Mark Kohler tells business owners to buy what you can afford and actually need, not a flashy car for tax deductions. Finance depreciating assets in cash, estimate your mileage upfront, and follow the "Millionaire Next Door" approach: wealthy people stay cautious about spending.
Don't chase a tax deduction. Buy the car first, or look for the type of vehicle you actually need and can afford. And Dave Ramsey would argue pay with cash. You're not going into debt for this thing that's going to depreciate in value. I guess my first decision matrix is what can you economically afford, and then what makes sense for your business. And I know some of you want that sexy big truck, or that luxury auto, or the convertible, or whatever. And I've said to so many clients too that that may be down the road. That's a goal. This is Millionaire Next Door concept, people. Wealthy people are a little more cautious than you realize. The people driving around in flamboyant vehicles, you ought to see their bank account. Third, how many miles are you going to put on?
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