Premier has a very good lease program (no affiliation)....on the above mentioned 458 it would work something like this IIRC. 5-10% down plus tax on that, tags, etc....call it $25k down plus tag, title, first & last payment, etc....total OTD= $35k Payment on $255k = about $3500 Its a 5 year lease but after the initial 12 months you can sell or trade it in just like if you bought the car....only penalty is 1 months payment. Only paying tax on each payment made. There are definite financial advantages to this program if your wanting into a different car every couple years.
Guys great advice thus far. I have no had the opportunity to reach out to the suggested leasing companies or FChat experts yet. Are there ways to write off the finance of a vehicle which is not >6,000lbs vehicle? Or would one have to do an open ended lease instead. I am rather new to what I can and can not expense and would like to hear from those more experienced. Thanks again.
It just warms my heart knowing that someone is taking a BUSINESS deduction on a Ferrari. Legal or not, what a crock of s**t. Someone close this loophole and quick.
I'd rather the OP call and get a quote and post it up here. I don't want to call and spend 20 minutes on the phone with them. I'm sure they ask for SS#, VIN# etc.
It's the American way! Kidding aside, this is the bullsh**t that pissis me off about some of these rediculous laws. Makes no feeaking sense, and no wonder, we as a country, are broke.
There are already laws in place. I'm calling B.S. on folks buying Ferraris with company $$. If you want to paint it with your company logo then so be it. But nobody is doing that either. Don't assume this is actually a problem. It's not.
I only got this quote to prove a point. But compare this to a conventional 60 month....which in the end would probably cost $335k...its not too bad. The lease, buy, pay cash debate will go on forever.....everyone has a different situation and what works well for one will not work well for another.
My estimate for a $255k lease should be around $4700 depending on the terms.... I write off all of my cars through my S-Corp, it seems pretty straight forward. I'd rather pay out of my corporate account than after-tax money from my personal account. LOL, there are occasionally some questionable charges from questionable establishment from Vegas as well... God knows we pay enough taxes already!
$350K plus tax. Not too bad? It's horrible. How is this cheaper than paying cash? If you don't buy it for $130K at the end then you're out $220K and you have nothing to show for it. How is this better than financing?
I lease many company cars for employees. But every lease is not the same. It's not black and white. Some manufacturers have better programs than others. If they have a good lease program, I do it. If they don't then maybe I pay cash. It just depends.
Its not plus tax....thats the total....tax is included on each payment. Never said it was better than financing. I'm also not advocating this option....I simply offered an estimated payment amount and then proved it when you said "no way".
I meant on the $350. I forgot to attach the amortization schedule.......see attached. Image Unavailable, Please Login
Since you asked for opinions, I'll give you mine. If this is what a person has to do to purchase a $280K USED CAR, that person probably needs to be looking at less expensive cars. You still have to pay for service, tires, brakes and other random BS that pops up on used $280K Ferraris.
If you are referring to me, I said that since I didn't want to wait a year for a new 458 I would have to buy a used one. If you know of some magic way to drop into a dealer and drive off with new one please let me know. I also said that since I would only be keeping the car for two years I would look leasing one. This thread has nothing to do with what anyone has to do, it is about comparing options.
This lease is for 5 years. You said after 2 years you could buy the lease out. Why does buying a used one mean it has to be leased?
You sell the car in a couple of years, and according to the amortization schedule you pay what is owed to that point in time plus one month penalty. You are not paying taxes up front, but only a portion of it every month. It makes sense if you are wanting to get into another model or simply say goodbye to the mark. This is what OP has been saying all along.
Thanks for posting the lease quote, it was less than I thought it would be. Does anyone know if shorter terms are available?
Whatever the buyout is according to amortization. He might not want to buy the car. So if the buyout is 240 or whatever, then you pay and you are out. If the car is worth less than the $240k, then you pay the difference. Not very hard to understand. If the Ferrari you purchased retained its value during those couple of years, then you might end up on the upside and get a check back from the dealership or put the money towards another car. You might not like it, but it is a choice people excersise and it works for them. Their money.....
