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
Immediate Tax Savings: Deduct the full purchase price in the same year you buy the vehicle, freeing up cash flow.
Flexibility: New and used vehicles qualify, provided they’re “new to you.”
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:
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
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
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
Why You Should Consider a Certified Pre-Owned Lexus
What is the warranty on a Lexus CPO “Certified Pre Owned” vehicle? We’ll look at that and some of the features on this 2021 Lexus RX450h F-Sport.
Enter the prior generation Lexus RX 450h. With its 308 horsepower and 30 miles per gallon combined it may just be the perfect combination of performance and efficiency. This vehicle will up the fuel mileage from 22 MPG of the gasoline-powered RX 350 to a combined 30 miles per gallon with a slight horsepower bump. When compared to its redesigned 2023 counterparts the RX 450h may be one of the best values in the luxury crossover segment.
With its somewhat polarizing new style, along with the move to a four-cylinder engine the 2023 RX 350h is positioned a bit more like a base vehicle. While the new RX 500h receives a significant price increase the RX 450 slots right in the middle while providing excellent value as a pre-owned vehicle.
Plus when you consider a certified pre-owned Lexus vehicle, you'll also have the benefit of a six-year unlimited mileage warranty from Lexus. Two years and 20 000 miles of complementary service are also part of the certified pre-owned program. You'll have Towing roadside assistance and loaner car coverage at your Lexus Dealership.
So if you're looking for an electrified crossover from the Toyota family of vehicles, I really think the last generation rx450h is one of the best values out there. And of course the brokerage will help you every step of the way. The dealership may be beautiful, but why not save yourself hours of frustration with the traditional car buying experience and step up to Auto Broker Colorado
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.
April-May 2020 Colorado DMV Update - What To Do About License Plates
Live in Colorado? Wondering “how do I get my license plates during COVIV-19 shutdown”?
I have attempted to compile a list of what options you may have.
Live in Colorado? Wondering “how do I get my license plates during COVIV-19 shutdown”?
I have attempted to compile a list of what options you may have.
If you have a vehicle with temporary/dealer plates, you may be able to contact the selling dealer to provide a temporary tag extension. If this cannot be provided, please fill out and print this attached COVID DMV form. Late fees are being waived for up to 60 days after the stay at home orders end.
If you need to renew license plates, this can be handled online. Just grab your license plate number along with the VIN# for your vehicle and follow the DMV link below.
If you have recently purchased or leased a vehicle and wish to know whether your paperwork has been processed yet, here are the instructions on how to find out:
Checking on Titling and Registering
CHECK ONLINE FIRST
Here are helpful things to know about titling and registering your vehicle in Colorado
*Your registration and plates generally take 45-55 days before the paperwork is in the DMV System
*Before going to the DMV please visit their website to check the status of your title paperwork
You will need you vin number and date of sale
Click on “Vehicle Services”
Click on Title Status (Located bottom right of page-Under records)
Enter your vin number and date of sale
Then Search
If the screen says “active status you can go to the DMV” if it doesn’t, call DMV to double check
If the DMV is behind on processing, they will have no record of title paperwork
Local DMV Numbers: By County
Arapahoe 303-795-4500
Adams 720-523-6010
Boulder 303-413-7710
Broomfield 303-464-5888
Denver 720-865-4600
Douglas 303-660-7440
El Paso 719-520-6202
Jefferson 303-271-8100
Larimer 970-498-7878
Weld 970-304-6520
Many of the county offices physically closed until further notice, but here is a list of hours of operation of their phone support: https://www.colorado.gov/pacific/dmv/closures-and-delays
I am in the office daily helping our clients with their automotive needs, so please feel free to reach out if you have any questions about this.
Thank you again for your trust and confidence using H.M. Brown.
Denver License Plates + DMV are closed - A Quick Guide
County clerk and DMV offices throughout Colorado are shut down but fear not, you won’t be penalized for those expired tags. The information that we’ve got says that drivers will have a grace period until April 9th.
County clerk and DMV offices throughout Colorado are shut down but fear not, you won’t be penalized for those expired tags. The information that we’ve got says that drivers will have a grace period until April 9th.
They believe the March 26th date that workers are supposed to return to work. if this happens on schedule (highly unlikely as of today, March 23rd), you still won’t be able to get your license plates until at least a week after they are back to work. The reason? Well, there is going to be a large backlog of auto dealer’s work that is being prioritized (this is your title work and lien information).
Although inconvenient, this closure isn’t disrupting business too dramatically in most scenarios. The one exception to this is if you are using outside financing when purchasing a vehicle with a dealer/broker. The lenders that provide these loans often ask the seller to process the title work through the now closed county clerk’s office BEFORE they cash the check to pay for the car. Though a fairly rare situation, you may want to check with your lender before you finish shopping for your car loan.
If you’ve got any other questions, shoot us a message below.
Cheers,
Joe
Coronavirus Affecting Car Loans - Deferred Payments And Relief On The Way
With the virus affecting so many of us, I thought I’d share a little bit about what car manufacturers, lenders and dealers are doing to help.
With the virus affecting so many of us, I thought I’d share a little bit about what car manufacturers, lenders and dealers are doing to help.
No payments for 90 and 120 days - 0% loans
The payment deferral and low rate loans are a result of the automakers and their captive finance arms working together to provide this type of offer to consumers. These offers can provide a tremendous amount of value, especially if you must purchase a vehicle in near-future. We are still unsure if any of the manufacturers will offer this on their lease programs, many lease customers (myself included) have a lease maturing in the next few months, and may want to find a replacement lease. As soon as we get more info on any special lease programs, I will update this page.
So far I have seen offers like these from GM, Ford, Fiat Chrysler Ram Jeep and Hyundai. Not all vehicles in their lineups will qualify for this, so be sure to check and see if the car/truck you are after is included.
Payment deferral for current loans
For those with a car loan, most lenders that we have spoken with are offering some form of payment relief for folks who may run into trouble making their current car payment. So far we have heard from banks such as Ally Financial, Wells Fargo Auto, and many of our local Colorado credit unions. Here is a list of manufacturers that have announced these relief programs:
https://www.caranddriver.com/news/a31789232/automakers-incentives-support-borrowers/?utm_campaign=socialflowFBCD&utm_source=facebook&utm_medium=social-media&src=socialflowFBCAD&fbclid=IwAR2bvP2jzPR0wfwydoPEtr7HliUZlhOY4w9d-cgEnNqpJ7h-Tm34T6Wo7tY
Dealerships and Brokerages
Our auto brokerage H.M. Brown & Associates, along with some dealers will be enhancing how we do business:
We at H.M. Brown are vastly increasing the level of detailing: Every vehicle, whether it is one of our vehicles for sale or a customer vehicle will be wiped down with sanitizing solutions on all key touch areas – door handles, dashboard controls, center consoles, etc. before and after either a staff member or customer interacts with a vehicle.
For the foreseeable future, we will be maintaining normal business operations at our office in Centennial, Colorado.. Our entire team of automotive professionals takes great pride in the quality, experience and value we offer our customers. While we are currently maintaining regular operations, we are prepared to modify the ways we service your automotive needs.
As always, we offer off-site delivery for new and used vehicle sales. We will continue to monitor this rapidly evolving situation and make adjustments to our safety protocol as needed to ensure we are complying with CDC guidelines and putting the health and safety of our customers and employees first.
We have been closely monitoring the evolving situation regarding coronavirus (COVID-19). Our core focus at this time is caring for the health and well-being of our customers and employees. In addition, we are doing our part to play an active role in helping to contain the spread of this virus in our local communities.
Final Thoughts
If you have any questions about whether you would qualify for these programs, please feel free to reach out to us. We work with each and every car brand out there, which makes getting the information you need a breeze.
Regards,
Joe
