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Darn! I bought my car (with Alliant) two months ago and missed out on that half percent!
If this car qualifies for sec 179, which I believe it does, you can ask your CPA if it will work as a write-off, I believe you would need to register and insure it under your business. If you put yourself on the registration and use it for your business (drive between offices) those mile are deductible.Hmmmm....I'd planned to lease (new car due end of June), partly because I could write off some of the cost, and also because I need to release some cash from the sale of my current S. But, those rates are really attractive. Honestly, I'm not even sure what the actual tax benefit is from being able to write off the payments (roughly 30% biz miles, 14k per yr), but with the relatively uncompetative lease rates, and having to pay sales tax on the entire amount, the loan is looknig like a more attractive option.
I get ~ $1080 for fuel (30*36.)Cell H3 includes gas savings. Multiply cell E3 X 36 to exclude fuel savings.
The fuel savings is only about $1080 over 3 yrsCell H3 includes gas savings. Multiply cell E3 X 36 to exclude fuel savings.
thanks for using the sheet and your feedback. I threw it together pretty quick so it's definitely possible that there are some issues and a few things that aren't clear. it wasn't originally meant to compare BUY vs LEASE because fuel savings are the same for both of those scenarios so you wouldn't want them in your comparison. But there should be enough data there to help answer questions from a few different angles about owning a Tesla over time.The fuel savings is only about $1080 over 3 yrs
But now H3 shows a number I agree with
::shrug:: Perhaps I was imagining things
And now I am aware of the PPMT and IPMT functions ;-)thanks for using the sheet and your feedback.
Thank you. A bit complicatedIt's simply a math problem. Run the numbers both ways and they will tell you the right choice for you. You can use my sheet to see what the finance option will cost ya:
Tesla Model X Finance
Follow the instructions I put on the page.Thank you. A bit complicated
But will spend some time on this and see what I come up with.
Alliant rep contacted me today to offer me the 1.49% for 72 months, I must say... This is nice. Also, Alliant is the only option if you're looking for 100% LTV especially for 72 months.
Daniel TovarDo you have the email of this person?
Daniel Tovar
Loan Consultant
Alliant Credit Union
Chicago, IL
773-462-2008 Direct and Fax
800-328-1935 ext 2008
[email protected]
Here you go,Do you have the email of this person?
If this car qualifies for sec 179, which I believe it does, you can ask your CPA if it will work as a write-off, I believe you would need to register and insure it under your business. If you put yourself on the registration and use it for your business (drive between offices) those mile are deductible.
Under sec 179 are we sure we have to register and insure it under your business? Can anyone confirm that? I'm in Los Angeles and was not told by my accountant that I didn't have to. Anyone?
This is a requirement, but not necessarily what is done by most. You can use privately registered cars and apply a percentage of the deduction based on mileage, but as far as section 179 for a passenger car to be 100% deductible, it needs to be in co. name and be used 100% of the time for business. If there's a CPA in here maybe they can shed light on the specifics for us. this is how it was explained to me by my CPA.I don't think this is required. Most real estate agents are considered self-employed, sole proprietorship so don't have an official licensed business, and they take the section 179 deduction all the time. My accountant has never mentioned to me that I needed to register my cars under my business either to take the deduction. Of course you do need to prove that you used it for business via mileage logs, etc, but I don't think registration and insurance is proof of business use, nor is it required.
Hmmmm....I'd planned to lease (new car due end of June), partly because I could write off some of the cost, and also because I need to release some cash from the sale of my current S. But, those rates are really attractive. Honestly, I'm not even sure what the actual tax benefit is from being able to write off the payments (roughly 30% biz miles, 14k per yr), but with the relatively uncompetative lease rates, and having to pay sales tax on the entire amount, the loan is looknig like a more attractive option.
How can I estimate the trade-in value of a finance purchase versus the guaranteed resale value at the end of my lease? My intention has always been to traded in after three years for the 'newest' larger battery and second generation of AP hardware.Follow the instructions I put on the page.