Lease or Buy
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898 Posts
Personally what I have heard on the lease / buy debate is;
Can you write off the lease payments via a business expense?
If so, done deal.
If not, why would you want to rent a vehicle?
Your choice in the end & personally I enjoy the concept owning my vehicles.
Can you write off the lease payments via a business expense?
If so, done deal.
If not, why would you want to rent a vehicle?
Your choice in the end & personally I enjoy the concept owning my vehicles.
the buisness expense is the only way I see a lease being practical. Everybody always says "Well I can always pay it off at the end of my lease if I end up really falling in love with the truck" and well you can, you'd take a screwing from the dealership on the payments to pay the truck off after you rent the truck for a few years.
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7,683 Posts
For me I have to buy it
I do about 40 000 a year lease payments would kill me
I do about 40 000 a year lease payments would kill me
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1,253 Posts
I lease both my Truck and my Mustang and have been leasing all my vehicles for the past 12 years. I know I am not keeping the Truck so it will go back. The Mustang has a $13000 buy out at the end of the lease. I can finance that money any way I want to, so I do not see how the dealer would be able to screw me on that payment. If a lease is with Ford Credit than the dealer has nothing to do with the price. The buy out price is set at the time the lease is signed. If the Vehicle in question is not worth the buy out price in the market then it makes no sense to buy it out, just get a new one. With the recent GST reductions my car payments have gone down the 2%. If I had bought then I would not be getting a refund.
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284 Posts
I currently lease my Grand Prix but my next vehicle will be a purchase, I don't like the fact that I'm limited in what mods I can do to the vehicle. GM Canada is now offering 0% financing for 6 years on most remaining 08's.
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2,303 Posts
Well with the issues of the spark plugs breaking on them and some dealerships breaking the plugs taking them out then sticking the customer with a huge repair bill for a simple plug change I'd stick with the lease cuz if they screw up and break the plugs its THEIR truck they broke not yours.
Ok first off this is what I do for a living and I have been doing leasing and financing for 18 years now
1. both purchase and lease can be written off as business expense
2. Leasing you are paying way more tax because you are paying tax on the interest monthly
3. The calculation on a lease is not like a loan and there are penalties on leases and not 99% of the loans
4 Leasing only works for new cars and only if the lease rate warrants it then you have to know what you plan is most people end up buying out the lease and taking a 5 year loan to do it. so most people are doing 10 yrs of financing when they lease when it comes down to it.
fact is in lease promo ads they hide fees from the public they charge laf =Lease acquisition fee doc fee freight and pdi up front dealer prep and anything else that they think they can get away with.
it ends up being a huge up front fee when it clearly says 0 down
Loans IMHO are the way to go simple interest and you can pay as much as you want every month you dont have to worry about KM or if you want to modify you truck.
Leasing is designed as a way for the dealer to retain business and keep customers by selling them vechiles every few years. The numbers are a person that buys a new car in Canada will keep it 10 years and a people that lease 60% will get into an new car in 4-5 years it make the manufacturer get double the business in the same time so you wonder why they market and push it so hard. On a lease you have negative equity when you drive off the lot till your last payment you are never ahead.
Point is I will never let a friend of mine lease a car regardless
1. both purchase and lease can be written off as business expense
2. Leasing you are paying way more tax because you are paying tax on the interest monthly
3. The calculation on a lease is not like a loan and there are penalties on leases and not 99% of the loans
4 Leasing only works for new cars and only if the lease rate warrants it then you have to know what you plan is most people end up buying out the lease and taking a 5 year loan to do it. so most people are doing 10 yrs of financing when they lease when it comes down to it.
fact is in lease promo ads they hide fees from the public they charge laf =Lease acquisition fee doc fee freight and pdi up front dealer prep and anything else that they think they can get away with.
it ends up being a huge up front fee when it clearly says 0 down
Loans IMHO are the way to go simple interest and you can pay as much as you want every month you dont have to worry about KM or if you want to modify you truck.
Leasing is designed as a way for the dealer to retain business and keep customers by selling them vechiles every few years. The numbers are a person that buys a new car in Canada will keep it 10 years and a people that lease 60% will get into an new car in 4-5 years it make the manufacturer get double the business in the same time so you wonder why they market and push it so hard. On a lease you have negative equity when you drive off the lot till your last payment you are never ahead.
Point is I will never let a friend of mine lease a car regardless
oh and FYI all banks are doing 84 months now on new and up to 2 yr old cars a lot of banks have been even offering 10yr terms now at fixed rates through brokers. current rates upto 84 months are 8.25 fixed to 9.99% fixed it is depending on loan value the more money ya want the cheaper it is
If you want a rv or big boat I can go up to 30 years common is 25 years on a new rv payments are a few hundred bucks a month...
I just did a $850000 motor home loan this week and I got the guy a 40 yr loan 7.99% fixed for 60 months
If you want a rv or big boat I can go up to 30 years common is 25 years on a new rv payments are a few hundred bucks a month...
I just did a $850000 motor home loan this week and I got the guy a 40 yr loan 7.99% fixed for 60 months
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