Quote:
Originally posted by Rick Lee
Jim, you're self-employed, right? If you keep under the mileage limit and can write the lease off as a business expense, I don't know why it's a waste of money. I know plenty of folks who run their leases throguh their businesses. In fact, I've been toying with the idea of starting an eBay store, incorporating and running my vehicles through the business. Leasing has to make sense for some folks, or it wouldn't be so popular.
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I have never understood why leasing is considered a better deal for the self-employed. I am self-employed, and have a vehicle that I use for my business. I purchased it outright. Tax rules allow me to depreciate the cost of the vehicle, plus deduct any of the actual costs of operating it for the business miles driven. I did not finance the purchase with a loan, but if I had, the interest on the note is deductible as well.
So, can any financial gurus explain to me what I'm missing?