Is It Ever Okay to Break the 20/3/8 Car Buying Rule?
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.7 • 3.1K Ratings
🗓️ 12 June 2024
⏱️ 24 minutes
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| 0:00.0 | Is it ever okay to break 23 8? |
| 0:10.0 | I am so excited because we get questions like this all the time. Matter of fact, we love |
| 0:15.2 | getting questions from you guys. We love knowing what are the things that we can |
| 0:19.8 | speak to that might be viable to you? What are the things that we can weigh in on |
| 0:24.5 | that you might find value in? |
| 0:26.1 | So right now, we have the team out in the wings |
| 0:28.4 | collecting your question. |
| 0:29.4 | So if you're in the chat, |
| 0:30.6 | you want to get our thoughts on a question that you have, sure you get it in the chat so with that I'm going to throw it over to you creative director |
| 0:37.5 | Ruby yep I've got one to start us off from Eric B He says I'm self-employed and the vehicle I drive is 100% work related. |
| 0:47.0 | I'm not trying to buy anything new, but I will need a car that's somewhat expensive. |
| 0:53.0 | Can I break the 23-8 car buying rule |
| 0:56.8 | since it will be depreciating over six years? |
| 1:01.4 | Is it ever okay to break 23-8? I'm interested to hear what you all say to this. |
| 1:05.0 | Well, okay, so that's an interesting question, right? So there's two, well, it's interesting. A lot of people ask us, is it ever |
| 1:10.0 | okay to break 23-8? But I do appreciate Eric throwing a unique flavor |
| 1:14.5 | on their brine that we haven't talked a ton about. |
| 1:16.3 | Because now it's a business asset. |
| 1:18.2 | So he owns some sort of business where automobiles required. |
| 1:21.9 | Maybe it's a construction company, work truck, |
| 1:24.3 | something like that. |
| 1:25.1 | And there are unique tax rules surrounding |
... |
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