32fever

This thought has been on my mind a few days, so I thought I'd post for feedback.

Many people lease lots of things, cars, trucks, etc. In business, leasing is very common also. There are a couple main reasons why people lease. The two I can think of is A. more affordable monthly payment, or B. people want to get "new stuff" every couple of years and it's less hassle than trading in purchased items. I've recently learned of some particular companies that lease buildings. It's commercial only, but you build a building and they'll just lease it to you. You need to own the land it's built on.

Is there such a thing out there as boat leasing? I don't recall seeing it anywhere. If not, why isn't there such a thing? What are your thoughts about it being a good/bad thing?

I was thinking, if you are thinking of buying a new boat.....You'll want a new boat 4 years later....Most of your first 4 years of payments is interest. Why not lease? Turn back into the dealer at the end, get a new boat.

And, if you did lease a boat, how do you think it would affect a second home deduction?

Food for thought. I've only done a personal lease for one thing, my wife's car. And that was a prepaid lease due to me being self employed (and they are more lenient with self employment status when you're paying for it all at once) and it was hard to borrow money at the time we bought it. I don't know I'd do that again as we probably wouldn't "have to" anymore, but the boat idea was intriguing to me.

Also, in MI, it would be an advantage. In leasing, you only pay tax on the part you lease. HUGE difference since in MI we pay the full tax each time we buy.

Thoughts?

Mark

Teampita

If you want to lease a raceboat try Reindl Powerboat.

Leasing packages include the boat, crew team, maintenance, and transportation of the boat to all APBA pro-series races.

Call Chris Reindl
513-794-1999

Make sure you tell them Team P.I.T.A. sent you!

I leased one of these boats all season last year and had a awesome time. email me if you want more information about these boats. [email protected]

Mark in So. MD

I was at Russo Marine and while waiting to talk to an agent about financing I saw another agent doing the paperwork for a lease, but according to them there is never an option to return the boat, you must by it at the end of the lease. I imagine they lease it to you because you cant get financed at that time and they help you build credit so you can buy the boat at the end of the lease. I dont know much myself so here is the website and they guys name. www.russomarine.com Jerry Pitts 410-604-0200

Mark