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Car leasing

  • 30-11-2010 8:32pm
    #1
    -Corkie-
    Closed Accounts Posts: 10,025 ✭✭✭✭


    I was wondering can someone clarify something about leasing a car.

    I have my own company and I wish to get a car through a lease company. How does it work. Do they supply tyres etc. I know there is various companies doing it and I think a few people know a lot about it.

    I have generally just purchased cars previously but my accountant has advised me this would be a better idea.


Comments

  • #2
    R.O.R
    Registered Users, Registered Users 2 Posts: 12,712 ✭✭✭✭R.O.R


    -Corkie- wrote: »
    I was wondering can someone clarify something about leasing a car.

    I have my own company and I wish to get a car through a lease company. How does it work. Do they supply tyres etc. I know there is various companies doing it and I think a few people know a lot about it.

    I have generally just purchased cars previously but my accountant has advised me this would be a better idea.

    It can be done either just on finance, or finance and maintenance. If you take maintenance then all servicing, replacement cars, tyres, tax and breakdown is inlcuded.

    Benefit is no large capital outlay and budgeted costs, but it will probably cost about the same as a car loan and you don't have a asset at the end of term.

    You don't list the lease as an asset on your books (presume you do for the company owned cars). Apparently that's a benefit, but I really don't care about the finance and accounting side of things - I'm all about the cars :D

    Biggest issue nowadays is finding someone to provide the finance. If you've been in business for a long time and have a good trading record you should be OK. If you are a recent start-up, or you're most recent accounts are showing the (all to often) downward spiral then it could be an issue.


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