If you want to upgrade your business vehicle or expand your fleet, you may have encountered Section 179. This tax code provision can enable significant tax advantages. Nimey’s New Generation Cars has a large selection of business-ready used cars in Utica, NY, and our friendly dealers are happy to explain how to utilize Section 179 to save money.

What is Section 179?

Section 179 is a tax deduction that allows businesses to deduct the full purchase price of qualifying equipment, which includes vehicles, for the current tax year. The good news for used car buyers is that Section 179 applies to both new and used vehicles. So whether you have your eyes on a spacious used SUV or a work-ready pickup truck for your business, this could be an excellent opportunity to save on the next purchase for your business.

The Fine Print

To take advantage of Section 179, be sure to keep the following requirements in mind:

• Business Use: The used car must be used for business purposes over 50 percent of the time.
• Weight Limit: Vehicles with a gross vehicle weight rating over 6,000 pounds generally qualify. This includes most pickup trucks and SUVs sold by Nimey’s New Generation Cars.
• Deduction Limits: While the deduction limit for 2023 is $1,080,000, there are spending caps on vehicles. Consult a tax professional for more specific guidance on your situation.

Find the Ideal Used Car in Utica At Our Dealership

At Nimey’s New Generation Cars, our finance professionals are happy to explain the Section 179 tax rule in greater detail. Visit our dealership today to find the right used car for your business. While you’re here, don’t forget to ask about our other fleet services!