Millionaire investor reveals the only car he would buy instead of lease
- Grant Cardone has a reported net worth of around $600 million
- Cardone believes buying a car is always a waste of money, and you should lease instead
- However, Cardone believes there’s one car that can be considered an exception
Published on Dec 27, 2023 at 3:04 PM (UTC+4)
by Alessandro Renesis
Last updated on Dec 27, 2023 at 9:26 PM (UTC+4)
Edited by
Adam Gray
Grant Cardone is a millionaire investor and author with a large online presence.
That’s why people generally want to know what he has to say when it comes to finance.
And when they asked if he’d ever buy a car as an investment, his answer was quite shocking.
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As you can imagine, his answer was 100 percent strategic.
So those waiting to hear the words ‘passion’ and ‘cars’ in the same sentence may be disappointed.
However, what he says does make sense.
Grant Cardone wouldn’t buy a coveted classic that appreciates with value or a rare exotic supercar.
Nope, the only car he’d buy, rather than lease, is a Range Rover.
The Range Rover, according to Cardone, is the best type of vehicle if we only consider those that qualify as a Section 179 vehicle.
Section 179 is a specific section in the IRS (Internal Revenue Service) tax code, which allows for immediate depreciation write-offs for qualifying vehicles depending on size and weight and other factors.
According to Cardone, you can buy it near the end of the fiscal year and immediately write it off that very same year.
Even if you didn’t drive it.
Cardone says he owns has a Rolls-Royce Cullinan, but he leases that car because that way he can write off the lease against his income.
Generally speaking, the vast majority of new cars lose value when you buy them.
According to online lending marketplace Lendingtree.com, a car can lose up to 20 percent of its value in its first year.
This obviously vary depending on the vehicle.
A generic sedan loses value way faster than, say, a Porsche 911.
But with the exception of some limited-edition supercars, no car is exempt.
Mind you, speaking of those exceptions, some cars can indeed become more valuable with time.
Sometimes to an extent that may blow your mind.
That’s definitely the case with the Mercedes SLR 300, which sold for a whopping $142 million.
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