[LaFlama1968]

I’ve been saying for a while that I think you’re going to see a lot of people come to their senses when FOMO wears off before their car shows up.

They will still eventually sell out but it’s not going to be at crazy ADM for all of the remaining cars like the dealerships were thinking.

The crap economy hit just at the wrong time.

Do you think that if enough people backed out and they have inventory sitting, we could renegotiate our purchase for MSRP or below to keep the order? That would be something to leverage in 8-12 months when they finally deliever the car.

 

[LaFlama1968]

On a related topic, I’m also in the market for a new pickup. Spoke to a GMC dealer in Houston. She told me they just took delivery of 6 Denali Ultimates and have 5 more on the lot. Told me it was a hot and heavy special ordered vehicle and now everyone is backing out on them. So take it for what it’s worth??

 

[LaFlama1968]

Cars are a expense. Not a investment. Thought the only good reason to take out a loan for a expense was if you could write off the interest and the depreciation? How do you do that with a luxury car?

I buy a 7100 Lbs Escalade and deduct 100% with bonus depreciation. It sunsets Dec 31, let’s go Brandon!

 

[LaFlama1968]

Yea if used for business and you use the “actual cost method” you write off all other actual expenses. Fuel, insurance, tags, repairs, etc. but in 2018 employee business expenses went away. So only for business owners.

I own the law firm, so it’s 100% business. Shame it’s the last year we can do it.

 

[LaFlama1968]

Goes to 80% I thought

100% with bonus depreciation if it’s over 6000lbs. This is the last year. Has to be in service by Dec 31st.

 

[LaFlama1968]

Correct. Then 80 percent in 2023. You must have at least two cars in your family to claim 100 percent business use. And make sure it never goes at or below 50 percent business use or you will be recapturing depreciation at the ordinary income tax rates. I also recommend keeping it for its entire useful life. Off the top of my head, it is a 5 yr. asset. There are no 1031 exchanges on personal assets anymore. So, if you trade her in before her useful life is up you will pick up the sales price as the trade in value given. Plus, you will recapture depreciation at the ordinary income tax level for the bonus depreciation which exceeds the straight-line depreciation. Then the rest is capital gains.

Sorry the CPA is coming out in me. LOL. I have my own tax practice.

Yes sir! I’m all good to go Amigo!