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Help and tips buying a new BMW
Question:
Check with your tax accountant who should be able to tell you the benefits (?) of leasing and writing off the lease payments. If you use the car for business keep records religously. The IRS looks a little closer at tax payers (and self-employed) who mix personal use with business use. You can do it. Your tax accountant should be able to advise you on what you should do to justify and verify any writeoffs you claim. Insurance is a problem. The fact you will probably be driving alot of miles will not help. Price different levels of coverage with different deductibles. Don’t assume a real high deductible with bare minimum coverage will be the cheapest. Also, keep in mind you are using the car for business and your at risk is greater. You want a lot of coverage in case you are in an accident and and accused of being at fault. With a lot of coverage, your insurance company will be more willing to fight for you longer than if you have just the minimum legal requirement coverage. Sincerely, MarcW. – Hide quoted text — Show quoted text – > Hi. I just graduated college and am 22 and live in New York City. I want > to lease a M3 and was wondering if anyone had any tips to make this as > affordable as possible. > Is it better to lease or buy? I know insurance will be pretty steep for > me. Is there anything I could do to lower the insurance rate besides grow > older? I am a consultant and will probably use the car as a primary means > of transportation for my employment. Is the insurance and/or lease > payments tax deductable? > If anyone has ideas or suggestions or has been in this situation (under 25 > or using the car for business purposes or both), please share your > knowledge. > Thanks, > Chester Wong
Response:
Hi. I just graduated college and am 22 and live in New York City. I want to lease a M3 and was wondering if anyone had any tips to make this as affordable as possible. Is it better to lease or buy? I know insurance will be pretty steep for me. Is there anything I could do to lower the insurance rate besides grow older? I am a consultant and will probably use the car as a primary means of transportation for my employment. Is the insurance and/or lease payments tax deductable? If anyone has ideas or suggestions or has been in this situation (under 25 or using the car for business purposes or both), please share your knowledge. Thanks, Chester Wong