Purchasing or leasing the right truck.

(Nick Gromicko, CMI) #1

http://www.contractorsassociation.org/purchasing-leasing-contractor-truck/

(Roy D. Cooke, Sr) #2

My CA said to me many years ago .
A good idea is to make sure you have a cheep personal vehicle to help avoid trouble with the tax department .
I do not care if you seldom use it but keep it licensed and insured .
This worked for us for over 40 years .

(Andrew R. Barton) #3

I am one of the few people left that believe that cash is king. If I cannot afford to buy it cash I do not need it. I purchased my work truck from a private dealer who sells only dodge trucks. He buys repo vehicles and details the heck out of them. Mechanic goes over the vehicle with a fine tooth comb and fixes any issues. My ram 1500 is a 2005 that is immaculate. I just hit 175,000 miles and going strong. I paid $6500 for it last year and it has more than paid for itself. I was able to write off the cost of the truck and 10,000 miles last year. This year I should be about 25,000 miles. My recommendation is not to finance or lease. You are giving away your hard earned money in interest to the bank. This is money they do not deserve. Save and buy cash. It is also easier to write off at tax time.