Hi Oppo! I am looking for some advise on leasing. It isn’t something I’ve done, so I want to hear other people’s experiences.
First off, all numbers are in Canadian Dollars. Currently $1USD=$.075CAD.
I am still looking at (tentatively) moving forward on the Impreza to replace the Forte. They offered me between $10,000 and $12,000 on the Forte subject to inspection. I still owe about $9,000.00 on the car. I also save the 12% tax on the trade in amount when purchasing/leasing a new car.
I financed the Forte because, as a work vehicle, I can write off the interest on the loan on my taxes, the depreciation of the vehicle and any maintenance costs (measured by mileage).
With a lease payment, I can write off the entire amount on my taxes.
Other key facts are: I get a car allowance of $600.00 (pre-tax) from my company and my gas is paid for in full, outside that car allowance. Normally, people would use that car allowance to pay for a nice truck or something, but I am trying to offset the costs of a work vehicle AND keeping the Fiesta ST insured with my allowance. (Basically using the allowance to pay for 2 cheap cars rather than 1 expensive one).
The two that I am looking at (pending financials working out) are:
Colours? Who knows. Don’t really care. If the wagon comes in close $ wise, I may go for it, but again, cost is operative here.
The main goal here is monthly payments being low. As this is a business expense, we want them to be low.
What can Oppo tell me about leasing? Things to look for, past experiences, horror stories or what advantages buying would have.
Overall, the stress of buying another car is great as I feel my neighbours, in-laws, parents and co-workers judge me for the amount of cars I own/have owned.
However, I take solace in the fact that a) I only buy cheap cars and b) the CX-3 was essentially two years of free car ownership and we paid $2K less for the Sportwagen than the settlement on the CX-3.
We bought the Fiesta 5 years ago for a good price and I don’t seem to be losing any money on the Forte. So, overall doing better than someone who buys a new Mercedes or something.