Tesla Model X coming in 2-6 weeks - Tax savings between lease vs loan

[KingRetic]

Hi all,

I am new to this forum and I am super excited about getting our Tesla Model X. We got a white long range (standard 20 inch rims, 7 seats and white interior). This will be our first electric car and visit charge stations instead of gas stations

We are looking into getting an at home wall charger and a few other accessories as well!

Currently we plan on financing the car through our business however we may decide to lease instead Anyone here purchased their car through their business? Any tax savings between financing, paying for it outright or leasing?

Btw I am in Ontario Canada. Looking forward to hearing your thoughts and experiences on this.

Thanks

 

[ewoodrick]

Make sure you look at the cost of insurance for a business. I've heard some horror stories.

 

[Uncle Paul]

Don't know about Canada, but in US you can fully write off and depreciate the entire purchase price the first year it is put into service.

This makes buying a much better deal than leasing for most owners of profitable businesses.

 

[ReyesOzaeta]

Hi all,

I am new to this forum and I am super excited about getting our Tesla Model X. We got a white long range (standard 20 inch rims, 7 seats and white interior). This will be our first electric car and visit charge stations instead of gas stations

We are looking into getting an at home wall charger and a few other accessories as well!

Currently we plan on financing the car through our business however we may decide to lease instead Anyone here purchased their car through their business? Any tax savings between financing, paying for it outright or leasing?

Btw I am in Ontario Canada. Looking forward to hearing your thoughts and experiences on this.

Thanks

I did mine through business. I will take advantage of section 179 which qualifies the model X for 25k tax deduction plus the difference is depreciated for the first year, so on and so forth. This was shown to me by my delivery advisor after my test drive. The model X is qualified by its gross weight. Section 179 is also known as the “Hummer loophole” which is legit for business owners.
Hope this helps