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Will the One Big Beautiful Bill Spark Car Buying?
There are a lot of tax-law changes tucked in the nooks and crannies of the 800+ page One Big Beautiful Bill. One that you may have heard about created a $10,000 tax deduction when you finance a new car. But as you can see, in June, people were already showing great interest in buying a new car. Will the tax change inspire even more people to visit the showroom?
Here’s how the new tax rule works. Starting this year, you can deduct up to $10,000 of interest on new auto loans from your income. The car must be brand-new, and final assembly must be in the U.S. It phases out for single filers at $100,000 ($200,000 for married couples filing jointly). The deduction is gone at $150,000 and $250,000.
Check with your tax professional to learn if you qualify for the new rule.
While today’s chart connects to recent news, it’s another reminder that there are more ways to measure the economy than following inflation reports, job updates, and Fed meetings.
I watch the “number of people who expect to buy a new car” because it’s about confidence. Most people will only consider a new car when they feel good about their finances and the future.
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