Should I lease a car or buy it? Which is better? Does it impact the insurance rate?

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Finance a car that’s 1-2 years old

I've always been a proponent of buying 2-3yr used with max 4yr financing and minimum 20% down.

However with the current used car market where it is, you'll have to do the math if that strategy makes sense. Regardless though I'm almost never supportive of leasing vehicles owned in your own name. Bought in a Corp you have tax write offs etc - still not wise, but it eases the pain.

If I was in the car market right now, I'd probably just buy a ~$10-12K beater in cash and wait a year or two until the market heals and then upgrade to something nicer.

Doesn't the Corp need to show revenue for you to be able to deduct it as a business expense. If the OP is working full time, doubt the OP can run a legitimate business on the side where he needs to use the car. Car has to be used for "business" needs ...isn't it

Lease but buy at the end of the lease is an option to consider but needs a very close look at the numbers. Some leases come with lower rates because dealers want you to bring the car back so they can flip it and earn commission a second time on the same equipment. Don't tell the dealer you intend to keep the vehicle. Residual value at the end of the lease period is what you need to be able to compare apples to apples. Ask the dealer for it.

Also, pay close attention to the insurance quotes. They can be significant if you are an mmigrant. Leasing agreement mandates you to buy a a certain amount of coverage. Ask the dealer what does their leasing agreement mandate you to buy.

Another option is to use a rental car. If you are at a consulting firm without kids, you are likely living downtown and won't need the car as much. Rental for the entire week can be between 180 to 220 for most firms( with corporate discount )

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