$3,000 Car Payment

[PRORACER7474]

Im not a CPA lol. But you can depreciate the vehicle over one year or I believe 5-7? Either way you’d be avoiding income tax.

When the tax bill exceeds the truck/escalade/gwagon payment etc you start making adjustments lol.


That’s not to say idiots make bad ideas.

but you have to have a business that will allow you to write off a BMW

 

[Ultra...Good]

but you have to have a business that will allow you to write off a BMW

and when that little tidbit is discovered, that is when people that throw around the term write off go quiet. the "loop Holers" start to listen a little.

 

[Done-it-again]

but you have to have a business that will allow you to write off a BMW

Yes. And you buy a car that has a gvw of 6,000 lbs or greater. So trucks, and most large SUV’s fall under this.

 

[PRORACER7474]

Yes. And you buy a car that has a gvw of 6,000 lbs or greater. So trucks, and most large SUV’s fall under this.

yes but unless my CPA is wrong if I do claim a car/truck that can be used for both personal and business I must keep records of mileage used business vs personal and can only write off the business side

 

[rrrr]

Just did some blackout math on the Tahoe.... If they "sold it" for $80k, zero down.... that is nearly 35% interest.... No one forced them to buy it, but no one signing that has any lick of financial literacy, and it's 100% going to get repo'd at some point.

Not being uh, racist or anything, but those buyers are screaming REPO. They're gonna run 'em hard for 45 days until the first payment is due, then those vehicles will be parked with another car in front of them at all times!

 

[Done-it-again]

yes but unless my CPA is wrong if I do claim a car/truck that can be used for both personal and business I must keep records of mileage used business vs personal and can only write off the business side

Is the car in your name or business name?
Not 100% sure if that’s the difference, but ours are in the company name and haven’t kept mileage records for 15+ yrs.

 

[hallett21]

and when that little tidbit is discovered, that is when people that throw around the term write off go quiet. the "loop Holers" start to listen a little.

Assuming you own a legitimate business.

Well…… you might need to justify the 6k gvw vehicle.

If you think this is a sham then tell me why so many automakers make vehicles that break 6k? Last I checked a Bentley coupe never had to haul an equipment trailer.

 

[was thatguy]

yes but unless my CPA is wrong if I do claim a car/truck that can be used for both personal and business I must keep records of mileage used business vs personal and can only write off the business side

You have a CPA and multi use (business) vehicles…but have never in your life used any ATM card or bank card or any plastic of any kind, and carry no wallet or even a drivers license?

 

[78Southwind]

Is the squeeze worth the juice?

One person purchased a 2023 Tahoe with $2,550 monthly payments on an 84-month term!
Another person bought a 2023 Sierra 2500 Denali with $3,000 monthly payments, locked in a 96-month term!

"Garbage Deals": Dealership Puts Customers In Cars With $3,000 Monthly Payments | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

How much gold was in the vehicles?

 

[Ultra...Good]

Assuming you own a legitimate business.

Well…… you might need to justify the 6k gvw vehicle.

If you think this is a sham then tell me why so many automakers make vehicles that break 6k? Last I checked a Bentley coupe never had to haul an equipment trailer.

I don't think it is a sham. I understand how it works. if you are asking why vehicles weigh 6k I would say mostly due to all the technology and safety and such that they have now. still not sure what the 6k weight has to do with a vehicle being used commercially, but I do not so............

again, a Bentley or whatever can be used commercially. so what if it never hauled an equipment trailer? a high end realtor could justify a Bentley for commercial use. or rental car fleets or many contractor fleets etc. never haul a trailer, have a hitch or hit 6k.

 

[hallett21]

I don't think it is a sham. I understand how it works. if you are asking why vehicles weigh 6k I would say mostly due to all the technology and safety and such that they have now. still not sure what the 6k weight has to do with a vehicle being used commercially, but I do not so............

again, a Bentley or whatever can be used commercially. so what if it never hauled an equipment trailer? a high end realtor could justify a Bentley for commercial use. or rental car fleets or many contractor fleets etc. never haul a trailer, have a hitch or hit 6k.

It’s literally a GVW of 6k or more.

That allows the write off for the vehicle. How you write it off is up to your cpa lol.

 

[MPHSystems]

What is this “car payment” you speak of?

 

[ChrisV]

Crazy but who gives a fuk how people spend their money.

 

[4Waters]

24 years ago I spent 4 months in Argentina and got to experience where we are going today as a country. Majority of the vehicles then had to be over 35 years old, nothing new because of a 100% tax on the new purchase price of anything new. Nobody bought new then, will not be long till very few buys new in America. Taxis were the only ones that ran newer fiat cars. South of Buenos Aires out in the country older cars from Germany like the old tv show Hogan Hero’s still used as daily drivers in 1999

That won't do good for the climate agenda

 

[PRORACER7474]

You have a CPA and multi use (business) vehicles…but have never in your life used any ATM card or bank card or any plastic of any kind, and carry no wallet or even a drivers license?

Yes I have been a Matco Toolman for 40 years, lots of cash, but I am also not stupid I own quite a few industrial rental buildings and rental houses plus a race team [all paid for in the RiverDaves way], 2 llc, 2 trust and so I need to have a good CPA been using the same one for 36 years and 3 audits. I drive one truck that I write off 100%, I never said that I had multi business vec. My CPA says for the little I would claim by writing off some of my personal vec expense it would not be worth it the same as writing off a portion of my house for home use not worth the red flags vs the amount saved. Plus in the state of Nevada you are taxed on office equipment, shop equipment, computers and so on once a year by not claiming office space all of my business stuff is on wheels and covered by the Vec registration

 

[Done-it-again]

Yes I have been a Matco Toolman for 40 years, lots of cash, but I am also not stupid I own quite a few industrial rental buildings and rental houses plus a race team [all paid for in the RiverDaves way], 2 llc, 2 trust and so I need to have a good CPA been using the same one for 36 years and 3 audits. I drive one truck that I write off 100%, I never said that I had multi business vec. My CPA says for the little I would claim by writing off some of my personal vec expense it would not be worth it the same as writing off a portion of my house for home use not worth the red flags vs the amount saved. Plus in the state of Nevada you are taxed on office equipment, shop equipment, computers and so on once a year by not claiming office space all of my business stuff is on wheels and covered by the Vec registration

Perhaps driving a Matco truck is the issue with writing off a different truck/SUV for business.

 

[c_land]

Assuming you own a legitimate business.

Well…… you might need to justify the 6k gvw vehicle.

If you think this is a sham then tell me why so many automakers make vehicles that break 6k? Last I checked a Bentley coupe never had to haul an equipment trailer.

Easy deal

 

[2Driver]

Those posts and vids are click bait.
Fake-
Even the car industry has predatory lending guidelines.

That’s what I was thinking, those numbers don’t make sense at all.

 

[zhandfull]

The repo business is picking up. Saw this guy the other day when I stopped for lunch.

 

[hallett21]

The repo business is picking up. Saw this guy the other day when I stopped for lunch.

View attachment 1333360

It’s always a middle of the road car. I was promised that f350s, BMWs and Porches were gonna be on fire sales!

 

[LuauLounge]

My guess the 6,000lb GVW is an easy figure for the buyers to identify and the car makers to build to. Another guess is it changed the SUV market. Meet the weight rating, put every amenity and luxury feature available. Raise the price and you will sell a ton of them to Real Estate agents. Great advantage to business owners to lower the tax burden, if towards the end of the year you realize you have an extra 100k profit that you hadn’t planned for. Not limited to trucks and autos, most anything that would be depreciated on your tax returns.
Search for Section 179 Depreciation

 

[traquer]

All this depreciation and CPA jargon is fine, but only if you actually need the new car.. Because if not, you're just spending $10 to save $3.

Is my line of thinking correct? Maybe some of the more enlightened members can clue me in.

But I guess what I'm saying is buying a new car never puts you "ahead" since all you're doing is simply paying less for the car, but you still have to pay to play lol! In other words, the write-offs just make cool shit a bit more affordable but you should have enough money to buy them in the first place even if you had to pay "full price."

But I agree 100% on the financing part if you do buy. Why pay cash when that cash can make you more money elsewhere? The only person I've seen pay "cash" for a luxury car was an old dude who sold a supplement/pharma company. I was there to help him pick out some German muscle. I guess he just didn't want to waste his assistant's time and energy with dealer games and wrote a check lol

 

[TPC]

One of the moms in the extended family bought a Telluride. Got a hefty discount and a good trade on her 9 year old CRV aka Crazy Resale Value. Lives up in Blizzard Flats so 4WD essential.
100K warranty.
Nice kid and dog hauler, tows pretty good. worth a look. Dealers are discounting like crazy.
Her payments around $400.
She was offered $12K off an EV9. Nice but in that cold weather,, nahh.
Google images:

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[575cat]

Pay cash up front

 

[lbhsbz]

Pay cash up front

After all, this is RDP.

 

[boatpi]

As noted, you must keep a mileage, log and less nearly 100% of the vehicle is for business use and our case the BMW is and my truck, but other cars are not so we keep logs on those.