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Car Allowance - Purchase or Lease?
Posted on 1/14/20 at 9:48 am
Posted on 1/14/20 at 9:48 am
What would you do if you had a $10,000 a year car allowance? I'm assuming taxes will be taken out of the allowance also. Never have leased a car, always paid for them, but trying to decide if it would be beneficial to just lease one. Won't be driven a ton, for instance wife's current 2012 Highlander only has 78K miles on it.
This post was edited on 1/14/20 at 10:00 am
Posted on 1/14/20 at 10:03 am to Shotgun Willie
Keep what you have and profit.
Posted on 1/14/20 at 3:32 pm to JohnDoe00
dont lease it. as the other poster mentioned profit off of the allowance.
Posted on 1/14/20 at 7:23 pm to Shotgun Willie
What are the rules for the vehicle allowance? Is it just a flat bonus, effectively increasing your salary?
Many allowances require the vehicle to fewer than X miles, be less than 3-5 years old, etc. Depending on the restrictions, it may make sense to lease it. If there’s no restrictions, just keep what you have if it’s reliable.
Many allowances require the vehicle to fewer than X miles, be less than 3-5 years old, etc. Depending on the restrictions, it may make sense to lease it. If there’s no restrictions, just keep what you have if it’s reliable.
Posted on 1/14/20 at 7:58 pm to LSUtigerME
Yeah, but if your car looks nice - do they actually enforce those? Not that I’ve seen. Put the $ in the bank.
Posted on 1/15/20 at 6:20 am to LSUtigerME
I’ve never had any terms with a car allowance, it’s simply a perk that the company doesn’t have to layer annual raises on. It’s a separate line on my pay stub.
Personally, I’d buy. You’ll have an owned asset within a few years and then can pocket going forward.
Personally, I’d buy. You’ll have an owned asset within a few years and then can pocket going forward.
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