Save Money When Buying a New Vehicle Over 6,000 Pounds with the Section 179 Deduction
If you own a business, then you could benefit from the Section 179 Deductions for your work vehicle. The Section 179 Deductions helps companies deduct the full purchase price of qualifying equipment financed during the tax year. This deduction makes it possible to purchase a new Porsche Cayenne as a business vehicle and save thousands in deductions.
Find out more about the Section 179 Deductions and how you can save on a new Porsche.
The Benefits of Section 179 Deductions
Section 179 Deductions has been a huge incentive, allowing businesses to buy and invest in themselves. With this incentive in mind, these deductions extend to work vehicles. While there are some limitations, you can still save thousands on a work vehicle by taking advantage of the Section 179 Deductions.
Vehicles with a gross vehicle weight rating above 6,000 pounds qualify for deducting up to $25,000 if the vehicle is purchased and placed in service before December 31 and meets other conditions. Luckily for you and your business, the new Porsche Cayenne has a gross vehicle weight rating of 6,239 to 6,470 pounds. Since the Cayenne qualifies, you could enjoy upscale luxury features and design while saving up to $25,000.
| 2017 Tax Year | 2018 Tax Year | |
| Section 179 Overall Limit | $500,000.00 | $1,000,000.00 |
| Section 179 Limit for SUVs | $25,000.00 | $25,000.00 |
| Bonus Depreciation | 50% | 100% |
| Additional 28 Of Depreciation (first year depreciation) | $11,160.00 | N/A |
| Qualifying Vehicles | New Vehicles Only | New and Used Vehicles |
| Example Vehicle | Cayenne V6 | Cayenne V6 |
| Sales Price | $80,000.00 | $80,000.00 |
| Section 179 Depreciation | $25,000.00 | $25,000.00 |
| Bonus Depreciation | 50% of amount remaining - $27,500.00 | 100% of amount remaining - $55,000.00 |
| Additional Depreciation (first year depreciation) | $11,160.00 | N/A |
| Total Depreciation | $63,660.00 | $80,000.00 |
| Total Depreciation (% of purchase price) | 79.58% | 100% |
This is for information purposes only, and we are not tax professionals. Please consult a tax expert regarding your personal situation and advice before making any decisions.
Improvements to the Section 179 Deductions
While there have been some restrictions added to Section 179 Deductions, there have also been some improvements. In the past, qualifying equipment would be written off a little at a time through depreciation. Now, businesses can write off the entire purchase price of qualifying equipment, or vehicles in this case, for the year they buy it.
If you're interested in learning more about this exciting opportunity, then contact our finance department and start exploring our new Porsche Cayenne inventory!
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