Your income

[instudiocity]

renting a car on a daily rate is a considerable different proposition from leasing a car.

Not necessarily so. A monthly rental at Hertz/Enterprise/Avis/National et al runs about $650/mo (about $22/day) for a full-size car. And there's no maintenance expense, just gas.

 

I personally only rent cars for business travel. It's MUCH CHEAPER than using a personal vehicle. I generally pay $30-40/day, $250/weekly and $650/monthly. Typically, i average 500-1000 miles per day. My last monthly rental was for 4,500 miles. I drove 24,000 miles for business in rental cars last year. My rental costs were 35 days at $32.80 per day average. Also, I averaged 30 mpg on 800 gallons of gas. My total costs? $3,948. The 'deductible mileage' would have equaled $13,920. But I didn't experience ANY depreciation on my personal auto... Remember, you have to earn it to deduct it. I'll take my deal every time.

 

If the IRS says it costs me $0.58/mi to operate a personal vehicle, that would be $290-$580 per day in 'deductible' expenses. And only $0.58/mile up to $50,000. So I can deduct the costs of operating a car up to 86,000 miles - but I have to drive those 86,000 miles in my car. I would have to program maintenance appointments and take the value beating on my car with twice the average annual mileage. So my asset wastes away twice as fast as other cars the same year model.

 

I own a 2012 automobile which on average should have 84,000 miles on it. It has 24,000 miles, all personal miles.

 

Now the only question remaining is, "When did the IRS ever set a mileage deduction rate that favors the taxpayer?" I would suggest at $0.58/mile the taxpayer is losing $$$.

 

Finally, as for leasing a car, that is VERY EXPENSIVE. The lessee doesn't control the Capitalization Rate, the Interest Rate, the Depreciation Rate nor the Final Value of the car when the lease ends. The lessee doesn't even control the monthly payment on the lease in the long run. The average lease has a built-in 14% interest rate (carrying cost).

[Walker1]

Trillions and trillions of Zimbabwe dollars equivalent.

[Rudynate]

Not necessarily so. A monthly rental at Hertz/Enterprise/Avis/National et al runs about $650/mo (about $22/day) for a full-size car. And there's no maintenance expense, just gas.

 

I personally only rent cars for business travel. It's MUCH CHEAPER than using a personal vehicle. I generally pay $30-40/day, $250/weekly and $650/monthly. Typically, i average 500-1000 miles per day. My last monthly rental was for 4,500 miles. I drove 24,000 miles for business in rental cars last year. My rental costs were 35 days at $32.80 per day average. Also, I averaged 30 mpg on 800 gallons of gas. My total costs? $3,948. The 'deductible mileage' would have equaled $13,920. But I didn't experience ANY depreciation on my personal auto... Remember, you have to earn it to deduct it. I'll take my deal every time.

 

If the IRS says it costs me $0.58/mi to operate a personal vehicle, that would be $290-$580 per day in 'deductible' expenses. And only $0.58/mile up to $50,000. So I can deduct the costs of operating a car up to 86,000 miles - but I have to drive those 86,000 miles in my car. I would have to program maintenance appointments and take the value beating on my car with twice the average annual mileage. So my asset wastes away twice as fast as other cars the same year model.

 

I own a 2012 automobile which on average should have 84,000 miles on it. It has 24,000 miles, all personal miles.

 

Now the only question remaining is, "When did the IRS ever set a mileage deduction rate that favors the taxpayer?" I would suggest at $0.58/mile the taxpayer is losing $$$.

 

Finally, as for leasing a car, that is VERY EXPENSIVE. The lessee doesn't control the Capitalization Rate, the Interest Rate, the Depreciation Rate nor the Final Value of the car when the lease ends. The lessee doesn't even control the monthly payment on the lease in the long run. The average lease has a built-in 14% interest rate (carrying cost).

 

 

I rent cars when I need to drive distances for business. For me it’s a matter of comfort. My personal vehicle is a light truck—not that comfortable for driving distances. I either expense it or charge it back to the client.