Getting A Smaller Tax Refund This Year? Lease A New Car Instead Of Buying!February 19, 2019
A major tax reform bill was approved by Congress on December 22, 2017. Known as the Tax Cuts and Jobs Act, the new law made changes to many aspects of the existing tax structure. There were changes to the standard deduction, removal of personal exemptions, increases in the child tax credit, limits or elimination certain deductions, and changes to tax rates and brackets.
In addition, there were changes to the rate at which taxes are withheld from paychecks. These changes resulted in more take-home pay for many employees in 2018. Unfortunately, the flip side of this, for those who did not adjust their withholding amounts, may be a smaller tax refund in the spring of 2019.
If you were expecting to use a sizeable tax refund as a down payment on a new or used car this spring, you may be disappointed to discover that the actual amount of your refund is insufficient for your needs. What can you do if you get a smaller tax refund, but you still need a vehicle that you can depend on?
Don’t Buy A Vehicle, Lease One!
Leasing is your solution to getting the new vehicle you need, without laying out a lot of cash! Leasing offers you so many advantages over buying a new or a used car:
- You can lease a car with little or no money down
- You will have a much more affordable monthly payment
- You can drive a nicer vehicle
- You have full warranty coverage for the entire term of the lease
- You get a vehicle with the latest safety and infotainment technology
- You can walk away at the end of the lease with no concerns about the vehicle’s value
- You can deduct more if you use a leased car for business
- You can get a new car that meets your current needs every few years
The lower cost of leasing puts extra money in your pocket every month, eliminates expensive out-of-warranty repair bills, and puts you behind the wheel of a very safe vehicle. Leasing lets you drive a nicer vehicle for less, with no ownership hassles. It’s a great way to go!