Why so many 458s on the market??

The reason is its not really a lease. Trust me. I did two deals with premier back in the day and these are pseudo leases. They never get the car back. They will let you make the residual 100k or 10k -- they don't care because you are on the hook for the whole thing period. They structure it like a lease to try an attract people to the "business write off" aspect to accept the ridiculous interest rates and terms. Of course they don't tell you the write off is a Huge IRS red flag and will certainly get you audited. If you think you can walk away you are totally misinformed.

 

Yes. Try writing off a Ferrari on your business taxes. Let us know how that works out.

 

Car leases are easily written off in a business. 100%. Assuming you use the vehicle for business. As long as the amount of the car/lease is proportional to your income. Financing through your business means that the asset would need to be depreciated over a number of years.

I've leased two 911 turbos with similar payments as the OP (not the huge down payment though) and I've never had IRS issues. Knock on wood.

 

yeh like Ive said before al capone when to jail for tax evasion

 

Write off what? what exactly are you "writing off" people throw that term around way too much without even a simple basic understanding of what it means.. please explain what you are saying here. What exactly is a red flag to the IRS and what exactly will get you an audit? You sound very uninformed in this statement.

 

working construction and writing off a ford f150 lease makes sense
being a baseball player, banker, etc and writing off a 458 lease is a red flag

 

sure but this "writing off" statement is still way overused.. what exactly do you mean by that? weather you own, or lease. you still have to make monthly payments. Are you writing off the interest on your biz income? claiming capitol expense? amortizing against future income?

stop throwing around that term with no knowledge of what it means.. you can't lease a car and "write it off".. just a dumb thing to say.

 

Jason with all due respect, its not dumb. "writing off" more often that not means taking it as an expense, ie using gross dollars for something that u shld be using net dollars to purchase. In the example in this thread, the owner says he got a great lease deal. When a few of us who know how to do math digest the numbers, it doesn't add up. So, today with good credit you can goto penfed and borrow money at 1.45 percent. so the question posed is relevant, why wld you finance at 9 percent via a lease when you can finance at 1.49% via a loan. the idea that came back was you cant write off the interest on a loan but you can write off the lease payments.

 

My point is simple.. this silly statement of "writing off" your car whether leased or owned makes it sound like you get the car for free. When in fact a write off, in tax terms allows you to decrease a % of profit you pay tax on you income. You still have to make the payments and doesn't decrease the cost of the car.. it decreases your tax.

I just hate when people make dumb statements like.. "oh sure.. they bought a $1M car but they just wrote it off".. guess what.. they still had to write a check for $1M!

reading these threads about "it's a write off" make me cringe. I wasn't commenting on the specifics of this particular lease deal.. just the comments about the tax write off of doing so..

 

right but if given the choice wldnt you rather use pretax dollars to pay for things? leasing allows people to use pretax dollars synthetically.

 

sounds like you might understand this.. the others don't. They throw around "write off" like it make the asset free of charge.

"He bought a $1M car but he wrote it off.." People think that means he didn't have to pay for it.

He still paid $1M for the car.. he just paid less tax on that car.

I'm not debating the tax benefits of leasing.. just the dumb use of the phrase "write off"

 

point taken

 

I guess it all depends on your definition of soul when it comes to Ferrari...I'm not the first to make such a statement.

 

I don't think anyone's thinking that, honestly.

 

Read through this thread and others.. as soon as someone is able to "write it off" a common assumption is they paid nothing for the asset.

 

Aggressive thread ����

 

Is it maybe a good moment get back On Topic please ?

The Q is: Why so many 458s on the market ?

Are there so many ?

 

Right now approx 180 458 italia and 160 spiders on cars.com. Doesn't include Ferrari dealer inventory generally.
That's a gross index of the numerator.




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Lots of 458s on the used market when I bought mine 6 months ago. Nonetheless I only got 5% off mine.

 

what do you think the multiplier is for how many are legit add? .3 to .4X?

 

The 458's are piling up and the Ferrari dealers and used dealers...are holding out for big money .
Where in other country's like Switzerland the. 458 's are cheaper by 30 to 40 k.
If the dealers change there thinking ....and reduce prices all the cars will move fast.
But hey what do I know.

 

The dealers are Not budging...but
They will soon get the picture.

 

I bought my spider in Dec, since then nearly every car in the dealership has been sold including a few that had IMO high milage and less then desirable options list... So while supply may be high there seems to be ample demand... Thats why prices remain high. If you find a car you want I would not wait hoping to get a deal.. it may never come.

 

Jason, I agree. When I used to own a company and would donate money, people would say that it's a "write off" but it's a check I still had to write and give. It's not free money I gave away. I get a small tax benefit but it's never a "write off".

 

no one ever said it's free.
look at Merriam Webster dictionary.
1. to eliminate an asset. enter as a loss or ecpense

no one has ever said it's free

shall we debate the accuracy of the Merriam Webster dictionary?