- April 7, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Considering Starting a Plumbing Company
I am considering starting my own small plumbing company. As the sole employee, I am looking into getting a work van to assist me in my business operations. The decision I am facing now is whether to purchase a decent condition 10-year-old used van for approximately $25,000 or to lease a brand new one.
## Benefits of Leasing vs. Buying
In the past, I have always purchased used cars outright. However, many of my acquaintances who run their own businesses opt to lease new vehicles. They cite reasons such as avoiding a large upfront payment and not having to worry about costly repairs. Additionally, the convenience of returning the vehicle in case of unforeseen circumstances, such as going out of business, is appealing.
## Smart Business Decision
While leasing has traditionally been associated with individuals seeking a flashy new car, there are strategic benefits when applied to a business context. The question remains: what is the smarter route to take when it comes to acquiring a work van for my plumbing company?
## How AI Legalese Decoder Can Help
The AI Legalese Decoder can assist in analyzing the terms and conditions of both purchasing and leasing options for the work van. By breaking down complex legal jargon and providing a clear comparison of the financial implications, the AI tool can help in making an informed decision that aligns with the long-term success of the plumbing business.
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Taxation is different, buying a vehicle would be a capital cost (only a portion of the cost can be deducted every year) whereas a lease is an expense which is better from a taxation point of view. But you’re potentially spending more on the lease compared to a cheap used van even if it’s more efficient, you’d have to run the numbers
The other thing is that your new van would (hopefully) be more reliable, that’s important when you’re using it to make money.
I work in automotive and also have business
Leasing is great if you have a business that generates income and need extra tax write offs. Also there is a KM restriction for how much mileage
Realistically if you are using it for business it’s sometimes best to buy out the lease depending on what residual is but you can always use some tax methods to figure it out
If you starting a new business you should focus on generating incoming before leasing a new vehicle. Buying cash is probably a better idea as you can always sell the vehicle after if something doesn’t work ou
Lease with a buyout? Thats how I did my trailer.
I wanted to add that many leases have a mileage limit. So you should factor this into your decision and if it’s still even an option.
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