General

Category: General


Why Does the Value of a New Car Decrease So Rapidly? Why Does the Value of a New Car Decrease So Rapidly?

If you aren't able to put up a down payment that covers that initial hit in value, you could find yourself in a frustrating situation if you need to sell or trade in the car after a couple years and still owe money on the car loan. So, what causes this drastic drop in value? This reduction in value is known as depreciation, and pretty much everything you buy suffers from it. In the case of automobiles, new models are rolled out, and advances in driving technology are made.

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Can a Vehicle Registration Fee be a Tax Deduction? Can a Vehicle Registration Fee be a Tax Deduction?

Different states calculate vehicle registration fees in different ways. Some states will base your fee on how much your car weighs, while others charge a flat rate for all vehicles. And there are several states that take the value of your car into consideration to determine how much you will pay to register the vehicle. Flat fees and weight-based fees are not tax deductible, but if the amount that you pay is based on a Kelley Blue Book value, this fee may be a valid deduction on your federal tax return.

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