The ultra long term finacing is a fantastic product when used correctly. As long as you put down enough cash to get ahead of depreciation and the rest ( basically so if you have to bail out of the car you could and not end up in the red) then its a smart thing to do. As someone else mentioned it ties up a lot of cash that many people are very good at leveraging. The only real disadvantage to buying is the monster tax you pay in states like California. It would almost be better to buy a tiny plot of property in New Mexico, or Montana and register your cars there.

 

I guarantee you most people on this board can't afford their cars. Listen being able to pay the payments and being able to afford the payments are two different things. If you have to wonder about financing or leasing a Lamborghini then you CAN'T afford it. Exotic cars should only be leased if you have no concerns about losing money i.e. super rich( I doubt many on this board fall in to this category). Financing an exotic should only be done if a) you can pay CASH or b) you can put enough up front that the car can be paid off in 5 yrs. Example- a guy in my neighborhood owns two Ferraris, 86 Testarossa and 2004 Modena Spider. He bought the Testarossa in 1990 with a long term finance deal, I think 10 yrs, knowing he would keep the car forever. Modena he walked in to the dealer with cash.

 

Everyone's situation differs and I don't like telling someone what they can or cannot afford. You know how many people call me asking if I can take $500 a month for 6 months and hold a Rolex for them? Come on, layaway a Rolex? To each their own. If they want to prioritize a luxury good then so be it. I do not approve of it but I do not tell them what to do with their money either. Maybe the guy doesn't have $200K in cash but know he has enough income to pay $3K/month for the next year and wants to get the car of his dreams. If he still gets to drive it then no sense in telling him he can't afford it and killing his buzz.

 

Wow- Your just a ball of fun aren't ya? 27 posts and this is how you contribute to a new forum? Wealth of information you are..... keep it up.

 

well put, seriously people need to stop assuming so much and being so critical of others. people have different priorities and situations in life and it is unfair to apply one's own beleifs to another person. i know a lot of people who live in high rise condo's where there apartment costs them 5grand a month and their cars 3-4k a month. They love where they live, and love what they drive, and they are happy. I'm sorry but I wasn't aware of a rule for cars on whether you should be allowed to drive one or not.

 

Well put, Stryke.

 

i cant afford my cars. i rent a box under a bridge. want to paypal me some money?

 

i just cant see why someone would do a 10yr loan on a high priced car

 

All I made was a simple comment. When people start posting about "lowering payments to free up cash flow" and "getting ahead of depreciation" on a long term finance deal, they are going to get called out on it. If you're in the market for a sports/exotic just know this-------->YOU WILL LOSE MONEY. Know it, accept it and enjoy it.

P.S. If you tie up cash you might need in a car, it means you CAN'T afford it.

 

Under what circumstances can you write off a lease as business expense? What justification would you need in the event you got audited?


Vince

 

Good luck trying to put down anything with the word Ferrari or Lamborghini in it under a business expense. They're synonyms for Audit Me.

 

what if your business is providing exotic cars for photoshoots and charging people $1 per picture?

 

https://www.6speedonline.com/forums/...ght=f430+lease

 

Or an advertising tool. Wrap it with decals for your business and take it to car shows or just drive it around to promote your business. I know I have a sick mind.

I would never do this to an exotic but someone might. I wonder if the cars that DUB has are "business expenditures"??

 

you'll need a good attorney, a sympathetic tax court judge and a fat checking account to pay the back taxes, penalties and fines.