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Should i lease or Buy a range rover sport.

5K views 21 replies 10 participants last post by  Holeecow 
I have never purchased a land rover product before and wanted to know what the best option is. should i lease a new one or just purchase a used one. Would you recommend getting a used one with factory warranty or just leasing a brand new one
The best option is to lease a brand new one.
 
One important thing to remember, is that it doesn’t matter whether we Lease or Finance, the Bank owns the Car.

As for tax advantages, here in CA, when we Finance a Car, we pay all the Tax upfront, which is almost 10%, if you combine state and local. On a lease, we “ only” pay tax on the monthly payments. So even if we can’t write it off, there is still an advantage.

I don’t want to come across like I’m encouraging people to Lease, I’m not, as pointed out above, there are a lot of variables, it depends on People’s individual circumstances.
 
I'm considering that, but leasing seems to go over my budget when it comes to insurance. I believe full coverage is required for a leased vehicle i'm not too sure but you can correct me on that
Whether it’s leased or financed, the Bank normally expects you to carry full (comprehensive) insurance. But you should anyway.
 
Finally, in TX, you pay sales tax on the full price of the car when leasing, up front. This is because the DEALER takes ownership from the manufacturer and at any change of ownership due to a sale (not inheritance/gift), taxes are due. Maybe you can roll it into the monthly payments but that will involve interest. Then, if you want to buy the car at lease-end, you pay sales tax AGAIN on the residual!!! So, anyone who cannot write off a lease in TX and gets one is a moron, and even if you can write it off, well that doesn't make it free! "It's a write off" as a (often sole) defense for spending money doesn't usually come out of a smart person's mouth! (I am a CFP® by the way)

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Very interesting! What is your sales tax rate in TX?
 
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