Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 9 years ago,
Sell nice car and buy used, or keep as business deduction?
Purchased a quadplex, and an looking over finances.
I bought a 2012 Audi A4 new, payments around 500 /mnth. I still have 20K left.
I am looking at a used 2010 prius for 10K.
Question for the group- should I just keep making payments on the Audi and deduct what I can (about 80% business), or sell and get the Prius in cash and lose the monthly payment?
Thinking strictly financially here, is there any financial benefit to giving up my car? I have been deducting expenses over the last few years, and it is a nice car, but will i see any cost benefits from buying a used car instead? It is expensive to maintain, but can I just keep writing off the expenses?
I am sure there are other who have been in the same position, would appreciate your thoughts.