New Tax Breaks on New Ford Vehicles

A new federal tax deduction* lets qualifying customers deduct up to $10,000 annually on interest paid for new vehicles. Many Ford vehicles are proudly assembled right here in the U.S.**, making them eligible for this tax break. That means you can drive a quality Ford and keep more of your hard-earned money. It's a win for your wallet, and a win for America.

What Is Section 179?

It's a new way to potentially save on your taxes when you finance a new vehicle. You may be able to deduct up to $10,000 in annual interest paid for new vehicles assembled right here in the U.S. This applies whether you itemize deductions or take the standard deduction.

How It Works

• Purchase & Use: Buy or finance a qualifying Ford vehicle (new or used) and put it into service for business use by December 31st of the tax year.
• Business Use: Must be used more than 50% for business; the deductible amount scales with business use percentage if less than 100%.
• Deduction: You can deduct up to the purchase price (or a portion) in the first year, rather than depreciating it over years.
• Limits (2024 Example): Up to $1,220,000 can be deducted, with a spending cap of $3,050,000 before deductions phase out.

Qualifying Ford Vehicles

• Trucks: Ford F-150 (especially with 6.5' or 8' beds), Ranger, Maverick, Super Duty.
• Vans: Ford Transit.
• SUVs: Larger SUVs like the Ford Expedition, some Explorer models.
• Key Factor: Often, a Gross Vehicle Weight Rating (GVWR) over 6,000 pounds is required for full expensing.

Key Benefits

• Significant Savings: Write off a large chunk of the cost in Year 1.
• Bonus Depreciation: Can get additional deductions (e.g., 40-60%) on the remaining basis.
• Applies to New & Used: Both new and pre-owned vehicles can qualify.

Contact us to get started

*Disclaimer: The information on this page is provided solely for general informational and marketing purposes and is not tax, legal, or accounting advice.

Walterboro Ford is not a tax advisor, CPA firm, or law firm and does not represent that any particular vehicle, finance structure, or customer will qualify for any specific federal, state, or local tax deduction, credit, or other tax benefit, including but not limited to the vehicle interest deduction or Section 179 expensing. Tax laws, IRS guidance, vehicle eligibility, and deduction limits change frequently and can vary based on your individual circumstances, business structure, and how you use the vehicle (personal vs. business use, percentage of business use, GVWR, placed‑in‑service date, etc.).

Before claiming any deduction or relying on any potential tax benefit described here, you are solely responsible for consulting with a qualified, independent tax professional or attorney who can evaluate your specific situation and provide advice tailored to you.

By using this information, you agree that Walterboro Ford, its owners, employees, and affiliates shall have no responsibility or liability for any tax positions you take, for any credits or deductions you do or do not receive, or for any penalties, interest, or additional tax assessed by any taxing authority.