Originally Posted by jsf343
Anyone lease their work truck(s) and write off that payment instead of owning? I have been having a few issues with a used truck I bought for one of the routes.(97 f-250) It got me thinking about newer trucks and leasing.
I am not necessarily talking brand new, but newer.(=less problems) advantages seem to be...
1. as stated less problems.(maintenance, breakdowns, etc.)
2. under warranty? could be.
3. newer, better gas mileage hopefully
4. write off.
5. could trade up or apply payments towards owning?
1. lot of money? I suppose close to $300.00 a month for payments
2. you wreck, you screwed
3. higher insurance costs?
BUY THE VEHICLES, DEPRECIATE THEM OUT TO $0 OVER ABOUT 5 YEARS, STILL WRITE OFF MILEAGE AT ABOUT $.41 PER MILE IF THIS IS YOUR FULL TIME JOB. KEEP GOOD RECORDS OF MILEAGE. KEEP LOG . i USE A LOG BOOK AND RECORD MILEAGE AT FILL UPS. IF YOU USE THE VEHICLE FOR PERSONAL USE YOU CANNOT WRITE OFF THOSE PERSONAL MILES
. SURE WITH LEASES YOU GET A CHEAPER PAYMENT AND CAN WRITE OFF PAYMENTS BUT WHEN THE LEASE COMES UP YOU HAVE TO BUY OR GIVE IT BACK AND PAY EXTRA FOR BEING OVER ON MILEAGE OR SCRATCHES OR ANY OTHER DAMAGE OR EXCESSIVE WEAR . PAYMENTS AND INTEREST ARE WRITE OFFS TOO IF IT IS A BUSINESS VEHICLE. AND WHEN ITS PAID FOR YOU HAVE DEPRECIATED IT TO 0 AND IT DOESNT AFFECT YOUR ASSET TOTAL FOR TAXES, AND ALL REPAIRS AND EXPENSES ARE STILL DEDUCTABLE. (SORRY ABOUT THE CAPS, DIDNT REALIZE IT WAS LOCKED ON)