Car buyers in Independence, MO, and the greater Kansas City area have something to look forward to in the coming years. Starting in 2025, a new tax deduction will be available for interest paid on car loans to purchase eligible new vehicles. This deduction could provide significant savings for those financing a new vehicle purchase.
How the New Car Loan Interest Deduction Works
The new tax deduction will be effective from 2025 through 2028. During this time, you can deduct the interest paid on a loan used to buy a qualified new vehicle, up to a maximum deduction of $10,000. This is great news for car shoppers in Independence, MO, and surrounding areas who plan to finance their vehicle purchase.
Eligible Vehicles for the Car Loan Interest Deduction
To qualify for the car loan interest tax deduction, the vehicle you purchase must be new, for personal use only, have a gross vehicle weight rating under 14,000 pounds, and must have had a final assembly in the United States.
Ford Vehicles That Qualify for the Tax Deduction
Many popular Ford models are assembled in the U.S. and will be eligible for the car loan interest deduction. This includes the popular Ford F-150 pickup, the capable Explorer SUV, the versatile Escape crossover, the adventurous Bronco, the legendary Mustang sports car, the spacious Expedition, and the tough Ranger pickup. Independence and Kansas City area drivers have plenty of great Made-in-America Ford options.
Schedule a Test Drive at Metro Ford in Independence, MO
If you're a Kansas City metro area car shopper looking ahead to your next vehicle purchase, visit us at Metro Ford in Independence, MO. We have a wide selection of eligible Ford vehicles that will qualify for the new interest deduction.
Take advantage of the new tax deduction for car loan interest by financing an eligible new Ford vehicle. Schedule a test drive at Metro Ford in Independence, MO and benefit from this new tax deduction in 2025 and beyond. We look forward to serving our valued customers across Independence, Kansas City, and the entire KC metro region.