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kidcharlemagne
Joined: 29 Mar 2004
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 Posted: Mon Oct 03, 2005 4:56 pm Post subject: Leasing a car in Korea? |
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| Does anyone have any information about leasing a car in Korea? |
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Wangja
Joined: 17 May 2004
Location: Seoul, Yongsan
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| Posted: Mon Oct 03, 2005 5:36 pm Post subject: |
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My current car is long-term rented from AVIS, around 1.2 million a month I think.
One company I worked for here lease all their cars: they have Hyundai, Kia and one Volvo and one Cadillac. I think the leasing (financing) was arrnaged through the main dealers. |
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Big Mac
Joined: 17 Sep 2005
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| Posted: Tue Oct 04, 2005 6:19 am Post subject: |
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| Wangja wrote: |
My current car is long-term rented from AVIS, around 1.2 million a month I think.
One company I worked for here lease all their cars: they have Hyundai, Kia and one Volvo and one Cadillac. I think the leasing (financing) was arrnaged through the main dealers. |
WHAT??? You pay 1.2 million Won a month for a car? That's more than half of most English teachers' monthly salaries. That's insane! You might as well buy one for that price.
Surely public transportation around here is adequate enough that it doesn't justify spending that kind of money. I would never go without a car in Canada, but here it's a breeze. |
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Wangja
Joined: 17 May 2004
Location: Seoul, Yongsan
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| Posted: Tue Oct 04, 2005 3:37 pm Post subject: |
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No, I don't pay that, the company provides the car for me: I drive around 120 km a day, with no practical public transport. The company also pays all the petrol and toll charges that add around 700 USD a month. I am not a teacher.
Otherwise, I would not bother with a car in Seoul - in fact I sold my own car a couple of months ago.
I have only stayed one night in Canada so I do not know how the transport works. What I can say from my visits to the USA (San Diego, Nashville and Houston) is that whatever you want to do, you have to go by car. That seriously inhales. Virtually no public tranpsort and walking is not really an option, either for simple distance reasons or, perhaps, perception of personal safety. |
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Big Mac
Joined: 17 Sep 2005
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| Posted: Tue Oct 04, 2005 4:01 pm Post subject: |
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Ahh, well I'm glad you're not the one who is crazy!
Your company, on the other hand, is crazy. Wouldn't it be more cost-effective to buy a company vehicle for that kind of price? You should have a white-gloved driver with that car for that kind of money. |
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Wangja
Joined: 17 May 2004
Location: Seoul, Yongsan
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| Posted: Tue Oct 04, 2005 4:33 pm Post subject: |
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| Big Mac wrote: |
Ahh, well I'm glad you're not the one who is crazy!
Your company, on the other hand, is crazy. Wouldn't it be more cost-effective to buy a company vehicle for that kind of price? You should have a white-gloved driver with that car for that kind of money. |
Well, buy or rent is, for a company, a more finely balanced decision than for an indiovidual. For example, if one rents (or leases) a car, all the rental or lease costs are deductible against profits. If the car is purchased, you can only write down a percentage each year: this tends to increase short-term profit and hence tax payable.
In addition, how long will the car be used? In my case, I started with a 3-month contract, extended for another 3 months, about to be extended again for perhaps 6 months. Normally, a company would not purchase for a short term requirement but in the event, it could have been for a year, and that would probably have been cheaper to buy than rent. |
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