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Thread: Showing Tesla as a business expense

  1. #1
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    Showing Tesla as a business expense

    How many of you are showing the Tesla as a business expense? If so, my question is did you buy it under your business name or your own name?

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    Darth Voltage Elctrek's Avatar
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    I bought/Leased mine with the Tesla Business Lease. It is leased by my company in the company name.
    (Delivered 6.27.2014) P85+. VIN44503, Black | Black w/ Red trim Performance Leather | CF | Tech PKG | Premium Sound | Spoiler | Shelf | Twin CHGs | Fog | Alcantara | Premium Lighting | Lighted T | 21" Forgiato Wheels - Chromed Edge w/ Black Centers | Tinted Windows | Center Console | All Glass Panorama Roof | Air Suspension | Parking Sensors |

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    Putting mine in the Business name also. Hated seeing $7500 of free fed money go to waste but wasn't brave enough to try purchasing and leasing back to my company in fear of the flags that would raise.

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    Quote Originally Posted by Ray Skillman View Post
    Putting mine in the Business name also. Hated seeing $7500 of free fed money go to waste but wasn't brave enough to try purchasing and leasing back to my company in fear of the flags that would raise.
    So when leasing it in company name, what do they look at to do the lease?

    What did your monthly payments come out to? Do you have a limit on yearly miles you can drive? Also, at the end of the lease, you can purchase the car?

  5. #5
    Darth Voltage Elctrek's Avatar
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    Quote Originally Posted by Ray Skillman View Post
    Putting mine in the Business name also. Hated seeing $7500 of free fed money go to waste but wasn't brave enough to try purchasing and leasing back to my company in fear of the flags that would raise.
    In California in the county where I live you can still get around $5,000 in refunds from the air quality control district and the State.

    My CPA said it was a better option for me to do a business lease with 15,000 miles per year for 3 years than to purchase. He said we could write off almost 100% on the lease but not the purchase.

    I think there was an option to purchase at the end as well... but in my opinion the technology will improve in 3 years so I will get a newer version in 3 years if they are still around and we like the car after 3 years.

    My lease is around $2,100 per month if I remember correctly.
    (Delivered 6.27.2014) P85+. VIN44503, Black | Black w/ Red trim Performance Leather | CF | Tech PKG | Premium Sound | Spoiler | Shelf | Twin CHGs | Fog | Alcantara | Premium Lighting | Lighted T | 21" Forgiato Wheels - Chromed Edge w/ Black Centers | Tinted Windows | Center Console | All Glass Panorama Roof | Air Suspension | Parking Sensors |

  6. #6
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    We bought and it's registered to the business and me personally.

    -m
    2014 Model S VIN 36xxx 3-29-2014, S85S, Gray/Black Perf, Piano, 19" Aero, Panoramic, Twin chargers, Tech, Air, Parking, Fogs, Sound, Jump Seats, Lighting, Subzero, Parcel
    also: 1999 Mercedes S500 Grand Edition --- 2004 Mercedes E320 4MATIC wagon (wife's) --- 1992 Mercedes 300D 2.5 Turbodiesel

  7. #7
    Senior Member Lloyd's Avatar
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    Yes, but the purchase costs you 50% less! If you buy the car, keep a log of the miles for business, and you can deduct that percentage. Less paperwork with the lease.
    SP-2823(sold), Tesla/Rav4EV, P+17252, XP-12

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    Less paperwork is correct. Our Delivery Specialist had never done a business purchase before and took about 3 extra hours to get everything correct at our delivery. I would tell the manager at your delivery Service Center that it's a business transaction and to make sure they have all the paperwork together to sign and with proper names on it.

    We really wanted to lease but it didn't exist when we bought. The business leasing started about 2 weeks after ours was delivered... :/

    -m
    2014 Model S VIN 36xxx 3-29-2014, S85S, Gray/Black Perf, Piano, 19" Aero, Panoramic, Twin chargers, Tech, Air, Parking, Fogs, Sound, Jump Seats, Lighting, Subzero, Parcel
    also: 1999 Mercedes S500 Grand Edition --- 2004 Mercedes E320 4MATIC wagon (wife's) --- 1992 Mercedes 300D 2.5 Turbodiesel

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    Really looking for more insight right now. Thanks for what you guys have posted. My father has owned his own business for over 20 years. I am trying to figure out how to make the Model S the most attractive to own. He is not attracted to expensive cars and prefers to have a good deal.
    I have looked into things like; Accelerated deprecation, Standard mileage deduction, and Itemized deduction.

    Right now I have the Tesla coming to $264*, at Accelerated depreciation (I'll attach the Spreadsheet)

    While that sounds great and everything: Part 2

    My dad loves to follow Dave Ramsey's financial advice, he doesn't want to borrow a dime. Cash isn't an option right now as: I have two sisters in out of state college, and I'm in the pipe. Any convincing points to make that would bridge the gap would help.

    Any thoughts are welcomed!
    - Christian

    Business Lease vs. Finance 3 YEAR - Google Sheets
    *Subject to change as conditions of Mileage, business use, and tax rate change
    Last edited by Clprenz; 2014-07-09 at 08:45 PM. Reason: Correction and Privacy concerns
    Wish I had a Tesla, for now I just invest. Love crunching numbers.
    I am Long TSLA, know just about everything about tesla

  10. #10
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    Quote Originally Posted by Elctrek View Post
    In California in the county where I live you can still get around $5,000 in refunds from the air quality control district and the State.

    My CPA said it was a better option for me to do a business lease with 15,000 miles per year for 3 years than to purchase. He said we could write off almost 100% on the lease but not the purchase.

    I think there was an option to purchase at the end as well... but in my opinion the technology will improve in 3 years so I will get a newer version in 3 years if they are still around and we like the car after 3 years.

    My lease is around $2,100 per month if I remember correctly.
    The credit union that I have spoken to for financing it under my own name say they dont do business financing. So I guess to do the business lease, I would have to go through Tesla financing for the business lease. Has anyone done it any other way?

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