Latest news with #newvehicles
Fast Company
09-07-2025
- Automotive
- Fast Company
There's a new tax deduction for car loans in Trump's Big Beautiful Bill. Here's who's eligible—and what's the catch
While the ' No Tax on Tips ' provision in President Donald Trump's One Big Beautiful Bill Act has been making headlines for its tax deductions on tips and overtime, there are plenty of other write-offs tucked into the massive 940 page bill—including one aimed at car owners financing new vehicles with loans. Now that the bill is law, here's what to know. Rules for the new car loan tax deduction Like the 'No Tax on Tips' provision, this deduction has a few catches, including but not limited to the fact that it is temporary, set to expire at the end of Trump's second term in 2028. Furthermore, the deduction only applies to interest on loans taken out on 'qualified passenger vehicles' used for personal, not business travel, whose 'final assembly' occurred in the United States. The vehicles must be purchased in 2025, 2026, 2027, and 2028. On the plus side for tax filers: In addition to cars, the tax credit will apply to vans (including minvans), sport utility vehicles (SUVs), pickup trucks, and even motorcycles, according to CNN. On the minus side: The tax deduction appears to apply only for new, not used, vehicles. Who is eligible for the car loan deduction, and how much is the deduction amount? The deduction is available to those with 'qualified passenger vehicles' who fall under certain income limits. For single filers with an adjusted gross income up to $100,000 ($200,000 for joint filers), the deductions on vehicle loans are capped at $10,000 in interest each year (regardless of whether the deductions are itemized). The deduction amount decreases $200 for every $1,000 over that income threshold, CNN reported. Who will get the most benefit from this tax break on car loan interest? Economist Jonathan Smoke at Cox Automotive research firm told CNBC most taxpayers won't reach the highest amount of the deduction benefit, since only the most expensive cars, like Rolls-Royces, Ferraris, Porsches, or Land Rovers, have annual interest charges of $10,000.
Auto Blog
09-06-2025
- Automotive
- Auto Blog
Nissan Is Working On A Cheap Sedan For The Masses
Nissan Working On Several New Cars Embattled automotive giant Nissan is facing a tough time. The company has been forced to lay off thousands of workers and cancel plans for increased battery production. Things are going so badly that some question how long Nissan can survive. But with new CEO Ivan Espinosa at the helm and promising new vehicles, hope endures, and one of those new vehicles has just been unofficially revealed through patent images discovered by Top Gear Philippines. The images were filed in China in September last year and officially registered exactly one month ago, suggesting that the sedan they depict will make production. Previous Pause Next Unmute 0:09 / 0:09 Nissan's revolutionary self-driving tech hits Japan's streets Watch More A New Design Language For A New Era The boomerang-shaped headlights remind us of some Hyundai and Kia designs, while the lightbar at the rear calls to mind the Dodge Charger and Durango. And while we can't see much detail in these images, the fastback shape indicates that this vehicle may play loose with the term 'sedan,' likely appearing with a liftback tailgate like the latest Audi A5. This gives the vehicle the style and grace of a sedan with the cargo-carrying and loading abilities of a hatchback. More than that, we cannot be sure of yet, but this design conforms to the new language heralded by last year's Beijing Auto Show concepts, which included a sedan with similar looks to this. That Nissan Evo concept was announced as a plug-in hybrid, and it's likely that this new sedan would also avoid going all-electric. Nissan's New Sedan Will Be Cheap Since we don't know exactly what car this previews, it's difficult to estimate the price. Its size is unclear from this filing, and both the Altima and the Sentra could do with a makeover. A new Maxima could also make a certain amount of sense, especially with the upcoming Leaf crossover filling the needs of those who need a taller vehicle. Until we hear something directly from Nissan, though, it's too soon to get excited. The fact that the patent images were filed in China could mean that the car will never reach America, especially if it ends up being produced there, but it also means this shouldn't carry an exorbitant price, and the U.S. market is in dire need of more affordable cars. About the Author Sebastian Cenizo View Profile
Auto Blog
23-05-2025
- Automotive
- Auto Blog
New Vehicle Inventory Is Shrinking, 3 Ways Shoppers Are Affected
Auto dealers are juggling a complex set of market factors Recent data from Cox Automotive has revealed that new vehicle inventory declined 7.4% in April compared to March. May began with 2.49 million new cars on dealer lots compared to 2.69 million at the start of April, representing a 10.5% drop. During the start of May, U.S. dealers had an average new vehicle supply lasting 66 days, down 16 days year-over-year and six days from last month. While spring has historically been a catalyst for new vehicle sales, inventories aren't being replenished at their usual rate with lower manufacturing and delivery numbers from some automakers amid tariff uncertainty. These changes in production and delivery figures have caused many automakers to withdraw their financial guidance for 2025. In turn, consumers shopping for a new car face slimmer options, fewer incentives, and higher prices. Buick GMC dealer lot — Source: Getty Automakers are on the verge of introducing 2026 production year vehicles at showrooms, but they're also expected to update their inventory with higher tariff-related pricing. New vehicle sales increased 10.5% year-over-year in April, although this figure rises to 14.9% when you don't account for April 2025 having one more selling day than April 2024, according to J.D. Power. Still, some consumers have been rushing to buy new cars to avoid tariff-induced price increases, so sales rates will likely continue tapering off from April. Mid-April saw a 30-day sales peak, but the month's last two weeks experienced a noticeable decline in purchase rates. A closer look at how recent dealer trends affect new car shoppers The average new vehicle listing price was $48,656 at the end of April, marking an increase of $774, or 1.6%, from $47,882 at the start of the month, and $1,318 (2.8%) from a year earlier. While consumers brace for higher new car prices and are currently shopping with reduced inventories, price increases weren't universal. BMW, Buick, Mitsubishi, and Dodge saw month-over-month price declines, while RAM, Lincoln, and Cadillac represented the most significant monthly cost hikes. Dealers are also giving shoppers fewer incentives for new vehicle purchases. According to Cox Automotive data, new vehicle sales incentives dropped to 6.7% of average transaction prices, down 7% from March. However, some brands have more pre-tariff cars available than others. Toyota and Lexus have the lowest supply at 29 and 25 days, respectively, whereas RAM, Mitsubishi, Infiniti, and Land Rover have inventories exceeding 100 days. Due to tariffs, Ford has already raised prices on its Mexico-produced Bronco Sport, Maverick, and Mustang Mach-E. On Monday, Subaru announced tariff-related price increases for several models. Nissan dealer lot — Source: Getty Final thoughts New vehicle shoppers can gain clarity during this turbulent time by understanding inventory figures, as automakers with higher dealer inventories may offer more pre-tariff-priced models. Additionally, knowing which automakers are more reliant on U.S. imports, like Audi, might indicate which companies are most likely to introduce price increases sooner rather than later. Slimmer inventories don't necessarily mean you won't get the model you want, but they may limit your ability to get certain features like specific color combinations. Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime.
