Maybe You Should Lease Your Veyron
It is certainly worth considering. It’s what Indianapolis businessman Timothy Durham did.
$400,000 due upon signing and about $20,000 per month, with an option to purchase at the end of the fie year lease. That’s instead of plunking down the more than $1.5 million required for an outright purchase.
According to the New York Times, there is logic to Durham’s approach – as one would expect in matters financial from someone who can afford such lease payments and has the credit rating required to do so.
Durham figures the Veyron, unlike many cars, will appreciate in value over the period of the lease. That means that he can afford to make the lease payments and exercise his purchase option without really losing money on the deal.
He also figures that he can make more money with his capital by investing it than buy using it to buy the Bugatti outright.
Last, but not least, he defers paying sales tax and avoids some of it altogether, as the purchase price at the end of the lease is lower than the current purchase price of a new Veyron.
Durham’s judgment is not to be taken lightly: he has a few other cars, too. Duesenbergs, Auburns, Cords – he is an Indiana man, after all – as well as an Aston-Martin DB5, a total of 70 cars in all. His garage has 45 stalls.