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Updated over 10 years ago, 04/28/2014

User Stats

6
Posts
0
Votes
Adolf A.
  • Union, KY
0
Votes |
6
Posts

Buy or Lease new business vehicle? what are you doing?

Adolf A.
  • Union, KY
Posted

What is your strategy for your business vehicle?

I have an LLC for my rentals and a S-Corp for my flips. My wife and I work full time across both. Currently we deduct the std mileage. Now are cars are getting old. Time to rethink the cars / tax strategy. Down payment and cash flow are not a problem.

We desire "higher end" cars (not trucks over 6000 lbs.). My challenge (question) is "do the depreciation rates make sen$e" to buy a high end business vehicle..(Telsa X? ...that has little operating expense/maintenance).

Second challenge is the exit strategy (lease...easy, just walk away) vs. (buy/depreciate...gain or loss).

Appreciate your wisdom!

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