Financing a Raptor

[chiefy]

I always use my truck as an deduction depreciation in value and track mileage. I use it for work going to job site to job site. You have to have a second vehicle to do it though.

 

[Deleted member 12951]

I always use my truck as an deduction depreciation in value and track mileage. I use it for work going to job site to job site. You have to have a second vehicle to do it though.

As long as you have documentation what miles are business and personal, you don't need another vehicle. But if matters, my wife has a car. I track mileage daily. Whatever at the end of the year becomes the percentage of business, then that is all I can write-off. I usually average 90% business, so 90% of my expenses are taking off the business first. This might vary from state-to-state but that is how I've been doing it for over 10 years. An accountant does mine.

 

[locktech]

According to my accountant you need own a "personal" vehicle as a household. You can then write off as many other vehicles as you like. They do get depreciated though, it's not the entire amount. If you write it all off in one year it is a $25,000 deduction. Or you can depreciate it over 5 years and deduct more.

In your case RDFTS your wife's car would be your personal vehicle.

 

[Deleted member 12951]

Do not disagree with either of you on the write off. I was merely commenting on Wilson's response that you can't write off a Raptor as a business expense because it isn't a work truck. I completely disagree with that statement.

Section 179 hasn't been finalized for 2014 (according to my accountant) as it was set to expire but so far it does look like they will carry it over.

 

[bakkbakk]

When ever you use more than 10k cash they must involve the government in the transaction. They need to know that the money isnt coming from drugs... Since mostly people involved with drugs use all cash... I try to do it all the time just to make more work for them all...

what a free country. wow

 

[SilentShooter]

Do not disagree with either of you on the write off. I was merely commenting on Wilson's response that you can't write off a Raptor as a business expense because it isn't a work truck. I completely disagree with that statement.

Section 179 hasn't been finalized for 2014 (according to my accountant) as it was set to expire but so far it does look like they will carry it over.

I purchased my 2014 just before the new Year because of the Tax issue. If the Obama administration gets his way 2014 will have the limit set at 25k. But in 2013 tax year there was not the 25k limit. I had mine titled in both the companies name and my name. Makes it cheaper in that its under the companies insurance umbrella so the more that is paid for by the company the more I am saving as that is pretax funds.

 

[Wilson]

my tax man probably sucks

 

[EdgeR6]

0 down, 3k neg eq, truck at msrp. 53,800 96 months and a dam good interest rate for that term. If any of you want you can throw 10 20 k on my loan I'd like that a lot. Thanks

 

[Scozz]

0 down, 3k neg eq, truck at msrp. 53,800 96 months and a dam good interest rate for that term. If any of you want you can throw 10 20 k on my loan I'd like that a lot. Thanks

Holy crap, 8 years? When did they start doing that?


http://www.fordraptorforum.com/showthread.php?t=31296

 

[Deleted member 12951]

0 down, 3k neg eq, truck at msrp. 53,800 96 months and a dam good interest rate for that term. If any of you want you can throw 10 20 k on my loan I'd like that a lot. Thanks

Wow, I didn't even know they were doing car loans for 8 years.

I am trading and finally got all the numbers in line with dealer since my truck should be arriving soon.

Raptor + 55215
Dealer accessory + 687
Total = 55902
Trade - 30700
Down payment - 1000
Sales tax (rate crazy low) + 2000
Finance = 26202
Rate 1.64% for 60 months
Will pay it off in 36 months


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