Car lease

Terry Says

OK, that all depends on the buyout price of your car, which was determined at the time of purchase. And whether you’ve gone over the alloted mileage on your lease. So ask about that.

Then compare the amount you’d have to pay if you tried to buy a car of that same make, model, vintage and mileage now. YOu can go to Kelly Blue Book (www.Kbb.com) to get that info.

But there’s one more thing to keep in mind. What’s your likely next move? Do you want to lease again? Do you really like the car, and what is the cost of an extended warranty?
You have one advantage with this car over a used car of the same vintage — you know for sure that you took great care of this car. You can trust it! That’s priceless!

But if your business can deduct the lease, then you might want to just turn the car in and lease another. The service will all be free for the next three years.

I’ve done both. Leased for many years, and it was a legitimate business expense. But then I stopped using a car for business travel, so I bought the last one I leased. I currently drive a 2013 Lexus that now has over 100,000 miles. I take good care of it, and expect it to last a lot longer!