JustFiona

Hopefully I don't ask questions that have been answered. Can I trade in a non-infinity car in on a lease? I don't have much equity and do not really want to try and sell myself. How many miles can you put on a car that is leased? I put about 15000 a year on a car. Is it a tax write off every year that you lease the car? If so, can you still write off the sales tax also ( self employed and always looking for deductions)? My husband isn't really open to leasing, but I have a issue with changing cars frequently. I am just trying ot do research to help not get negative equity into another vehicle. Thanks

MyG37xS

Yeah of course you can trade-in your current car for a lease. They will ask you how many miles a year you drive and the more you drive the more you pay also. It's only a tax wrote off if you use it for business otherwise no it can't be a tax wrote off.

Leasing is definetly for the person who changes cars every few years. I love leasing because I drive a brand new car every 24,36 months whatever the lease maybe. All the money I have spent the last 10 years I could've bought a new car long time ago but I get bored and always want a new car. Leasing is without a doubt for me.

EKinNYC

how much equity do you have in your existing vehicle? it doesnt make sense to trade it into a lease, no matter how much equity you have, because once your lease is up you lose it completely.

15K a year is the max that a lease will allow for (you are talking about depreciating a car at 45K miles over the term of the lease). you also wont have any "wiggle" room if you go over, and will have to pay the overage charges. if you drive that much, finance is probably the better option.

if you use the car for business, you can write off the gas, and the mileage, but i dont believe you can write off the actual lease amount. even if you could, its not 100% unless the car is solely used for business purposes. depends on how creative your accountant wants to get. with financing, at least you can write off the interest paid on the loan

DONTTASEMEBRO

To find out if you have positive equity for another lease. You simply take your residual value of the car that was listed on the contract. Take that number and add how much you still have to pay for you current lease then that is your payoff. And compare it to kbb or something and you'll see if youre up or underwater. 90% of the time the owner is usually underwater but you can give it a shot. I've been doing this for my past 3 cars and came out on top each time.