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Question for those in NYC: rental vs ownership?

Discussion in 'NEW YORK CITY' started by mike11, Dec 15, 2016.

  1. mike11

    mike11 New Member

    Question for those in NYC - rental vs ownership?

    Maybe this question can be answered with respect to other locales but I think here in NYC we are unique with the rental/mileage rates (earning mileage rates) than anywhere else.

    What is the compelling reason taxwise or otherwise to own instead of rent?

    Many I am sure are on the fence with buying. I put 3k miles on this rental car already going into week 4. I am really happy at this point that it's a rental. Maybe 5% of these are personal miles.

    It seems at the end of a lets say 3 year period with the car it's useful life is over "for the most part". In my calculations a used car bought at 35,000 miles or so will have about 120-150k miles in about 3 years at the above rate working full time. (could be wrong here)

    I am willing to trade some favorable tax treatment in for the comfort in knowing I can return or change a car and be back on the streets in no time with a new/different rental. Or, the ability to say "ok I'm done" and just walk away.

    So why should someone own vs. rent?

    Any takers?

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