A common, mid-spec truck for a common price. Okay deal, not amazing.This quote is hidden because you are ignoring this member. Show Quote
A common, mid-spec truck for a common price. Okay deal, not amazing.This quote is hidden because you are ignoring this member. Show Quote
This quote is hidden because you are ignoring this member. Show Quote
The biggest thing I see to worry about with a lease for Uber, is whether you can write off the big fine you'll have at lease end for KM overages.This quote is hidden because you are ignoring this member. Show Quote
Pretty hard to go wrong with just writing off KM I drive 50,000km a year which is a 25k tax write off.
If your choice is leasing or buying, but you're getting a new regardless, then leasing seems like the more efficient way to go for tax purposes, assuming you get that KM overage accounted for in calculation. Otherwise, you're better off not getting a new car at all from a money perspective. Not sure what you know about tax "write offs"? But I know there is a lot of people still out there that think a write off means it is free.
Thanks for this Shak. Much appreciated. I keep track of everything. I'm very disciplined with that, much more now than when I first started doing it.This quote is hidden because you are ignoring this member. Show Quote
Yes, that is certainly one thing I have looked at. The only piece of data I have for that is my current car and the amount I have driven over a two year period... ~29000km. I'm definitely getting new. I'm just trying to see what the best route is for getting a small tax advantage.This quote is hidden because you are ignoring this member. Show Quote
Looking around
Wondering what became
Of what I once knew
Question: Do people lease supercars often to offset the depreciation and the repair costs of owning one long-term? Are there other reasons why leasing would be favourable in these type of cars?
What app do you guys use for tracking mileage? I just use Google sheets and just auto calculates for me.
You do realize Shak is incorporated right?? The T2125 form is what you will use as an SP, fill it in with both scenarios and see which gives a larger deductionThis quote is hidden because you are ignoring this member. Show Quote
It depends on how the company is structured but supercar or not, if justifiable, you can offset a bit of a cost of any vehicle and make long term ownership not as bad. Of Course that becomes a bigger consideration if you have high value vehicles. Other than that one of the reason why most supercars are leased is to keep the monthly payments 'low'. As a portion of the value of the vehicle is due at the end as a balloon amount the per-month amount doesn't end up being as large as it would be if you were straight financing.This quote is hidden because you are ignoring this member. Show Quote
As I explained above, unless the vehicle is classified as a 'passenger vehicle' as per CRA (there is a specific criteria) such as a pick-up truck, you can only depreciate $30K (as opposed to 100%) over the life of the vehicle. So if you spend $200K on a car only $30K can be 'written-off' over the entire period of ownership as supercars don't fall into that category as set up by CRA. So then it makes sense to lease as the per month maximum payment write-off of $840 ends up being a much higher amount to write-off over the term of the lease of say 4 years or 5 years.
I just started using this app called MileIQ. It's absolute amazing - based on other people that recommended me it. Automatically logs all your drives and then you later go into the app to classify which drive was for business and which was for personal. 40 drives a month is included for free but that's not enough and then it's a paid subscription of I believe $80 a year. It's a business expense anyway. lol.
Last edited by shakalaka; 05-08-2020 at 12:14 PM.
Hey guys, question...
When I lease, my name and address are on the registration as well as the leasing company name (lender) and address right? Is that how that goes?
Looking around
Wondering what became
Of what I once knew
Yes. Because the company is the lien holder and you are essentially renting the vehicle.This quote is hidden because you are ignoring this member. Show Quote
Figured as such. Thanks shak.This quote is hidden because you are ignoring this member. Show Quote
Looking around
Wondering what became
Of what I once knew
Alright leasing gurus, what do you guys think of these lease rates?
2022 Ram sport
24,000km
54 month term
3.49% with $1500.00 rebate
$936.55 Monthly
24,000km
54 month term
6.59% with $4750.00 rebate
$1024.89
Residual at 70%
This will be my first time actually leasing, but this doesn't sound great to me. I didn't want to lease for more than 3 years first of all and 24k a year is way more than I need.
What do you guys think?
Absolutely insane. Run away.
@Twin_Cam_Turbo Since you seem to know what trucks are worth right now, what is a good lease rate on these trucks?This quote is hidden because you are ignoring this member. Show Quote
They also say 2.49 up to 42 months with a 1500 incentive
Last edited by 03ozwhip; 11-04-2021 at 07:37 PM.
I don't understand leasing, but if you buy tomorrows Calgary sun, there will be more than one dodge dealer advertising the current deals. Use those as stating points.
- - - Updated - - -
The current truck market is fucked pretty badly though, so who knows if there's deal to be had. Does seem insane to borrow money at 6% though. For anything. HELOC that shit.
And if you are wondering, Dodge does a 18,000 km/yr lease option too, which may save you money.
This quote is hidden because you are ignoring this member. Show Quote
Truthfully I don’t pay attention to the cost of new trucks much, but $50-55k to “rent” a Ram for over 4 years seems ridiculous, especially if they are quoting 70% residual. The numbers don’t add up well.This quote is hidden because you are ignoring this member. Show Quote
I'm no mathmagician, but you should check if just financing the truck is actually cheaper. (EDIT: I mean finance over a long term, like 96 months).
This quote is hidden because you are ignoring this member. Show Quote
I generally won't finance over 2% and ya 6% seems crazy, at least I know that lolThis quote is hidden because you are ignoring this member. Show Quote
- - - Updated - - -
I'm specifically looking at leasing for my business as the write off is 100% at $840 a month, not sure what it's like fir financing.This quote is hidden because you are ignoring this member. Show Quote
Are you sure about those numbers?This quote is hidden because you are ignoring this member. Show Quote
You're paying ~$50k over 4.5 years and the residual is still 70%? Unless the Ram sport is a $120k truck, there's something funny with those numbers.
And I wouldn't want to sign a 70% residual deal on a Ferrari, let alone a truck. For reference, the "standard" residual on a 3 year lease is usually in the ballpark of 50%.
I think a nicely optioned sport is hitting the 75K mark which is insane. But ya, this is a terrible lease deal, most likely lots of hidden fees inside.
I know nothing, im trying to learn what is good and what isn't, some valuable info in here though. And ya, it's 72k.This quote is hidden because you are ignoring this member. Show Quote
$72k truck. 50-55k lease cost, but $50k residual?This quote is hidden because you are ignoring this member. Show Quote