Collection Gift Guide: Lease the Beast
December 1, 2006
When first announced in 2001, the production version of the Bugatti Veyron made news with a $1 million price tag, a quad-turbocharged 16-cylinder engine with 987 hp, and a top speed of over 250 mph. Subsequent years have done little to dull the excitement that surrounds the outrageous road car. And while financing a Veyron through Putnam Leasing won’t get you a better spot on the car’s waiting list, the Connecticut-based company can offer a form of financing you might not have considered: It specializes in lease programs for high-end and classic automobiles—everything from 2007 Ferrari 599 GTBs to 1954 Mercedes-Benz 300SL Gullwings.
Steven Posner, Putnam’s president, makes a simple case for leasing: “Why take your money, in this case $1.5 million, and invest it in a depreciating asset? This is true whether you’re getting a Bugatti or a Ferrari or a Bentley.” A lease, he argues, offers greater financial flexibility than an outright purchase. According to Posner, it also has potential tax advantages. If the car is purchased in California, for instance, he estimates that a buyer would pay $123,750 in sales tax; with a lease, however, this can be amortized over the life of the loan with payments made in monthly installments. And, Posner notes, a lease is the cleanest automotive write-off available for those who qualify.
According to Posner, assuming a residual value of $400,000 after the 60-month lease concludes, each payment for the Bugatti Veyron would total approximately $25,995, excluding taxes.
Putnam Leasing
866.905.3273
www.putnamleasing.com
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