people who own businesses--buy vs. lease a car

My accountant told me not to use tax consequences as a guide to my decision. I have a history of keeping cars for a long time and not having car payments at all. I could use the write-off of a lease but I could also use extra money in my pockets! Looking at all the rules (which I have done), I sort of disagree with my accountant. I hate not owning my car but leasing seems to make sense for my situation. Do most people who own businesses lease? I am a P.C. elected to be treated as an S-Corp. I really do use my car mostly for work, as I don't really like to drive. I need a car, like, 2 weeks ago .

Re: people who own businesses--buy vs. lease a car

I asked this question last year to my accountant

He said it didn't matter

I bought my car instead of leasing - I put 20k miles on it in 9 months...mostly for work...leasing doesn't make sense for me

Re: people who own businesses--buy vs. lease a car

Message edited 2/23/2010 9:24:49 PM.

Re: people who own businesses--buy vs. lease a car

Message edited 2/23/2010 9:25:57 PM.

Re: people who own businesses--buy vs. lease a car

Thanks everyone. I guess in some ways my accountant was right. I just wish he had explained a little bit more. ETA: I do not put a lot of miles on my cars at all. Work is close to home and the hearings I go to are either in Jericho or Central Islip. It's not a lot of miles to get to either place.

Message edited 2/23/2010 9:38:02 PM.

Re: people who own businesses--buy vs. lease a car

It shouldn't matter at all. Either way you write off your business expenses. If you use the car 50% for biz then 50% of the expenses are written off.

My advice is get the car you want-buy or lease.

Re: people who own businesses--buy vs. lease a car

My DH has always leased his cars. I think he likes the idea of getting a new car every 3 years.