Need Truck Buying Advice

If you are deducting the crap that you are dumping into the beater truck in parts, cost etc against your taxes then that would be one thing.

I don't know if you can deduct the truck payment against taxes. I don't think that high. But since its a business expense...

I for one prefer to have a vehicle paid off. And on the other hand a older vehicle in which you know exactly whats matta with it and its history is like a good wife. You don't want to give that up.

 

One question:

Why are you paying $1,150 for a 2007?

I'm paying $995.34 for a 2013 in GREAT condition. You got screwed from the get-go.

 

Curious to know how many miles you run weekly doing local work. You maintenance cost are close to mine but my truck is a 96 with no payment. How much do you owe on the 07?

I would expect 15-20% down on a new truck purchase with great business credit. Have you reached out to your bank or lender on the specifics?

 

You can only deduct interest on the truck loan. Not the principle.

The reason he's getting money back is depreciation.

If you make enough to pay out a lot in taxes. I'd find a better tax man and accountant. Good ones know how to keep taxes down and still benefit you in some way.

In Ohio, they exempt you from sales tax with a PUCO, or MC number.

If you like the truck, besides fixing it, keep it. I drive an 01 387 because that's what truck I wanted. I don't mind fixing things. It's a business, you gotta spend money to make money.

If things would go way south and you'd have to sit next year. Would you rather have a paid off of truck, or try and come up with 2 grand for a payment?

That's just how I look at things.

 

Do you pay yourself a salary, weekly or bi-weakly?

 

Why are your repairs averaging 750 a month. I have only purchased 1 new truck in my life. 4 used ones. ( thats in 40 + years). Sure have had expensive repairs but never averaged 750 a month over the ownership of them. Or are you just talking a few months right now? Last i knew depreciation on trucks is 3 years. Payments may go on at least 2 years beyond that. Then you have taxes and a big payment. Everyone's financial situation is different. Me personally, do not want burdened with a big payment. One more thing, after running hard 3 to 5 years to pay for a "new" truck. You now have a used truck. Of course not if you trade often. Just so you know, you cant buy enough equipment to not owe "uncle sam".

 

Insurance.