@Coffee Addict
Leasing doesn’t make sense for everyone, but does for others.
Mrs. CTL leases a car. She uses it for business and takes the entire cost of the leases as an expense against revenue when figuring taxable profit for the year.
If she purchased the car, she would be tying up 50K plus in funds and would have a capital item on her balance sheet and only the limited depreciation would be an expense each year. She gets 100% bumper to bumper maintenance, They come and get the car when it needs service and provide the same model loaner. They give 3 full detailings a year. The only thing she has to pay for is gasoline. And on our policy there is no difference in insurance cost between an owned or leased model.
Right now she is looking at a new vehicle as her lease is up May 1. She had 2007, 2010, 2013 and 2016 editions of the same vehicle but it has been discontinued as of 2018 so she can’t just call her salesman and order the replacement on the phone.
I do little driving. My car is 15 years old and has just hit 72,000 miles. For me leasing makes little sense.
Both my daughters drive leased vehicles (take after mom) none of my sons do.