who has the highest car payment?

[dead_reggin_storage_fashi]

buy if you plan to keep for 5 years plus
lease if not. you can lease for 24 months if you choose so.

you need to budget your monthly income as on a cash flow basis. "Accured"

lease is the ideal way to go

 

[ZKaudio]

buy if you plan to keep for 5 years plus
lease if not. you can lease for 24 months if you choose so.

you need to budget your monthly income as on a cash flow basis. "Accured"

lease is the ideal way to go

rofl bud if you're going to quote something... at least get the spelling right on the quoted word.

 

[rnch]

i was out car shopping saturday...the dealer wouldn't get the payment figure below 140 per month so i walked out.

 

[dead_reggin_storage_fashi]

rofl bud if you're going to quote something... at least get the spelling right on the quoted word.

"accrued"

you know what I ment wise guy

sorry I didnt proof read my post or maybe it was the fact I wasnt a spelling bee champ. Lay off

 

[-SD-]

what country's tax laws are you refering to?

Was referring to leases not being counted as an asset or liability but the payments are expensed out in the period they are incurred. It does show up on income statement which ultimately feeds into retained earnings but I was referring strictly to liabilities on the balance sheet.

 

[Phaded]

768

 

[heavy_duty]

If you lease a car, you can deduct the entire amount, up to CCRA’s maximum (currently $800 plus taxes per month), while considering any tax restrictions relative to your employment, business-use, or an percentage attributed for personal use. When the lease is up, you own nothing, and return the car. If your lease payment is less than $800 before taxes, you may want to renogotiate the amount to that limit with the leasing company to take full advantage of the deduction. This is advisable if you intend to keep the car anyway.

When you purchase, you can write off the interest on your car loan, and you can deduct the capital cost allowance over time. Once the loan is finished, you will own the car. Perhaps do both: lease for the initial period, and buy the car at the end (either with cash or borrow, and write off the interest and the capital cost allowance). This may work well if you have gone way over your mileage and own the leasing company a significant amount upon bringing the car back. Let’s say the car is worth $32,000 to buy at lease-end, but you never planned to buy it – until you find out that you owe $15,000 for the extra kilometers driven. Thinking creatively, you do the math (in terms of car value), and consider the option to buy the car.

If you buy it out, you attribute the $15,000 due for mileage, back into the buy-out equation, purchasing it for a net $17,000 (taxes not considered). If you take the car back to the leasing company, and buy a new car worth $30,000, you will need to pay out a total of $45,000 ($30,000 plus the $15,000 liability) to pay off the lease-end liability, plus buy the new car. View car buying and/or leasing as total expended as you make your financial decisions. It takes time to calculate the best planning, but in the end you’ll be ahead. By buying an extended warranty, a used car bought out at the lease-end could have the maintenance security of a newer car.

Also, when you buy the car, you will not be accountable to the leasing firm for any damage. Where damage exists, you might be forced to have it fixed via your insurer thus increasing your premiums. If you own the car, repairs can possibly wait until you have the extra cash in hand.