Tax Benefits for Buying a Car

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There are a lot of things to look forward to as Spring arrives--warmer weather, sunnier skies, and longer days are among our favorites. One thing you might not be looking forward to, is tax season. At Landmark Ford East, however, we want to let you in on two ways you can use this tax season to your advantage:

If You're Trying to Buy a New Car

We recommend beginning your search with our new inventory. Here you will find the best options we have for new Ford vehicles like the Ford Escape, the Ford F-150 truck, the Ford Fiesta, and more. For vehicles at a more affordable price point, check out our used inventory and our bargain inventory. Once you have found a vehicle that matches your needs, we can set you up with a member of our finance team to go over the auto lease and loan options you have available. Another savings device could come in the form of your tax return from this year! Simply bring it with you for the meeting and we can use it as a down payment towards your vehicle with us so you can hold onto your hard earned cash.

If You Already Bought a New Car

Drivers who bought a vehicle in the last year have the opportunity this year (before taxes are due mid-April) to claim a deduction. If your state and local sales taxes (which include your vehicle purchase) were higher than the state income tax you paid over the year, you can claim a sales deduction. By using available IRS tax tables and your receipt for purchase, you can calculate the value of your deduction easily and from the comfort of home.

Ask a Finance Representative

For clarification on any tax benefits you could take advantage of, check online for IRS resources first. If you are confused or would like to move forward with our team, call our main line at (866) 794-0316 to set up a meeting with a finance expert in our office. We look forward to helping you!

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