Latest news with #AlexBlack
Yahoo
21 hours ago
- Automotive
- Yahoo
Financing a Car? Find Out If This New Tax Deduction Could Lower Your Costs
There are several ways to buy a new car, from purchasing one outright with cash to financing it through a car loan. Now, however, a provision in the recently passed One Big Beautiful Bill (OBBB) provides a little tax incentive for anyone thinking of financing a car through 2028. Find Out: Read Next: 'As of 2025, when you buy an automobile for personal, nonbusiness use, not a lease, a loan you borrow for it can be deductible for interest. It hadn't been deductible for a while, so it's a significant change,' according to Alex Black, CMO of EpicVIN. Find out if this tax deduction can make it cheaper for you to finance a new car. What the Provision Says Effective immediately (and retroactively through 2025), for any car purchased between 2025 and 2028, you may deduct interest paid on a loan of a 'qualified vehicle' so long as the vehicle is for personal use. A qualified vehicle, according to the IRS page, 'is a car, minivan, van, SUV, pick-up truck or motorcycle, with a gross vehicle weight rating of less than 14,000 pounds.' This only applies to new vehicles, so used car buyers will have to find other ways to justify their purchases. Learn More: Focus on American Made For lovers of Japanese, German and other overseas carmakers, there won't be as much tax incentive for you. Ruth Calkins, auto expert and general manager at Findbyplate, pointed out that 'The OBBB limits its tax deductions to American assembled new vehicles alone, and does not include a provision for used vehicles, much less those assembled outside America.' While there's a lot of gray area around whether a car has been fully made or assembled in the U.S., you'll be able to get this answer through your car's vehicle identification number (VIN). However, unlike the clean vehicle tax credit that only covers electric vehicles (EVs), the OBBB vehicle loan deduction is more inclusive and accommodating of both internal combustion engine vehicles and EVs, Calkins said. And, since that EV credit is going to be phased out after Sept. 30, 2025, this might be a good way to get a bit of a break. Be Aware of Income Limitations While there is a limit on how much interest you can deduct, 'as long as the vehicle satisfies the eligibility requirements, the vehicle qualifies for the tax deduction,' Calkins said. Apart from the loan origination date, Calkins said, 'another caveat that buyers should take note of before daydreaming about all the things they could do with this tax break come next taxing season, is the income limitation.' Additionally, given that the deduction only extends to individual consumers with a modified adjusted gross income (AGI) of $100,000 or less, and $200,000 for those filing jointly, many people will not qualify for this deduction. Itemizers Only There's one more caveat, Black said. 'You will have to itemize your deductions in order for you to claim it, something not everyone does anymore since the standard deduction went up.' So, if you normally take the standard, this may not help you. What If You Bought a Car This Year Already? If you already took out a loan on an otherwise qualifying vehicle and you're wondering if you're eligible based on purchase date, the key is simple: If you purchased it in 2025, you can still qualify for the deduction. 'However, if you are already in a car loan [from 2024 or earlier], sorry — no discount for you,' Black said. How Much Can You Save? How much you can save will depend on how much you borrow and your interest rate, Black said. However, it is worth noting that the average person taking advantage of this tax break isn't going to spend anywhere close to $10,000 in auto loan interest in a year. According to car website Edmunds, you'd have to take out an auto loan of around $112,000, which is more than double the average price of a new vehicle, to even pay that much in annual interest. Let's say you did take out a $25,000 loan at 7% interest, Black said 'You'll pay roughly $1,750 in interest in year one. If you're in the 22% tax bracket, you might get nearly $400 off your tax bill. Not bad.' Overall Impact on Auto Buyers? Black suggested the tax credit may make more people choose buying over leasing and it can also soften the blow of rising interest rates a bit. 'It won't make a significant impact, though, but it could very well decide for price-conscious buyers.' More From GOBankingRates 7 Things You'll Be Happy You Downsized in Retirement This article originally appeared on Financing a Car? Find Out If This New Tax Deduction Could Lower Your Costs Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
20-07-2025
- Automotive
- Yahoo
I Asked ChatGPT Which Luxury Cars To Stay Away From Buying: Here's What It Said
Buying a luxury car is a big deal. If you're going to pay a premium to get around town, it's important to invest in a vehicle that's worth your money. To learn more about which luxury cars aren't worth their high price tag, GOBankingRates asked ChatGPT for advice. Keep reading to find out which five high-end cars the chatbot said aren't worth purchasing. Check Out: Read Next: Maserati Ghibli A luxury Italian sport sedan, the Maserati Ghibli looks great, but it's plagued with reliability issues, such as cheap interior materials — for the price of the car — and notably high maintenance issues, said ChatGPT. Additionally, the chatbot noted customers commonly complain of electrical failures, engine issues and parts scarcity. Alex Black, an auto expert and chief marketing officer at EpicVIN, also told GOBankingRates this car isn't worth the money. 'The parts cost an arm and a leg, and maintenance accumulates rapidly,' he said, likening the model to a 'dressed-up version of a Chrysler,' but priced much higher. See More: Jaguar XF/XE Despite its stylish look, the Jaguar brand is known for having poor reliability — especially regarding electrical systems and infotainment, said ChatGPT. Also not great, the chatbot chided the low resale value of the Jaguar XF/XE, claiming it depreciates faster than most of its German rivals. Black described the Jaguar XF/XE as a pleasure to drive, but warned against buying it due to the potential for regular maintenance issues. 'The transmission, electric system and expensive repairs contribute to a bad buy in the long run,' he said. BMW 7 Series (Older Models Around 2010-2016) If you're thinking about buying an older BMW 7 Series, the potentially low price tag may not outweigh the cost of future repairs. The 2010-2016 models are known for complicated electronics and pricey post-warranty repairs — specifically, suspension, engine cooling and iDrive system failures. While Black praised the BMW 7 Series for its high-tech features and impressive level of comfort, he also warned this luxury sedan isn't worth the money — in general, not just older models. 'Electronics fail, suspension deteriorates and even small jobs cost an arm and a leg,' Black said. 'Post-warranty, the cost of owning a BMW 7 Series will escalate.' Range Rover (Especially Pre-2018 Models) It's an iconic luxury SUV, but ChatGPT warned against purchasing a Range Rover, and especially an older model, as they're known to be unreliable. This often includes issues with air suspension, electricals and transmission that can be extremely expensive, even on models with low mileage. Black agreed that older Range Rovers can be problematic, as they're prone to electrical malfunctions, suspension failures and oil leaks. 'Range Rovers are wonderful to drive in their prime, but their maintenance in the long term will strip your pocketbook,' he said. Audi A8 While it referred to the Audi A8 as 'beautifully engineered,' ChatGPT warned against buying this luxury sedan due to its complex nature and high maintenance costs. The chatbot noted the air suspension and electronics frequently fail on the A8, and claimed it loses value faster than competitors like the Mercedes S-Class. Black also said to pass on the A8 due to reliability issues that can add up over years of ownership. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 25 Places To Buy a Home If You Want It To Gain Value 5 Cities You Need To Consider If You're Retiring in 2025 This article originally appeared on I Asked ChatGPT Which Luxury Cars To Stay Away From Buying: Here's What It Said Solve the daily Crossword
Yahoo
12-07-2025
- Automotive
- Yahoo
I'm a Car Expert: 5 Most Improved Foreign Cars That Are Now Worth Your Money
Cars have become much more expensive — and not all of them are worth the money. Read Next: Explore More: So which foreign cars are now worth their price tag? And which ones have improved the most since the last time you bought a vehicle? 2025 starting price: $28,705 It takes a long time for car manufacturers to improve their brand image. For decades, Hyundai has offered a 10-year powertrain warranty to convince consumers it produced reliable, high-quality vehicles. And over the last decade or two, it's finally started convincing the crowds. 'Twenty years ago, Hyundai cars were basic, but now models like the Tucson offer good build quality, strong warranties and more modern designs,' said Gavin Yi, CEO of auto part manufacturer Yijin Hardware. 'They provide more value for the price, better safety, lower maintenance costs and new features that make them great choices for drivers who want a car that lasts a long time.' In fact, U.S. News & World Report named Hyundai the best brand for SUVs in 2025. Check Out: 2025 starting price: $26,900 Hyundai makes more than just great SUVs, however. Alex Black, chief marketing officer at vehicle background reporting site EpicVIN, can't speak highly enough of Hyundais. 'At the beginning of the 2000s, everyone thought they were cheap vehicles you only bought because you were trying to pinch pennies. Now? They produce cars that truly hold their own against Toyota and Honda — and in some cases like the Sonata, outscores them in features, style and warranty,' he said. 2025 starting price: $36,390 The other South Korean car manufacturer to make huge strides in reliability, features and design is Kia. The three-row SUV ranks among the best in its class, without the pretentious price tag. 'The Kia Telluride is another example of a Korean car that has started to outshine its Japanese competitors,' Black said. 'You're really getting bang for the buck these days.' Kelley Blue Book went so far as to award the Telluride 4.8 stars and name it among the best three-row SUVs. 2025 starting price: $29,550 Toyota has made dependable cars for decades. But in the last decade or two, it's built on its reputation for reliability by adding in more innovative features. 'Today's RAV4 has much better technology and safety features, and is just plain nicer to drive,' Yi said. 2025 starting price: $29,995 As with Toyota, Subaru's history of making quality cars goes back decades. But that doesn't mean they were always a dream to drive. Black looks back over the last decade or two and sees huge strides by the Outback in particular. 'Dependability increased, and their all-wheel drives are still the best, at least for rural or cold-climate areas. Older Outbacks were spartan, but newer ones are full of bells and whistles and make great all-around vehicles,' he said. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 The 5 Car Brands Named the Least Reliable of 2025 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth This article originally appeared on I'm a Car Expert: 5 Most Improved Foreign Cars That Are Now Worth Your Money
Yahoo
12-07-2025
- Automotive
- Yahoo
I'm a Car Expert: 5 Most Improved Foreign Cars That Are Now Worth Your Money
Cars have become much more expensive — and not all of them are worth the money. Read Next: Explore More: So which foreign cars are now worth their price tag? And which ones have improved the most since the last time you bought a vehicle? 2025 starting price: $28,705 It takes a long time for car manufacturers to improve their brand image. For decades, Hyundai has offered a 10-year powertrain warranty to convince consumers it produced reliable, high-quality vehicles. And over the last decade or two, it's finally started convincing the crowds. 'Twenty years ago, Hyundai cars were basic, but now models like the Tucson offer good build quality, strong warranties and more modern designs,' said Gavin Yi, CEO of auto part manufacturer Yijin Hardware. 'They provide more value for the price, better safety, lower maintenance costs and new features that make them great choices for drivers who want a car that lasts a long time.' In fact, U.S. News & World Report named Hyundai the best brand for SUVs in 2025. Check Out: 2025 starting price: $26,900 Hyundai makes more than just great SUVs, however. Alex Black, chief marketing officer at vehicle background reporting site EpicVIN, can't speak highly enough of Hyundais. 'At the beginning of the 2000s, everyone thought they were cheap vehicles you only bought because you were trying to pinch pennies. Now? They produce cars that truly hold their own against Toyota and Honda — and in some cases like the Sonata, outscores them in features, style and warranty,' he said. 2025 starting price: $36,390 The other South Korean car manufacturer to make huge strides in reliability, features and design is Kia. The three-row SUV ranks among the best in its class, without the pretentious price tag. 'The Kia Telluride is another example of a Korean car that has started to outshine its Japanese competitors,' Black said. 'You're really getting bang for the buck these days.' Kelley Blue Book went so far as to award the Telluride 4.8 stars and name it among the best three-row SUVs. 2025 starting price: $29,550 Toyota has made dependable cars for decades. But in the last decade or two, it's built on its reputation for reliability by adding in more innovative features. 'Today's RAV4 has much better technology and safety features, and is just plain nicer to drive,' Yi said. 2025 starting price: $29,995 As with Toyota, Subaru's history of making quality cars goes back decades. But that doesn't mean they were always a dream to drive. Black looks back over the last decade or two and sees huge strides by the Outback in particular. 'Dependability increased, and their all-wheel drives are still the best, at least for rural or cold-climate areas. Older Outbacks were spartan, but newer ones are full of bells and whistles and make great all-around vehicles,' he said. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 The 5 Car Brands Named the Least Reliable of 2025 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth This article originally appeared on I'm a Car Expert: 5 Most Improved Foreign Cars That Are Now Worth Your Money
Yahoo
06-07-2025
- Automotive
- Yahoo
I'm a Car Expert: This Is Why No One Wants To Buy Your Car
Selling a used car? Buyers are naturally more skeptical than they would be with something new. Everything from how you advertise the vehicle and how it looks to the price and even the description can make or break their interest. Read Next: Check Out: For those who are having trouble selling their used car, here's what car experts have to say. The most important step to selling a car is to get the listing in front of potential buyers. 'It's almost impossible for you to control the audience that sees your car,' Melanie Musson, auto industry expert with wrote in an email. 'You could miss selling to people who are looking exactly for what you're selling, just because they don't ever see that it's for sale.' Musson recommended listing the car on as many platforms as possible. 'When you have to start paying for listings, you'll need to be more picky because it's not worth spending $100 to advertise a car that you're selling for $1,000,' she added. And never underestimate the value of putting a sign in your window. 'People will see that every time you drive or even when your car is parked in front of your house,' she explained. Be Aware: First impressions matter. Photos are often the first thing potential buyers see when you're selling a car. 'Low-quality photos [are] not enough. You would think how often sellers post blurry, dark photos or only one shot. Buyers scroll on past,' Alex Black, chief marketing officer at EpicVIN, wrote in an email. 'Wash the car, take photos during the day, photograph everything — interior and exterior, tires too.' And once you've captured people's attention, you need to make sure the car is clean. 'A messy car is an immediate turn-off. No one wants to imagine driving around a car with someone else's obvious ownership present,' Musson said. 'Have the car detailed before listing it for sale.' Jadon Geerts, owner of Geerts Detailing, works closely with several in his local area of Appleton, Wisconsin, to make filthy cars look brand new again. 'I'll go through everything from vacuuming to hot water carpet extraction on the inside. For the outside, I'm often doing paint correction for swirls and deep scratches,' he explained. 'They keep the flow of work coming to me, and I'm assuming it is because it helps them move the cars off the lot.' A clean car and high-quality images aren't enough. Just because everything looks good on the outside doesn't mean buyers won't question what's under the hood. ''Runs great' isn't good enough. Buyers would like to know: accidents? Number of owners? Why are you selling? Be truthful — honesty sells,' Black explained. Buyers want proof that the car has been cared for. Without a maintenance record, it's hard for them to trust that you've kept up with oil changes, tire rotations, brake work and other routine services. 'With no proof the oil's been turned or brakes have been changed, consumers assume the worst,' Black said. 'A handful of receipts, on the other hand, do contribute.' Musson also suggested being honest about everything, even if it's not in the car's records. 'If the last time you had it in for an oil change, the tech said, 'This car has no leaks and will probably make it to 300,000 miles,' tell the prospective buyer. Be honest,' she said. Be realistic about the pricing. 'People want a deal. No one wants to pay more than they should. So, price your car according to the value you find on Kelley Blue Book, and then be willing to negotiate,' Musson explained. More From GOBankingRates 10 Used Cars That Will Last Longer Than an Average New Vehicle This article originally appeared on I'm a Car Expert: This Is Why No One Wants To Buy Your Car
