Value of a 1 year-old 2024 AMG EQEX4
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2024 AMG EQE SUV , 2021 E63S Wagon - gone, 2018 E63S Sedan - gone
Value of a 1 year-old 2024 AMG EQEX4
North Carolina has a personal property tax on vehicles assessed at registration renewal. I was checking for a preview of my December bill this afternoon and I was surprised at how low that valuation is now. My vehicle, purchased in December 2023, has an MSRP of $131,000, but the DMV wants to value it at $49,660! Admittedly, they usually just look at the base vehicle prices w/o options, but I'm impressed. My tax bill will be 1/2 of what my 2021 E63S wagon was in December 2023! I'm glad I only leased my machine. I'm delighted with the performance, comfort, and style (well, I could make a few styling suggestions here) of my vehicle. It's a fun trip every time I start it up. YMMV
Last edited by HBerman; 09-02-2024 at 03:57 PM.
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#2
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North Carolina has a personal property tax on vehicles assessed at registration renewal. I was checking for a preview of my December bill this afternoon and I was surprised at how low that valuation is now. My vehicle, purchased in December 2023, has an MSRP of $131,000, but the DMV wants to value it at $49,660! Admittedly, they usually just look at the base vehicle prices w/o options, but I'm impressed. My tax bill will be 1/2 of what my 2021 E63S wagon was in December 2023! I'm glad I only leased my machine. I'm delighted with the performance, comfort, and style (well, I could make a few styling suggestions here) of my vehicle. It's a fun trip every time I start it up. YMMV
That value impacts you if you lease or if you plan to sell the car before its end of life. If you purchase and hold, the intermediate price drop doesn't matter. If you are purchasing used, then it helps you a lot.
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That should make you unhappy as it is going to mess with your end of lease options. It also likely boosts your lease payments a bit, assuming Mercedes priced it correctly.
That value impacts you if you lease or if you plan to sell the car before its end of life. If you purchase and hold, the intermediate price drop doesn't matter. If you are purchasing used, then it helps you a lot.
That value impacts you if you lease or if you plan to sell the car before its end of life. If you purchase and hold, the intermediate price drop doesn't matter. If you are purchasing used, then it helps you a lot.
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MB, BMW, VW, etc all use their leasing arms to create vehicle subsidies. The higher the stated residual percentage is, the lower the assessed lease payments will become. There's no magic.
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I leased a car once, never again - just not for me. I do enjoy having fixed assets and not just padding the banks pockets. Plus, I guess at the end of the day it is good for the 99% of car buyers who are not buying new (I have not purchased a new car for me in years, the business has).
For me, I feel it is more and more and more into the mantra of "You will own nothing, and you will like it".....yes, I am turning into a crazy old man. Plus I do a ton of driving.
For me, I feel it is more and more and more into the mantra of "You will own nothing, and you will like it".....yes, I am turning into a crazy old man. Plus I do a ton of driving.
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I leased a car once, never again - just not for me. I do enjoy having fixed assets and not just padding the banks pockets. Plus, I guess at the end of the day it is good for the 99% of car buyers who are not buying new (I have not purchased a new car for me in years, the business has).
For me, I feel it is more and more and more into the mantra of "You will own nothing, and you will like it".....yes, I am turning into a crazy old man. Plus I do a ton of driving.
For me, I feel it is more and more and more into the mantra of "You will own nothing, and you will like it".....yes, I am turning into a crazy old man. Plus I do a ton of driving.
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Why should I be unhappy? The lease payments are fixed, the amount owed at lease end is ZERO (unless there is chargeable damage). I've done this for years. MBFS sets the residual on the car. If it is higher than ACV, then I just turn in the keys. If it is lower than ACV (like it was with my 2021 E63S wagon) I get cash back! I've never purchased a car from my lease in 31 years.
I am curious as to how you make this work financially. Do you have something you can write off the lease costs against that would not work for purchasing?
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Only thing I ever contrived on my own was to title the Porsche in Montana to save a bank on Illinois taxes....that worked like a charm.
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When I ran the numbers, there was no way I could make the lease cost competitive with just purchasing the vehicle even including financing costs. If I could have written off the lease cost against taxes, it might have helped, but even then I am not sure leasing makes sense as I would be able to depreciate the car and deduct interest costs.
I am curious as to how you make this work financially. Do you have something you can write off the lease costs against that would not work for purchasing?
I am curious as to how you make this work financially. Do you have something you can write off the lease costs against that would not work for purchasing?
I prefer not to be encumbered by an auto loan and I'm certainly not willing to shell out $130,000 of cash to buy the car outright. Walking away from the car after 3 years with no liability is very satisfying.
Last edited by HBerman; Today at 12:16 PM.
#14
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Okay, I think I see why it makes sense for you. I don't have a highway use tax, and my financing rate is much much lower than yours. I also don't purchase extended warranties as I find they usually cost more than covering whatever repairs are needed when they arise for the period you can usually get extended warranties for. As I tend to drive cars to 250,000 to 300,000 miles, which is about the point that repairs no longer make sense, my cost window is considerably different than yours.
I also really hate the car buying process, so the idea of having to do it every three years is off-putting.
I also really hate the car buying process, so the idea of having to do it every three years is off-putting.
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Okay, I think I see why it makes sense for you. I don't have a highway use tax, and my financing rate is much much lower than yours. I also don't purchase extended warranties as I find they usually cost more than covering whatever repairs are needed when they arise for the period you can usually get extended warranties for. As I tend to drive cars to 250,000 to 300,000 miles, which is about the point that repairs no longer make sense, my cost window is considerably different than yours.
I also really hate the car buying process, so the idea of having to do it every three years is off-putting.
I also really hate the car buying process, so the idea of having to do it every three years is off-putting.
#16
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EXACTLY! You purchase a car and then drive it until the "wheels fall off"! Your perspective is correct! I also believe you haven't looked at current auto financing rates. The rate I referenced was from my CU for a 66-month loan at 100% for a new vehicle. Automakers have subsidized rates as low as 2.99%. My typical 3 year mileage is around 35,000. Thanks for the discussion.
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