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Sure it can be tax deductible. However, it's doesn't make too much sense to spend $400 just to save $100 on your tax bill.
500 a month is 6,000 a year, that's 30,000 over 5 years.. PLUS you never own the car. you are good business for the dealers.
better to buy a 20K "used" car and fix it along the way. If you ever wanted to upgrade, you can still sell it, take the cash, and apply it to your newer car.
I am of the philosophy that if you don't have the cash to buy something(except maybe for your home), then you can't really afford it. Sure you can borrow and/or pay through the nose, but that just adds to your anxiety. I don't like having debt and too many monthly liabilities. That makes me feel powerless when it comes to my money.
Last edited by on-ramp; 05-07-2007 at 08:15 AM..
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