Buy Now and Save!
Did you know you can receive a tax
benefit for your business if you purchase a new or “new to you” commercial
vehicle from Southport Truck Group before the end of the year?
This special deduction, known as a
Section 179 deduction, allows you to deduct a large part of the vehicle
purchase price if it's used primarily for business use. Working in a similar
way to depreciation, it allows you to spread the expense and tax deduction of
the vehicle as long as you own and is used for business purposes. A Section 179
deduction is beneficial to your business as it speeds up depreciation by
allowing you to claim more of the purchase expense in the first year of
ownership. The result is larger tax savings in the calendar year in which the
vehicle was purchased.
Before you rush out to purchase a
commercial vehicle, there are qualifying factors for a Section 179 deduction.
The vehicle must be used for business purposes for more than 50% of the time.
The deduction is also limited to the percentage of use. For example, if you
purchase a vehicle for $50,000 and use it for business use 50% of the time,
your maximum deduction would be $25,000. Additionally, the vehicle must be
purchased and put into use during the year you plan on claiming the Section 170
deduction.
In addition to taking advantage of the
Section 179 deduction, there are other ways to make the most of your purchasing
power when buying a commercial vehicle. While a new vehicle may be enticing, a
used (aka “new to you” vehicle) can save you money. Many times used vehicles
can be purchased for a fraction of the cost with the same amount of
functionality.
You can also save money by negotiating a
purchase price as well as financing terms. Unless you have unlimited business
reserves, chances are you will be financing at least part of the vehicle
purchase. Comparison shop options offered by your financial institution, dealer
in-house financing, and other vendors. The down payment, interest rates, early
payoff, and other provisions can vary greatly between packages. Do your
business due diligence to determine which package is best for your bottom line.
Southport
Truck Group is
an authorized Freightliner Sprinter dealership in Southwest Florida. Whether you're looking for an excellent value
on a new or used vehicle, our expert sales and financing staff are here for
you. Let us help you find the right
Sprinter Van for your business needs! Call us today at 877-918-7885 (Tampa) /
239-210-9450 (Fort Myers) or stop by our showroom.
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