Average American can no longer afford “average-priced” new car or truck

  • Posted by a hidden member.
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    Mar 13, 2014 10:33 PM GMT
    Even with a lot of money down, my last new car note is 60 months, almost paid off icon_biggrin.gif


    Well then, IRS needs to bring back interest deduction for car loans!

    [url]https://autos.yahoo.com/news/average-american-can-no-longer-afford-%e2%80%9caverage-priced%e2%80%9d-new-car-or-truck--and-why-it-s-getting-worse-013001053.html[/url]


    http://www.autos.com/auto-loans/can-you-deduct-auto-loan-interest-from-your-taxes

    Up until 1986, it was possible for auto loan interest to be tax deductible. During Ronald Reagan's time in office, he reformed tax laws so that auto loan interest can no longer be tax deductible. Therefore, the quick and easy answer to the question is "no." However, some other loan-related expenses are deductible, so don't stop at auto loans when searching for deductions.

  • conservativej...

    Posts: 2465

    Mar 14, 2014 5:40 AM GMT
    Welcome to the New Norm Obama style. icon_razz.gif
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    Mar 14, 2014 6:01 PM GMT
    Deducting interest is a small part of it. Govt mandates and taxes make new cars prohibitively expensive.
  • tazzari

    Posts: 2937

    Mar 14, 2014 6:07 PM GMT
    Welcome to the new norm post-Regan and Bush style, where the rich - who can vote for the GOP - can afford car elevators, and the normal population can't afford a new car.

    BTW - I got 20 years out of my last Volvo!
  • Posted by a hidden member.
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    Mar 14, 2014 6:26 PM GMT
    Yeah only republicans can afford these things. The liberals in Beverly Hills all drive used hyundais and park in the street.