You should have been more explicit to start with! I assumed you were talking about SALES TAX. Stating that…
“Chicago double taxes leases, so the effective tax rate is something like 18%.”
tells me absolutely nothing. How does it double tax? Next time, provide detailed information. The burden of proof is on you, not me. Did you know that Illinois levies tax on tax? That’s is exactly why the 9% sales tax rate translates to an effective rate of 9.9%.
If it “told you nothing” as you say, what are you attempting to correct him for instead of asking him to clarify?
Nevermind…don’t answer me. Time to move on…
I would not get a “beater” anything to trust my wife in for 20k/yr to reliably get to school. I would suggest something like a CPO S60 for under $20k with its unlimited miles warranty. Could maybe get pretty close to breaking even in 3 yrs on a 5-yr note.
Another option is to do a 15k/year lease but budget for the 15k mileage overage. Figure at $.25/mile, 15k mileage overage is $3,750. Or even better, prepay the overage and I think some captives will give a discount.
The chicago tax thing would give me pause on a lease though - you’ll already be paying a hefty hefty premium.
It’s going to be very difficult finding something with 20k miles under $350/Mo with Chicago tax!
Definitely recommend buying something used in this case!
Beater is working just fine for me and I push close to 30k miles a year. Mid-2000s Honda reliability is on point.
Meh. My wife dailies a $2500 05 Odyssey Touring with 235k. 8 months/20k miles since purchase never been stranded. I would trust that over a used Volvo with a warranty which requires actually getting said Volvo to the dealer if/when it breaks and securing alternative transportation. I like Volvo’s but I’ve yet to meet one that I trust.
$300/mo gets you one hell of a nice used car. Hell, $300/mo gets you a brand new small car or base midsize sedan on a 60mo loan. Pretty sure you can get a new Cruze for like $12k.
Leasing just doesn’t make any sense here within the confines of this payment. You can prepay Honda miles at .10 but I still don’t see it working even with a base Civic.
Why do you always get so hurt, whenever someone replies to your dumb arrogance?
@OP, you might want to look in to decently used civic or corolla either ones would be in the price range, least amount of mechanical issues and will easily last the 60k miles they plan to drive for next 36 months.
I agree, I would even suggest to go a little further and pay cash for something from the late 2000s. Eve.n if it needs any kind of maintenance, it would be cheap and affordable to do.
You need to calm down. You are getting all riled up because you wrongly assumed something? The fact is the effective tax on leases in Chicago is ~18%.
2 years ago, i purchased a one owner 2008 accord exl v6 with 65k miles for 10k cash, sold it after 18 months for $8500 after putting 15k miles. Cleanest used car which served the purpose for me at the time and cost me a little more than $100 a month, after factoring in the new tires and brakes.
You planning to get engaged ? 
i just noticed that cookie ad on top of your screenshot lol. Congrats ! Hahah
I don’t think leases will work well especially given the double taxation.
I would simply buy and sell/trade in after 3 years.
The top Japanese retain their value incredibly well.
And get an AWD.
LOL thankfully no. Personally I’m surprised it wasn’t an ad for a casino considering how much I’ve been in Atlantic City lately (not even winning unfortunately)
No question, if I was in that situation, I would get a Fit. A Fit Sport to be exact. Put pencil to paper a hundred different ways, 10 year old reliable, low end lease, $2k beater, when you add it all up that Fit, out of pocket, will be the best bet. A 3 year old Fit with 60k Miles holds a substantial portion of its value.