Quote:
Originally Posted by wutamess
So you're not getting it back. You're just paying in advance?
Trying to clarify as I'm currently looking for my daughter who's going away in a couple of months and I'm sick of her asking me for gas money at $40-50 pop.
Nothing's reimbursing you, right? You're just paying a larger down payment and telling yourself, you're getting that money back?
So for instance, if you paid off the entire lease amount up front. You'd physically get nothing back right?
|
You are correct... no one is reimbursing me any money. Perhaps I misspoke when I said get back.
I've never had a lease before so I really see it as "throwing away money" because I'm never going to own the car. The car this is replacing is 12 years old and we bought it new for $21k. It cost us $1,700 a year for that car (not including interest and the such).
With this car I will be, essentially, putting out $14,560 for a vehicle I will only own for 3 years. Considerably more expensive than our previous one from a bird's eye view of things.
So, my concern in this was that my putting down a larger down payment in order to get a lower car payment would result in me "throwing away" that additional money. Instead... by putting a greater amount down I'm paying less per month and saving a pittance on the price overall.
Basically I was just happy that the extra down payment wasn't just going to go *poof.
Perhaps this is just a well known thing or I just suck at math and came to an obvious conclusion late in life
... I don't know, I've never leased a car before.
Quote:
|
What about the tax write-off as well? Is there any?
|
I'm not an accountant so I don't know how it would apply to your situation but...
https://www.keepertax.com/posts/car-lease-tax-write-off