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> - Never buy a new car. They're for chumps. > - Never lease a new car. That's for the biggest chumps. Disagree on the leasing if you have your own company. T
by defined 9y ago
> - Never buy a new car. They're for chumps.
> - Never lease a new car. That's for the biggest chumps.
Disagree on the leasing if you have your own company. The lease payments are all interest and deductible from your income. Sure, you don't end up with a car but if you do a 36 month lease, your new car is under warranty the whole time.
I've seen too many people suffer from the false economy of used cars. If you are lucky (or a skilled mechanic), you can benefit, but if not, the repair expenses and vehicle breakdowns become a large drain.
I agree that financing a new car is just a depreciation hole, but you need your wits to avoid being screwed over when getting a used car. You just never know what's been done to it.
- danenania 9y agoSeems like you're asking for trouble from the IRS if you lease a car for personal use and call it a business expense no?
- nilkn 9y ago> I've seen too many people suffer from the false economy of used cars Just get a 1-2 year old low-mileage CPO vehicle. It should still have the original warranty active. Ideally you should also target brands with great warranties like Hyundai (100k miles/10 years). This is as far as I can tell close to the optimal financial strategy for car ownership. Personally, though, I do buy new, and I pay cash so I never, ever have a car payment. I hate the feeling of paying off a car over years as it depreciates. I really prefer to just get it over with and then enjoy knowing that I totally own it, no strings attached.