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Cars and Transportation
Reply to "Tell me about leasing a car?"
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[quote=Anonymous]In DC, I think it makes sense to lease a car. There is no car/personal tax every year. You pay taxes on the leased portion of the car, not the full value of the car. If you buy a car and are a DC resident, you pay a sales tax on the full value of the car. When you sell/trade it in, you don't get the residual portion credited to you. So you've lost the tax money you paid. This makes sense if you are going to buy a car and use it for 10 years. But does not make sense if you're going to get a car every few years. I also like leasing cars because the car is never old enough to have maintenance issues. I never pay for maintenance other than a simple oil change. This is my perspective as a DC resident. Probably doesn't make sense in Virginia where you pay a tax on the car each year.[/quote]
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