Maximize Your Year-End Savings with Section 179

As the year wraps up, savvy business owners can capitalize on the Section 179 tax deduction to reduce their taxable income by purchasing a qualifying vehicle before December 31. This provision allows businesses to deduct the full purchase price of qualifying equipment and vehicles used for business purposes. Here’s how you can make the most of it and a look at vehicles that fit the criteria.

How Section 179 Works for Vehicles

Section 179 is designed to encourage investment in business assets, including vehicles. To qualify, a vehicle must:

• Be used for business at least 50% of the time.

• Meet weight requirements (usually over 6,000 pounds GVWR for SUVs, trucks, and vans).

• Be purchased and placed in service by the end of the tax year.

For 2024, the maximum deduction limit is $1,220,000, but this is subject to income and overall spending caps. This makes December the perfect time to upgrade your business fleet while benefiting from significant tax savings.

Top Benefits of Section 179

1. Immediate Tax Savings: Deduct the full purchase price in the same year you buy the vehicle, freeing up cash flow.

2. Flexibility: New and used vehicles qualify, provided they’re “new to you.”

3. Eligibility with Financing: Deduct the total purchase price even if you finance, spreading out payments while claiming the full benefit.

Best Vehicles That Qualify for Section 179 in 2024

Here’s a list of popular vehicles qualifying for Section 179 based on their gross vehicle weight rating (GVWR) and business suitability:

Trucks:

• Ford F-250, F-350, F-450, F-550 Super Duty

• Chevrolet Silverado 2500HD, 3500HD

• RAM 2500 and 3500 series

• GMC Sierra 2500HD, 3500HD

SUVs:

• Cadillac Escalade

• Chevrolet Suburban and Tahoe

• GMC Yukon and Yukon XL

• Jeep Grand Cherokee and Wrangler Unlimited

• Toyota 4Runner and Sequoia

• Infiniti QX80

• BMW X7

Vans:

• Ford Transit T-250 and T-350

• Mercedes-Benz Sprinter

• Chevrolet Express Cargo and Passenger Vans

• RAM ProMaster

This is just a snapshot; many more vehicles qualify if they meet the weight and business use criteria​

Why Now is the Best Time to Act

Purchasing before year-end is crucial to claim the deduction on your 2024 taxes. With upcoming federal policy changes, including reductions in Section 179 benefits in future years, this might be the last opportunity to maximize savings under the current rules.

How Working with a Broker Simplifies the Process

As an auto broker in Denver, I specialize in matching you with vehicles that fit both your business needs and tax goals. Whether you’re unsure about financing options or which models to consider, I’ll handle the legwork to ensure a smooth and informed transaction. Let me help you navigate financing to enhance your ability to secure a great deal and maximize Section 179 deductions.

Ready to upgrade your business fleet? Contact me today to explore your options before December 31!

Guide to Buying Your First Car in Colorado

Buying your first car is a big deal—exciting, but let’s be honest, it can feel a little overwhelming too. As a Denver-based auto broker, I’m here to make things easier for you. With some insider tips and answers to common questions, you’ll be ready to hit the road with confidence.

1. Leasing vs. Buying: What’s Right for You?

One of the first big decisions is whether to lease or buy. Leasing often means lower monthly payments and the chance to drive a brand-new car every few years. But if you’re racking up a lot of miles—hello, mountain road trips—buying might be a better fit.

This is where working with a broker comes in handy. I can help you decide what makes the most sense for your budget and lifestyle, and I’ll negotiate the best deal for you. Whether you’re leaning toward a lease or financing, I’ve got your back.

2. Colorado’s EV Tax Credits: Don’t Wait

Thinking about going electric? Now’s the time. Colorado offers a $5,000 tax credit for new EVs and $2,500 for used EVs, but heads up—these amounts will drop in 2025. And federal tax credits, up to $7,500 for some models, might disappear altogether depending on production caps.

Brands like Hyundai, Kia, and Chevrolet offer awesome EV options that qualify for these incentives. Plus, Colorado’s growing charging network makes EVs more practical than ever.

3. How to Snag a Great Auto Loan

Getting approved for a car loan as a first-time buyer can be tricky, but it’s totally doable. Your credit score plays a big role, so it’s a good idea to know where you stand before you start shopping.

If your credit history is a little thin, don’t stress. A broker like me can connect you with lenders who specialize in first-time buyer programs or find you a co-signer to help get better terms. I’ll also make sure you avoid any loan traps like sky-high interest rates.

4. Best Cars for First-Time Buyers

Not sure which car is “the one”? Here are a few great picks that balance value, reliability, and Colorado-friendly features:

• Subaru Impreza: Reliable, affordable, and equipped with standard all-wheel drive—perfect for Colorado winters.

• Mazda CX-30: A sleek, fun-to-drive compact SUV with excellent safety features and a comfy interior.

• Nissan Rogue: Spacious and practical with modern tech, great for families or outdoor gear haulers.

• Jeep Wrangler: Love the outdoors? The Wrangler’s legendary off-road capabilities make it a classic choice for Colorado adventurers.

5. What Are the Hidden Costs of Car Ownership?

It’s easy to focus on the price tag, but don’t forget the extras:

• Insurance: Premiums depend on the car you choose and your driving history.

• Registration fees: Colorado charges more for newer and pricier vehicles.

• Maintenance: Regular care keeps your car in good shape and protects its resale value.

6. Why Work with a Car Broker?

Here’s the deal: buying a car on your own can be a lot—endless research, price haggling, and figuring out financing. A car broker makes the process smoother and stress-free. I’ll help you find the perfect car, negotiate the best deal, and secure a loan or lease that works for your budget.

First-time buyers especially benefit from having someone in their corner. You’ll avoid rookie mistakes and drive away confident you got a great deal.

Wrapping Up

Buying your first car in Colorado doesn’t have to be overwhelming. Whether you’re considering leasing, looking into EV incentives, or picking out your dream car, I’m here to help. Ready to get started? Let’s find the perfect ride for you!

Colorado’s Electric Vehicle Credit: Why It’s One of the Best in the Country

As electric vehicles (EVs) and plug-in hybrids (PHEVs) gain traction, Colorado has stepped up with some of the nation’s most attractive incentives to make the transition easier and more affordable. Whether you're interested in a fully electric or plug-in hybrid vehicle, Colorado’s EV rebate program provides generous savings for new and used vehicles, allowing residents to benefit financially while making a positive environmental impact.

Here’s an overview of Colorado’s EV credit program, why it’s one of the best in the country, and how it applies to specific EV and PHEV models available today.

Colorado’s Generous EV and PHEV Credit Program

Colorado’s EV credit program is among the most comprehensive in the U.S., offering substantial credits for new and used vehicles. Here’s the breakdown of the current incentives:

• New Electric Vehicles (EVs): A $5,000 state tax credit is available for the purchase of a new EV.

• Used Electric Vehicles: For a used EV, Colorado provides a $2,500 tax credit.

• Leased Electric Vehicles: A $2,000 tax credit applies for new EV leases.

• Plug-in Hybrid Vehicles (PHEVs): Certain plug-in hybrids, like the Mazda CX-90 PHEV, also qualify for the state credit, making it easier to afford a vehicle with both electric and gasoline capabilities.

These credits are straightforward and don’t include restrictions based on income or vehicle range, making Colorado’s program accessible and competitive compared to other states.

How Colorado Stands Out from Other States

Many states have modest EV credits or incentives that limit eligibility by income or other factors, but Colorado’s incentive structure is simpler and more inclusive. For instance:

• California offers up to $2,000 in rebates for income-eligible buyers, with no support for used EVs.

• New York offers up to $2,000 on new EVs for income-qualified buyers, with no credit for used vehicles.

In contrast, Colorado offers flat-rate incentives for both new and used EVs, with no income restrictions, which makes the state’s EV program stand out as one of the most straightforward and generous in the country.

Popular Models and Potential Savings in Colorado

Here’s a closer look at how the savings stack up for popular EV and PHEV models in Colorado:

1. Kia EV9 (New Model)

   • Price (Base Model): Approximately $54,000

   • Federal Tax Credit: $7,500

   • Colorado State Credit: $5,000

   • Total Potential Savings: $12,500

   • Effective Price After Credits: $41,500

2. Nissan Leaf (Used Model)

   • Price (Used Model): Approximately $18,000

   • Federal Tax Credit: Not applicable for used vehicles

   • Colorado State Credit: $2,500

   • Total Potential Savings: $2,500

   • Effective Price After Credits: $15,500

3. Mazda CX-90 PHEV (Plug-In Hybrid Electric Vehicle)

   • Price (Base Model): Approximately $47,000

   • Federal Tax Credit: Up to $7,500 (dependent on battery capacity)

   • Colorado State Credit: $5,000

   • Total Potential Savings: Up to $12,500

   • Effective Price After Credits: $34,500

How to Claim Your Colorado EV Credit

After purchasing an eligible EV or PHEV, claiming the Colorado EV credit is straightforward. When you file your state tax return, you’ll need to submit Form DR 0617 to claim the credit amount. The credit applies directly to your state tax liability, allowing you to reduce your tax due by the full credit amount for the year of purchase.

Take Advantage of Colorado’s EV Savings Today

With these unmatched state incentives, Colorado makes it easier and more affordable to switch to electric and plug-in hybrid vehicles. Whether you’re looking at a brand-new Kia EV9, a used Nissan Leaf, or a versatile Mazda CX-90 PHEV, the Colorado EV credit program offers impressive savings. For more details on finding the best EV or PHEV for you, reach out—I’d be happy to help guide you toward a more sustainable driving future.

2024 Toyota Tacoma TRD Off-Road - Complete Build Guide - Packages - Options - Pricing

After 7 years, we’ve finally got a new body style Tacoma. Never seen before features like: Sway Bar Disconnect and Cooled Seats. Plus gobs of suspension and engine upgrades, make this the best Tacoma ever built. Amazing features, for sure. But this new Tacoma also comes with a substantial hike in price. I’ve simplified Toyota’s build guide to help you decide which is the best Tacoma TRD Off-Road for your hard-earned dollars. All prices included destination charge.

2024 tacoma TRD off-road pricing comparison

14” Screens need to be optioned into for the Base PKG and Upgrade PKG trucks. While the Base PKG cannot have a sunroof added.

TRD Upgrade Package features

The TRD Upgrade Package is quite expensive for the features on offer. You may want to consider spending a little more to get the full Premium Package, since we’re already into the $50,000 range.

TRD Premium package features

The TRD Premium is the only way to get things like Ventilated Softex Seats, Dual Zone Climate Control, and the Power Tailgate. Overall, this is a pretty good value at only $2,590 over a fully loaded Upgrade Package truck.

Joe Scandaliato - March 2024

Is Now A Good TIme To Buy A Car?

 Navigating Car Inflation: Finding Great Deals with An Auto Brokerage

Car inflation has become a growing concern for buyers as automotive prices continue to rise. Understanding the supply and demand dynamics within the industry is crucial to navigate this trend. In this blog post, we'll explore these factors while highlighting the emergence of great deals and rebates that provide relief to car buyers. Our auto brokerage is here to help you find the right brand and secure the best deal in this challenging market.

Supply and Demand Factors

1. Supply Chain Disruptions: Global supply chain disruptions, including labor shortages and component scarcity, have reduced vehicle production and limited supply. Manufacturers have capitalized on this scarcity by increasing prices, contributing to car inflation.

2. Limited Inventory: High consumer demand and limited dealership inventory intensify the supply-demand imbalance. Quick turnovers of available vehicles reduce incentives for dealerships to offer discounts.

3. Increased Consumer Demand: Growing desire for personal transportation, pent-up demand after lockdowns, and shifting preferences have led to heightened consumer demand. This surge in demand has driven prices upward, exacerbating car inflation.

4. Semiconductor Shortage: The global shortage of semiconductors has disrupted production schedules, leading to longer delivery times. Manufacturers prioritize production based on profit margins, resulting in price increases for certain models.

Exploring Great Deals and Rebates

Amidst car inflation, our auto brokerage is dedicated to helping buyers find great deals and rebates in the market. We offer the following assistance:

1. Manufacturer Rebates: We stay updated on automakers' attractive rebates and incentives, such as cashback offers and reduced financing rates. Our brokerage ensures you benefit from these opportunities to save money and counter the impact of car inflation.

2. Dealer Discounts: We have extensive connections with dealerships and can negotiate discounts on new and pre-owned vehicles. Our goal is to secure the best price reductions, promotional financing rates, and additional benefits like free maintenance or extended warranties for our clients.

3. Special Financing Options: Through our partnerships with financing institutions and automakers, we can help you explore special financing options, such as low or zero-percent interest rates, extended loan terms, or deferred payment plans. Our brokerage aims to make vehicle purchases more affordable and manageable for you.

As car inflation continues to be a concern, H.M. Brown is here to assist you in navigating this challenging market. We understand the supply and demand dynamics that contribute to rising automotive prices. By leveraging our expertise, connections, and market insights, we can find the right brand and secure the best deal for you. Whether it's accessing manufacturer rebates, negotiating dealer discounts, or exploring special financing options, our goal is to help you counter the impact of car inflation and find an affordable vehicle that meets your needs. Trust our auto brokerage to guide you through this difficult market and make your car-buying experience a successful one.

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