3 year lease or the 6 year loan?
#31
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I realize in real estate, cars are a "false sign" of success. I'm also in outside sales You need a new accountant if they are not up to speed on how to advise you on auto expense write offs.
BTW...The sharpest real estate agent I've worked with dazzled me with her knowledge and actions rather then her older Caddy with gaudy trim and 100M+ miles......turns out she was the area manager/mentor and top in sales!
JU
BTW...The sharpest real estate agent I've worked with dazzled me with her knowledge and actions rather then her older Caddy with gaudy trim and 100M+ miles......turns out she was the area manager/mentor and top in sales!
JU
I was asking a valid question in the proper thread of the proper forum.
I am soliciting opinions on leasing versus buying for business purposes.
If I wanted your opinion on what kind of car to drive or on my sales experience and success, I would have asked for it.
By the way, the entry level Lexus is hardly a sign of success. I am thinking of dumping my SUV in favor of the ES because it is an economical and responsible choice. Easier for my clients to get in and out of, and it is a good blend of luxury, economy, sport, and functionality not to mention being a great looking car.
#32
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Skidpalace,
Sorry if my typed words came across roughly.
Your accountant needs to plug in your actual tax/write off situation and give you an end of the year outcome for a purchase and a lease.
BTW.... You may want to buy another SUV for the write offs!!
http://www.selfemployedweb.com/suv-tax-deduction-5.htm
Good Luck!
JU
Sorry if my typed words came across roughly.
Your accountant needs to plug in your actual tax/write off situation and give you an end of the year outcome for a purchase and a lease.
BTW.... You may want to buy another SUV for the write offs!!
http://www.selfemployedweb.com/suv-tax-deduction-5.htm
Good Luck!
JU
#33
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Skidpalace,
Sorry if my typed words came across roughly.
Your accountant needs to plug in your actual tax/write off situation and give you an end of the year outcome for a purchase and a lease.
BTW.... You may want to buy another SUV for the write offs!!
http://www.selfemployedweb.com/suv-tax-deduction-5.htm
Good Luck!
JU
Sorry if my typed words came across roughly.
Your accountant needs to plug in your actual tax/write off situation and give you an end of the year outcome for a purchase and a lease.
BTW.... You may want to buy another SUV for the write offs!!
http://www.selfemployedweb.com/suv-tax-deduction-5.htm
Good Luck!
JU
***disclaimer*** this is not professional advice.... so dont sue me if you get harmed following my opinion. My specialty is real estate accounting.... not personal/business management.
#34
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My advice: Dont lease . Dont finance. If you can afford the car, pay all cash. If you cant afford the car, buy a lesser car. Remember, your car is NOT an investment. It does not produce a monetary return (unless its a rare antique car). You are entitled to enjoy what you can afford. If you want to enjoy it now even though you can't afford it, expect to suffer a little later on. It's a trade-off. If you must have a new car every 3 years, well.... that's why some of us can afford to buy our 1st home at age 26 while some of us are still renting apartment at age 50. It's a personal choice. IMHO
The crazy accountant
The crazy accountant
mikedozz : heed the advise above if you want to be successful. Warren Buffet said in an interview i watched just 2 days back (but was taped long) that he never borrows (large sums of) money and it was one of the 2 secrets for his success. In an article floating around these days in the news Oh here is the link i found http://www.iht.com/articles/2006/09/....0918broke.php ... Anyway I'm on a personal Jihad against Usury (interest) so I advise myself and others all the time never to deal with interest as it destroy's societies .
I agree to the first quote JU but not to the Uncle Sam owning part of our money
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Anyway thats all for now
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#35
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I dont know about all you guys but if i had the 40 grand to spend on a car, i would still finance if the APR was low(under 5%) and either put that money in a mutual fund which has never failed to yeild less than 8% in profits or i put that 40,000 grand for a down payment on a real estate purchase. To me its okay to borrow as long as you have a smart accountant to put your money in the right places. I made my money by accumulating a lot of debt but i knew that down the road it would pay dividends.
I'll give you my example. By 30 I had owned 50 apartments/houses. Knowing that it was high time to sell, I sold 25 of my lowest income producing properties and the equity i had in those 25 i sold, I paid off the other 25. So now i own 25 real estate properties with no mortgage. But before i was 30, I had close to 10 million in borrowed money! Nothing wrong in borrowing as long as you know what you are doing!
I'll give you my example. By 30 I had owned 50 apartments/houses. Knowing that it was high time to sell, I sold 25 of my lowest income producing properties and the equity i had in those 25 i sold, I paid off the other 25. So now i own 25 real estate properties with no mortgage. But before i was 30, I had close to 10 million in borrowed money! Nothing wrong in borrowing as long as you know what you are doing!
Last edited by dshahs420; 09-20-06 at 07:02 PM.
#36
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Most of the buying public works on the principle that if they have $XXX a month left in their checking account they can lease a car for that amount...screw saving for the future! Not many contribute to an appreciating asset(s) or retirement.
JU
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Swordfish
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