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mwillems
Member Since: 06 Jan 2005
Location: Oakville, Ontario, Canada
Posts: 154
 
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| Lease or finance? 3 hours to decide |
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Decisions decisions.. I buy a $73k LR3 and have $38.5k of equity in the old one. Do I buy (finance) or lease (both at 5.4%)?
I have 3 hrs to decide. I should lease (less tax), but Ilike to OWN my vehicles...
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 3rd Apr 2007 10:57 am |
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JMC
Member Since: 25 Feb 2006
Location: Aberdeen-Angus. Where the Bull* comes from!
Posts: 6417
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| Re: Lease or finance? 3 hours to decide |
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mwillems wrote:Ilike to OWN my vehicles...
Pay cash up front then 
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| 3rd Apr 2007 11:04 am |
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mwillems
Member Since: 06 Jan 2005
Location: Oakville, Ontario, Canada
Posts: 154
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Ha ha... If I had a spare $40k, I'd pay cash.. if I buy, I've got to get a loan for that amount. Half I can pay cash, half I need to finance.
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| 3rd Apr 2007 11:07 am |
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mwillems
Member Since: 06 Jan 2005
Location: Oakville, Ontario, Canada
Posts: 154
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By the way the new one (I get it today) is Tonga green with Alpaca leather. Old one was silver, and black leather.
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| 3rd Apr 2007 11:08 am |
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JMC
Member Since: 25 Feb 2006
Location: Aberdeen-Angus. Where the Bull* comes from!
Posts: 6417
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If you don't have $40k spare cash then I would suggest you get rid of the old and stick with one vehicle. What's the point in having two with all the associated out-goings?
Mind you...... I have six cars and a motorbike so I'm not the best person to take my own advice 
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| 3rd Apr 2007 11:10 am |
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Bodsy
Site Sponsor
Member Since: 06 Nov 2006
Location: In the Clubhouse
Posts: 21361
  
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Don't you have a lease with buy option after a certain period of time? (Balloon payments we call them in the UK) If leasing is better for tax/business reasons, then you have the best of both worlds? Bodsys Brake Bible
D4/D3 Remote FBH heat kits
BAS Remaps/ EGR Blank
Transmission Flush
Software updates/enabling
Clock/ SNOTM /3Flash / 4x4Info /BT Update /Service Reset/Error Codes / Gearbox Reset
See It Here
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| 3rd Apr 2007 11:11 am |
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mwillems
Member Since: 06 Jan 2005
Location: Oakville, Ontario, Canada
Posts: 154
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That option does not exist with Land Rover Canada, I believe. It would be the best of both worlds, for sure.
Lease is best since I do not lose $5500 in tax the moment I sign (you only pay tax on part of car that you use). But psychologically, as said, I like th eidea of owning my behicle, not of LR owning it. Silly, I know.
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| 3rd Apr 2007 11:13 am |
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mwillems
Member Since: 06 Jan 2005
Location: Oakville, Ontario, Canada
Posts: 154
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JMC wrote:...I have six cars and a motorbike so I'm not the best person to take my own advice
Wow. The depreciation you experience monthly would feed a small village!
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| 3rd Apr 2007 11:15 am |
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Bodsy
Site Sponsor
Member Since: 06 Nov 2006
Location: In the Clubhouse
Posts: 21361
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I've gone for a lease with Balloon payment and treat the car as if it were my own, with the intention of paying the balloon payment when it comes up. Then again, could trade in for a Disco 4 at the time Bodsys Brake Bible
D4/D3 Remote FBH heat kits
BAS Remaps/ EGR Blank
Transmission Flush
Software updates/enabling
Clock/ SNOTM /3Flash / 4x4Info /BT Update /Service Reset/Error Codes / Gearbox Reset
See It Here
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| 3rd Apr 2007 11:17 am |
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