When purchasing a vehicle in Indiana, it's essential to understand the various tax advantages and benefits available to you. At Jordan Lexus of Mishawaka, we want to ensure that our South Bend customers are well-informed about these opportunities when buying a luxurious Lexus.
Understanding Section 179 Tax Deductions for Businesses
Indiana offers business owners a tax incentive for the purchase of new vehicles, which can result in significant savings when buying a new Lexus at Jordan Lexus. You can deduct the vehicle's purchase price, up to a certain limit. Additionally, you can deduct depreciation for vehicles used for business purposes. To maximize your benefits, business vehicles should have a gross vehicle weight ranting of over 6,000 pounds. This includes the popular Lexus LX and Lexus GX
Trade-In Allowance
Another tax advantage to consider when buying a vehicle in Indiana is the trade-in allowance. When you trade in your current vehicle while purchasing a new one, the value of your trade-in can be applied to reduce the taxable selling price of your new Lexus. This means that Elkhart families only pay sales tax on the difference between the new vehicle's price and your trade-in value, potentially saving you a significant amount in taxes.
Sales Tax Credits
Indiana also offers sales tax credits for the purchase of certain types of vehicles, including hybrid and electric models. If you're considering a Lexus hybrid or electric vehicle, you may be eligible for these credits, which can further reduce your tax liability. EV tax incentives have changed over time, so we recommend Granger families consult with a tax advisor to determine if you qualify for these credits and how they can be applied to your specific situation.
Visit Jordan Lexus of Mishawaka
At Jordan Lexus of Mishawaka, our knowledgeable staff is here to help you find the perfect Lexus vehicle to fit your needs and budget. Visit our dealership at 4325 North Grape Road, Mishawaka, IN, to explore our extensive selection of Lexus vehicles and learn more about how you can benefit from these tax advantages.
Don't miss out on the opportunity to save on your next Lexus purchase in Indiana. Contact Jordan Lexus of Mishawaka today to schedule a test drive and discover the luxury, performance, and tax advantages that come with owning a Lexus.