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Updated about 9 years ago on . Most recent reply
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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.
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@Alex Ballas I have 2 mortgages that are less than $500/month including taxes & Insurance and both of those properties rent over $1,300/month.
Let me think about this, keep a car that is losing lots of value every year and has payments that are excessive while starting my investing career or keep it and write off the cost?
Sell the car buy something with cash and buy another property.
If you had the choice to buy another rental that actually made money or a nice car with the exact same payments as the rental which would you pick?