Do rich poeple lease or buy cars?

Question

i think they lease cuz they don't have to paid property tax on there cars? i'm guessing property tax on new cars came be in the $1000 's range.

Answer 1

Smart, rich people buy USED cars. Never lease!

Answer 2

Like many things in life, it depends.

If you can write it off as a business expense or have a lease allocation as part of your employment, then leasing makes sense.

If those first 5 years of newness and dependability are important, then you buy a new car with cash or a very low percentage financing package.

If you want to save money, then look for a car that's about 5 years old that has low mileage on it (30k). The big depreciation hit a new car takes is largely gone and the car is still new enough to have a long life in front of it. Have it checked over and if the owner has all the maintenance records, that even better. Transferable warranties are an added extra as well.

In California, you don't pay property tax on your cars but you do pay registration. That also is lower for a used car.

Answer 3

in those states that tax cars as property, you may be sure that leasing contracts pass that cost on to the leasee [driver].

Leasing is a financial decision based on the implied interest cost and the return you can get on alternatively employing your money.

Btw, what executives in companies do has little or nothing to do with what rich people do. For a truly rich person, the cost of an automobile is a minor expenditure.

oh

Answer 4

The answer is they do both. But, I consider Americans so callous because we consume for the pure joy of collecting material, not for the need of the things we collect. We are a comparatively small percentage of the world's population; however, we use approximately 90% of the world's energy and raw materials. We need to wake up and smell the coffee because we are the primary contributors to global warming, yet we are so selfish, and I might add, foolish that we do not enter treaties to curtail our carbon footprints so that we are actually commiting suicide and murdering our own children and grandchildren.

Sorry to be so passionate and serious about a question that was obviously asked in fun, but we need to take a serious look at what we stand for culturally because we're going to be slapped with some serious consequences in a few years because of our greedy habits.

Answer 5

Most people I know with money drive dependable used cars, either they do the lease or purchase them outright. Cars are not a very wise investment, no sense in driving a $80k car.

Answer 6

Im not rich and I lease a car!

Answer 7

All of my rich friends buy USED CARS 2-3 YEARS OLD.

My broke friends buy NEW CARS EVERY 2-3 YEARS.

Hope this helps.

Terry S.

http://www.Welcome2Arizona.com

Answer 8

There are all kinds of "rich people". It just depends on their situation as to how many vehicles, the distances they drive, etc...

Answer 9

lease. My bosses are all leasing there cars..and they have alllllot of money