Cars - Lease vs Purchase

[James Park]

It appears that many investors on Bigger Pockets are the millionaire next door types who drive older cars with $100k miles on it or purchase used cars that are atleast 3 years old.

In Thomas Stanley most recent book, "Stop acting rich.... and start living like a real millionaire, says that the median price paid by millionaires for their most recent acquisition was only $31,367. The typical price paid by a decamillionaire was $41,997, nowhere near the $75,000 most people think that rich and fabulous people drive.

I was wondering if any of you lease your car for business and take a tax deduction on it and happy with your decision? I made a mistake buying a german SUV bought new in 2003, which now has a residual value of 10% 11 years later. I think if you are a W2 employee, leasing does not make sense since you can't write off your payments.

The repairs & maintenance costs start to get pretty high after the 10 year mark and considering either leasing vs buying cash on a 2011 model for by business car. I personally never leased before.

We look at real estate as an investment.... but do you guys look at cars the same way? or just a fun toy to have to drive and enjoy?