Deciding whether to lease or keep current 2-year-old car?

Question

I own two cars, a commute car in a Toyota Echo (btw, 40+ mpg) and a 2-year-old Hyundai Azera. I have a regular job, which requires 70+ miles of daily commute (that means I can't get rid of the Echo), and own a business 13 miles from home.

Now I want to see if I should lease a sports car for three years and get rid of the Hyundai. I can afford about $350 a month on the lease.

My annual commute for business purpose is about 8000 miles and the current federal mileage reimbursement rate is $.585.

Knowing all this, my question is: would it make sense to sell the Hyundai ($14000 private party value by kbb), lease a new car, write off the lease as tax deductibles, or just keep the Hyundai and write off the mileage as usual because I would lose a lot more money the other way?

Remember my goal is to enjoy driving a sports car, provided that both methods come out about the same. I know I will lose ownership to the Hyundai. That's ok with me.

While at it, can someone suggest a good sports car (non-domestic, please) that can be leased for the price I am willing to pay, including all taxes and depreciation.

Thanks in advance.

Answer 1

I haven't seen any new sports cars that you can lease for $350 a month, you talking about a Tiburon V6 or Mustang?  Maybe a basic 350Z can be leased for that amount.  Either way, don't forget you have to put down like 10% of the cars cost when you sign a lease and pay tax on it too, so you better be getting cash out of the sale of your Azera.  I too own a 2006 Azera, love the car, can't imagine why you'd want to downgrade to any of the cars listed above.  You didn't mention how much you owe on the Azera, hope you aren't upside down.  I think you should concentrate on making your business more of a success instead of worrying about driving a sports car that you can't afford.