I have a 2013 Toyota Camry that I have been driving the past 4 years. Currently have 125k on the odometer. Car is paid off. Last year total business miles driven were 12,453 and commuting miles were 11,234, which has been a pretty common number year to year. All in all, it is a great car but as I get older and my 2 boys get older, I feel I need a bit bigger of a car. I’d love to get a wagon or small SUV in the range of $300 month.
With my current mileage I feel leasing is a bit out of the question. I could lease under my business and use the car solely for that although that doesn’t help getting my boys around. Another option is taking advantage of bigger depreciation allowance for businesses (up to $18k first year) although I’d have to figure it out what qualifies with my accountant. In that scenario, I’d sell the Camry.
Does anyone here have any suggestions for the best thing to do in my scenerio?