I agree, a car note of any kind is dumb. Save up 5K cop a ol reliable whip and save the rest of your money and let it set there to give to your kids when you die

Marvelous life to live

lol ... 400 x 12 = 4.8k ... If you don't know how to capitalize on that and think the only way it cab profit is by letting it sit in aCD or Savings account ... Lord ... Smh

Of course on a 12 month term it's in the bucket. Someone that has a plan and it's not in a rush ... This is good. Leasing/buying is not from everyone. But let not sell the idea that leasing is the best thing because it's not. Just depend on the individual situation.

 

[utvol23]

I agree, a car note of any kind is dumb. Save up 5K cop a ol reliable whip and save the rest of your money and let it set there to give to your kids when you die

Marvelous life to live

What a foolish way to think of it. You dont save primarily to give the money to your kids but that is a definite added benefit. You save so you can retire young and enjoy your post retirement years and not have to eat dog food to get by. Its so you can afford your medical care and prescriptions when you get old so you dont have to decide between your blood pressure medication and eating or keeping the lights on. Its so you can afford you care in a nursing home or wherever you live where you need extra attention without having to burden your children with them having to pay for it if they are just getting by themselves. Its so you can give back to the community and other charitable organizations. But in the end it is also about changing your family tree.

 

[utvol23]

Also even if you are an independent contractor and file a 1099 doesnt mean that you can write off your car expenses. You have to meet the criteria which I would guess quite a few people who file 1099s dont. My wife being one.

For example you can only writed off mileage for going from one business location to the next you cant write off going from home to work unless your home is listed as your primary business location.

 

[heliumclinton]

Example you know I'm talking about camera equipment and you try to be sarcastic with are we still talking about cars.

Furthermore your not so funny uneducated statement about people leasing same vehicle is incorrect. People that come from money and have money lease the same line over and over again. Of the body change so beat it. They aren't going from Benz to BMW every the years. Do they change of course but looking at it long term they tend to stay with the line their prefer best ..

Example instead of just answering my question you assume I'm being sarcastic. I don't know anything about cameras, don't own a camera besides point and shoot, and never step foot in a Photography thread so no I didn't know what you were referring to.

You got it bro, people that come from money lease a 730i every 3 years just to go from a 2011 to a 2014. Anything else?

 

[heliumclinton]

Leasing/buying is not from everyone. But let not sell the idea that leasing is the best thing because it's not. Just depend on the individual situation.

We been establish that but people insist on saying leasing is dumb and that's why the convo continues so let's not sell that idea either

 

[pdino]

Also even if you are an independent contractor and file a 1099 doesnt mean that you can write off your car expenses. You have to meet the criteria which I would guess quite a few people who file 1099s dont. My wife being one.

For example you can only writed off mileage for going from one business location to the next you cant write off going from home to work unless your home is listed as your primary business location.

1. General business use. If you use your car in your job or business and you use it only for that purpose, you can deduct its entire cost of operation. You can deduct everything from taxes that is for BUSINESS (not personal) use. Operating expenses could include: gas, maintenance, interest on your car loan, repairs and insurance (which is typically not allowed as a deduction for personal-use cars).

I put "business" in all caps, and put (not personal use) in parenthesis right next to it to further emphasize business use.

 

[Betonblck]

Leasing/buying is not from everyone. But let not sell the idea that leasing is the best thing because it's not. Just depend on the individual situation.

We been establish that but people insist on saying leasing is dumb and that's why the convo continues so let's not sell that idea either

This thread would have stopped at the first page if that was so. Only reason this has kept on going is because of people coming in here saying that leasing is the best thing.

 

[utvol23]

I put "business" in all caps, and put (not personal use) in parenthesis right next to it to further emphasize business use.

Not disagreeing with what you said just saying that a lot of people who file as independent contractors still cant write off expenses of their car because they only use it to go from home to work and not from one place of work to the next.

 

[heliumclinton]

What a foolish way to think of it. You dont save primarily to give the money to your kids but that is a definite added benefit. You save so you can retire young and enjoy your post retirement years and not have to eat dog food to get by. Its so you can afford your medical care and prescriptions when you get old so you dont have to decide between your blood pressure medication and eating or keeping the lights on. Its so you can afford you care in a nursing home or wherever you live where you need extra attention without having to burden your children with them having to pay for it if they are just getting by themselves. Its so you can give back to the community and other charitable organizations. But in the end it is also about changing your family tree.

When you take post out of context this is what happens. He insinuated the ideal approach to a vehicle is buying a used car and saving the rest towards your journey to become wealthy. As in having continous car payments will stop you on a quest to becoming wealthy. What you just said has nothing to do with becoming wealthy and everything to do with having a fruitful life. Dope reasons to save though and I agree.

This thread would have stopped at the first page if that was so. Only reason this has kept on going is because of people coming in here saying that leasing is the best thing.

It is the best thing .. for people with disposable income that don't like driving a car until it hits 100K or buying used car every 6+ years

 

[utvol23]

This thread would have stopped at the first page if that was so. Only reason this has kept on going is because of people coming in here saying that leasing is the best thing.

I agree. Its your money spend it how you see fit. If you like the latest and greatest bells and whistles, need a new car every couple years, or just want to drive a car that costs more than you can really afford or if you are just trying to keep up with the Jones do you, but dont say that Leasing is better financially own a car for an extended amount of time.