Ok, here's a different question (I think)

Owning a bunch of cars can get pretty expensive. The initial costs, the taxes, and keeping them all titled, plated, and insured can add up to some serious money. Are there any other "legal" tricks to lower your costs? (I really don't mind the government getting it's fair share...but geez).

If you have your own company, can you buy them as company cars with pretax dollars? If they are used for advertising/marketing/giving rides to customers/showing off your products etc. can you legally declare no (0) personal miles on them, etc. I assume you could also write off the expenses of maintaining your business property?? Are there "maximum luxury deduction limits" in place if it used in this manner?

Can you get an auto dealer's license and then not plate and register all the vehicles? ...especially, if they are always up for sale?? maybe save on the insurance, too?

Any other ideas? What does everyone do?

I have heard that some people open a non-profit museum and donate them...but then you lose "ownership" and the ability to use them personally.

I talked to my accounting firm and they were pretty conservative. I thought maybe I could take back some fresh, good ideas to them.

Thanks for all your help

Chuck

 

You could open you're own dealership...but based on your volume of sales, I don't think you will be saving much... CA gives dealer plates based on the volume of your sales...so if you only sell 5-10 cars a year, only expect 1 dealer plate which will exempt you from paying car registration fees.

I recently picked up a Range Rover which I used the SUV tax exemption to deduct almost 100% of the purchase price since it's for business use.

Maybe a CPA on the board can chime in on this???