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Should I lease a car through my business?

May 19, 2016
My car is old and will need repairs soon. It's worth $800. I can lease a car through my business for a little more than $140 per month over 36 months with 3k down.

Advisor answers

If your heart is set on a lease, then make it a business lease so that you can take advantage of the tax benefits. However, there are reliable used cars that you can purchase outright for under $8,000, which is what you'll end up paying on the lease. Many brands such as Honda, and Toyota, to name a few, have a good reputation and excellent consumer reviews. Visit http://Edmunds.com for car reviews. Once you've selected the specific car, don't forget the vehicle history report from http://Carfax.com. Remember, it's better to own than to lease! ...

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