September 25th, 2025 by WCBC Radio

A change in tax laws could benefit new car owners, but there are strings attached. The Car Loan Interest Deduction is a tax change where interest up to $10,000 per year on new cars may be deducted.  Joe Mullenax recently joined WCBC to go over some of the details on the deduction…

   

“It has to be a new car that has never been purchased by anyone else, so you can’t go and get one of those great deals – oh, this car has only 3,000 miles so it’s almost new. No, it has to be brand new. And, it has to be finished in the United States.”