In a world of rapid innovation and constant upgrades, it may seem counterintuitive to celebrate the old over the new. Yet when it comes to automobiles, especially classic cars, the benefits of ownership extend far beyond nostalgia. Old cars, properly restored and preserved, are more than relics of the past. They are assets with tangible advantages for business, legacy, and culture.
One of the lesser-known benefits lies in the U.S. tax code. Under Section 179 of the 2017 Tax Cuts and Jobs Act, business owners who utilize a qualifying asset for more than 50% of business purposes may deduct its cost in the first year. For certain rare vehicles, this deduction can be extraordinary.
