Hall used cars are a good option for drivers looking to save on vehicle costs while still driving home in safe, reliable models they love. At Hall | MileOne Autogroup, we’re sharing everything you need to know about the pre-owned vehicle purchasing process, including how to save on depreciation costs and other financial impacts. Learn about the qualifications for Section 179 when you visit our group.
What is Section 179?
Before you can determine if your vehicle qualifies, it’s useful to understand how Section 179 affects vehicle purchases. Section 179 helps business owners save on large purchases by offsetting depreciation on certain assets, including vehicles, equipment, or even costly software. The benefit is the lump sum savings during the first year of purchase rather than the depreciating tax benefits taken over a long period of time. It can be especially useful if you are starting your business or undergoing a rapid expansion and know that every penny saved will help.
Do Pre-Owned Vehicles Qualify?
There are many benefits to purchasing pre-owned vehicles, but are Section 179 deductions one of them? As long as the vehicle is new to you and your business, the tax credit benefit can apply. The important factor to consider is the percentage of use, as a vehicle must be used for business purposes 50% or more of the time to qualify as a business expense.
Test-Drive and Finance Used Vehicles with Hall | MileOne Autogroup
Meeting your business fleet needs can feel overwhelming. Hall | MileOne Autogroup is here to help. We carry a range of affordable and reliable pre-owned vehicles, and we’re dedicated to keeping the process as simple and pain-free as possible. Visit our dealership to pick out the perfect pre-owned car and tailored financing solutions.