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If an employer pays full mileage rate, does leasing make sense?
Posted on 8/3/14 at 12:52 am
Posted on 8/3/14 at 12:52 am
My wife's employer pays $.55 a mile. She typically put 20,000 business miles a year on a car.
Pro's or Con's in this situation? She doesn't want to pull $20k out of investments for a business expense for her employer. Not sure which is the best way to go under these circumstances
Pro's or Con's in this situation? She doesn't want to pull $20k out of investments for a business expense for her employer. Not sure which is the best way to go under these circumstances
8
Posted on 8/3/14 at 2:45 am to HubbaBubba
Does the business require her to have a car less than 5 years old?
Posted on 8/3/14 at 6:37 am to HubbaBubba
Why doesn't she just finance it?
Posted on 8/3/14 at 8:38 am to HubbaBubba
When an employer is paying mileage all options are better than were before. That doesn't mean leasing is suddenly the best choice.
The best choice is probably still to buy a used vehicle and she keeps the mileage money as a supplement to income.
The best choice is probably still to buy a used vehicle and she keeps the mileage money as a supplement to income.
Posted on 8/3/14 at 8:45 am to HubbaBubba
More important financial aspects of leasing are if you "must" have a new car, plan to only keep it for a short term, and can stay under mileage.
At 20k miles per year, you likely won't be able to lease.
Keep in mind leasing is just simply a "balloon" method of financing. Getting supplemental income for a vehicle really doesn't do much to affect how you should finance.
At 20k miles per year, you likely won't be able to lease.
Keep in mind leasing is just simply a "balloon" method of financing. Getting supplemental income for a vehicle really doesn't do much to affect how you should finance.
Posted on 8/3/14 at 9:04 am to HubbaBubba
9/10 times I get a rental car.
Company doesnt know I have a rental and pays based on mileage.Plus I am not putting my vevehicle and insurance at risk.
I also get to drive awesome cars from time to time and NEVER come out behind
Company doesnt know I have a rental and pays based on mileage.Plus I am not putting my vevehicle and insurance at risk.
I also get to drive awesome cars from time to time and NEVER come out behind
Posted on 8/3/14 at 2:11 pm to HubbaBubba
Why wouldn't you buy a car with zero down? Your wife's employer is paying over $10k in mileage a year, shouldn't that more than cover the note? At the end of the day you own a car that you have little to no cash invested in.
This post was edited on 8/3/14 at 2:15 pm
Posted on 8/3/14 at 4:49 pm to HubbaBubba
Why not finance it with rates as low as they are?
Posted on 8/3/14 at 8:47 pm to HubbaBubba
Going back to the tax implications, can you depreciate/write off anything at all if you are compensated for mileage? Is she an independent contractor with an LLC or an employee? Maybe poodlebrain can give some input.
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