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It's for commuting, which is considered personal use by the IRS. Besides it's tough to find a lease that short.
Quote:
Originally Posted by C8N
Rent a car.
They have monthly rates.
$1600/month, if you include insurance, in my area. I checked. There is simply no way that makes sense. Even buying a $7k private value car at $10k on Carmax, if that's what it comes to, is better than that.
Quote:
Originally Posted by jaypee
Rent or join zipcar (or Enterprise's equivalent) if it's available in your city.
Already am a member of Zipcar but the cost is prohibitive for a commute. 20 days/month at $90/day is $1800/month. As in the previous case even a horrible deal on a used car is better than that.
Quote:
Originally Posted by Hemlock140
No, it's not. Commute costs are not even deductible for a business owner, just the cost of buying materials/supplies, deliveries and other business related trips.
I would also go with a rental car, even at $600/month it would make more sense than buying, paying sales tax and license, insurance, and then having to sell, probably for a loss. That is, if public transportation is really impractical. Perhaps a $500 beater that you drive only to the nearest bus stop?
It would take 3 bus transfers and 2 hours. I suppose it's possible, but I won't have time for anything else except eating and sleeping. If it comes to that I may as well just sublease a room near the office and walk. I was hoping to avoid that, so I'd have more time to do my thesis work.
Quote:
Originally Posted by Rynldsbr
If you are offered the position will you offer a two week notice and have time to shop in that period? Renting at $600 for a few (3) months is still expensive. Buy a $3,000 car and pay ~$300 in taxes and fees for the opportunity to drive the car for work AND for pleasure as much as you wish. Then sell when done.
A $3,000 car isn't going to depreciate much over a few months, if at all.
I'll consider it, my only concern is that a $3k car needs to be investigated thoroughly to make sure it's reliable, this is why the "time crunched" situation is such a potential issue. Then again, it would be cheaper to do this and then rent if it's in the shop, then to take a $2k or $3k hit on some ripoff used car lot.
If the job warrants it, I'd agree with this. Rent for a month. You might find a bargain during that month, or someone might offer to let you "borrow" their old beater. (Not rent, as that would open up a whole new can-o-worms.) But you could give them a thank you gift.
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3 Bus transfers and 2 hours each way seems very reasonable to me, many people I know an work with go farther than that, and often the employer will subsidize a bus pass. When you count the 1 mile walk at the work end, my 23 mile bus commute is 50 minutes in the morning, the afternoon takes 90 minutes with a 15-20 minute wait for the 2nd bus. That's what a smartphone is for: work, surf, catch up on email or news, read.
$1600/month, if you include insurance, in my area. I checked. There is simply no way that makes sense. Even buying a $7k private value car at $10k on Carmax, if that's what it comes to, is better than that.
Did you check via internet or did you call?
For Enterprise, you have to call them for the monthly rates. I could be wrong but their website does not quote for monthly rates.
I'll consider it, my only concern is that a $3k car needs to be investigated thoroughly to make sure it's reliable, this is why the "time crunched" situation is such a potential issue. Then again, it would be cheaper to do this and then rent if it's in the shop, then to take a $2k or $3k hit on some ripoff used car lot.
I would do this, OP. Take it to a shop if need be. For $3K and a few months, you can live with a broken cigarette lighter/radio or falling headliner. Put the word out around town that you're looking; as many have said, someone might be sitting on Uncle Chester's 01 LeSabre with 53K miles on it, that's been hanging around since he went into the rest home.
I would do this, OP. Take it to a shop if need be. For $3K and a few months, you can live with a broken cigarette lighter/radio or falling headliner. Put the word out around town that you're looking; as many have said, someone might be sitting on Uncle Chester's 01 LeSabre with 53K miles on it, that's been hanging around since he went into the rest home.
Great. If I get the position, I think, I'll do this. One quick mechanic check and then go.
I would do this, OP. Take it to a shop if need be. For $3K and a few months, you can live with a broken cigarette lighter/radio or falling headliner. Put the word out around town that you're looking; as many have said, someone might be sitting on Uncle Chester's 01 LeSabre with 53K miles on it, that's been hanging around since he went into the rest home.
A potential employer of mine is dragging out until the last minute to give me an offer (or not). The job would be impractical to get to on public transportation. I walk to my current job.
I'm getting really nervous right now. If I had more time, I could shop around and try to find a decent deal on a used car in good condition. Since the position is temporary and I don't expect to continue, I will only need transportation for a few months. I was thinking about buying a reliable used car for $3k and then reselling at the end of the position to save on sales taxes and depreciation. However with it coming so close I feel like I won't have time (if I get the offer) to do the homework needed.
If I spend $10k or $12k, I'd be paying an extra $500 on sales taxes and who knows what on depreciation (or the spread between retail and private party value).
What would you do?
I think you need to "decouple" the car purchase from the job. If the potential employer is stringing you along, that's already a bad sign. I think it's impractical to wait for the job offer (temp job anyway) and then try to buy a car in a couple of days.
The real question is, do you want to have a car? Want to have one available that belongs to you, is available for you to use whenever? Can you easily afford it? Do you have a place to park it?
If you do want the job, and get it, and don't really want to own a car, you could probably go with a rental (as noted not going to be deductible) or Zip-Car or equivalent.
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It's for commuting, which is considered personal use by the IRS. Besides it's tough to find a lease that short.
