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The Smoking Tire

John McGuire (CPA): The smart Ways to Buy, Lease, or Own a Car

The Smoking Tire

Zack Klapman, Matt Farah

Formula One, Tech News, Racing Drivers, Autos, Off-road Racing, Race Cars, Dinner With Racers, Doug Demuro, Leisure, Pagani, Mustang, Hoonigan, Matt Farah, Automotive Podcast, Collecting Cars Podcast, Drifting, Zack Klapman, Driftcast, Automotive, Indycar, Koenigsegg, News, Comedy Interviews, Vinwiki, Formula 1, Car Podcasts, Proving Grounds, Fabricators, Driving, Drivers, Camaro, Lamborghini, Adam Lz, Ferrari, All Cars Go To Heaven, Donut Media, Spikes Car Radio, Tavarish, Porsche, Top Gear, Comedy, Racing, Motor Trend, Cars, The Smoking Tire, Ford

4.82.8K Ratings

🗓️ 1 September 2022

⏱️ 95 minutes

🧾️ Download transcript

Summary

Should you buy a car or lease it? Can you write your car off? What does the IRS hate? How is the EV rebate changing? We've had a lot of questions about automotive financing so it's time to bring in an expert! John McGuire is a CPA that's here to talk to us about interest rates, auto loans, bad lease deals, financing pitfalls, and why you should (or shouldn't) roll over your automotive loan. Finances aren't exciting but money effects us all, and as they say, knowledge is power. Topics include "what's a write-off"?; writing off cars; buying vs leasing; what the IRS hates; investing in cars; rolling over loans; repossessions; why being a CPA is a great job; and more! Recorded August 11, 2022 Head to https://www.Policygenius.com to get your free life insurance quotes and see how much you could save. Use Off The Record! and ALWAYS fight your tickets! Enter code TST10 for a 10% discount on your first case on the Off The Record app, or go to https://www.offtherecord.com/TST Want your question answered? Want to watch the live stream, get ad-free podcasts, or exclusive podcasts? Join our Patreon: https://www.patreon.com/thesmokingtirepodcast Tweet at us! https://www.Twitter.com/thesmokingtire https://www.Twitter.com/zackklapman Instagram: https://www.Instagram.com/thesmokingtire https://www.Instagram.com/therealzackklapman

Transcript

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0:00.0

So one of the things I wanted to first

0:02.8

Dispel was just this notion of oh it's a write-off. Oh, you bought that car. It's a write-off

0:08.1

What is that word isn't it? What right off what like people are like? Oh, yeah

0:12.4

Yeah, okay, I guess you just got a 06 for free because he wrote it all people use that term as if you don't have to actually

0:18.7

Spend the money

0:20.7

The government doesn't deliver a car to the driveway and say yeah, here you go, bro. Here's this is on us

0:25.8

Yeah, or I would say even better buy car versus buying a car with a low-down payment still like what if you finance the car

0:33.2

But you've got you know thousand bucks down and

0:38.6

You know, yeah, but a 30 $60,000 car if you do the math on what that payment would be at say 4% interest

0:45.3

It's gonna be almost not double but a lot more than what the least payment right during that same period right

0:50.8

But your cumulative math assuming that car lasts you're better off buying it I

0:56.9

100% yeah, yeah, yeah, yeah, yeah

0:58.8

What's up everyone welcome to the Smogentire podcast this episode is brought to you by policy

1:05.0

Genius and if you know how life goes then you know how important

1:10.6

Insurance can be we pay hundreds of dollars a year to protect our homes our cars even our phones and electronics

1:17.8

But too many of us aren't taking the steps to protect our families

1:23.2

Finances mortgage payments private student loans and other types of debt

1:27.0

Don't just disappear if something happens to you a life insurance policy can provide your loved ones with a

1:34.2

Financial cushion they can use to cover the costs and it can provide you with peace of mind that even in a worst-case scenario

1:41.0

They'll be protected and if you already have coverage through work

1:45.0

That's good, but having life insurance through your job may not be enough

1:49.3

Most people need up to ten times more coverage to properly provide for their families and coverage through work

...

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