by Wendell Cayton

It’s time to say goodbye to an old friend. It’s tough, considering all we have shared these past eleven years. But, as with other things in life, it’s time for a younger, newer model. After 301,000 miles together, the Audi that has been so much a part of my life will leave next week for a charitable cause.

You see, with those miles, no one would want to buy this car, although I can tell you that you could fill up the tank, check the oil, and make New York City in a long three days—no problem! Many times the Audi and I crossed Nevada and Utah on our way to visit the folks. Each time, we both marveled at how the Donner Party and those that followed could possibly cross the salt flats of Wendover and the Humboldt Sink, let alone the High Sierras.

I have to hand it to the Germans, they make fine carriages.

But modernity has doomed the Audi in our household. No one drives a stick shift any more; this means I’m the only one who can move it! The lack of a cup-holder is a particular safety hazard, as is only one airbag. And the list goes on . . . so bending to the wishes of those who make decisions around here, I am donating it to a charity in hopes that it might make a difference to someone else.

A number of times I have written in this column about the virtues of being frugal when it comes to car ownership. After all, cars are a depreciating asset and certainly not an investment. But you have to agree with me that those 301,000 miles—for the price of the car, 4 sets of tires, 2 alternators, a single fuel pump, and superb routine maintenance by the same local mechanic—was not a bad deal!

So, moving on, it’s time to explore the world of car purchasing and car financing. As you can probably guess, since I become attached to my cars, I tend to buy new and keep the car for a long, long time. Intuitively, leasing is not a very practical solution for me. However, in discussing this with several dealers, they are quick to point out the ways that leasing is a good deal for a business owner like me.

To the extent an automobile is used for business, lease payments are tax-deductible as a business expense, reduced by a small add-back number the IRS applies. However, if the car is financed, so is the interest for the auto loan, again to the extent the car is used for business, and you are allowed a limited amount of deductible depreciation. And when you’re done, you own the car!

When making the buy/finance decision, the factors are how long you intend to keep the vehicle, how many miles you intend to drive it, how you care for your car, the amount of business vs. personal use it will get, and your cost of money to borrow vs. capital cost rates charged by the leasing organization.

What I will miss most is how well the Audi was trained. Say “let’s go skiing,” and it knew the way to the mountains without a minute’s hesitation. “How about Los Angeles?”—I refuse to fly there because I’ve found driving to be faster and certainly more pleasant—and we were on I-5 in a twinkling of an eye.

Now I will have to learn how to use the new technology. I am faced with a retraining program, though I’m not sure which of us will be training the other. A friend informs me that the new cars talk to you, even tell you where to turn . . . sort of a stand-in wife, I guess.