Explore Tax-Deductible Vehicles at Toyota on Western
Explore Tax-Deductible Vehicles at Toyota on Western
Searching for a new vehicle? You could qualify for up to a $10,000 tax deduction on a new Toyota at Toyota on Western when you finance a new vehicle. Thanks to a new provision in the tax law, taxpayers can deduct interest paid during the year when they start a new loan after December 31, 2024, through the 2028 tax year. Learn more about the new tax deduction and see which new Toyota vehicles qualify today.
New Car Loan Tax Deduction Explained: Save Up to $10,000 in Interest
The new tax deduction is designed to promote car manufacturing in the United States and help make new vehicles more affordable for low to middle-class Americans. Here are the requirements to qualify for the new tax deduction on new vehicle financing:
- Deduction Amount: Up to $10,000 per year in interest paid on new vehicle loans
- Eligibility Period: New loans must originate after December 31, 2024, through the 2028 tax year
- Vehicle Requirements: Vehicle must be new and financed (no used vehicle loans or leases), final assembly in the United States, personal vehicle under 14,000 pounds
- Loan Requirements: Only personal vehicles (NOT business or commercial)
- Income Limits: The deduction starts to phase out for single filers making $100,000 or more and joint filers making over $200,000. The deduction phases out completely for single filers making $150,000 or more and joint filers making $250,000 or more
Which New Toyota Vehicles Qualify for the New Tax Deduction?
Toyota on Western is proud to carry new Toyota vehicles made in America. Browse now to view available new Toyota cars, trucks, and SUVs that qualify for the new tax deduction:
Toyota Camry - Georgetown, Kentucky
The Toyota Camry is a sporty midsize sedan that offers drivers an excellent blend of comfort, efficiency, and reliability. The newest Camry models have impressive technology features like a large infotainment touchscreen with wireless smartphone integration and hands-free options.
Toyota RAV4 Hybrid - Georgetown, Kentucky
The Toyota RAV4 is the most popular SUV sold in the United States, and the hybrid version is made in America, making it eligible for the new tax deductions on interest for new loans. The RAV4 Hybrid is a two-row SUV with exceptional fuel efficiency.
Toyota Sienna - Princeton, Indiana
The Toyota Sienna is a practical minivan with excellent solutions for busy families, like an available onboard vacuum and mini fridge box. The Sienna is spacious, with room for up to eight passengers, tech-savvy, and fuel-efficient.
Toyota Highlander - Princeton, Indiana
The Toyota Highlander is a large, three-row SUV perfect for families who need additional capabilities. The Highlander can handle towing up to 5,000 pounds, perfect for small recreational vehicles, and is available with all-wheel drive for additional off-road capability.
Toyota Tacoma - San Antonio, Texas
The Toyota Tacoma is a legendary half-ton pickup truck known for its off-road worthiness, great value, and excellent technology features. There are several engine options available, including a turbocharged hybrid and a robust four-wheel drive system. The Tacoma can tow up to 6,500 pounds and is available in several variants and body style configurations.
Toyota Tundra - San Antonio, Texas
The mighty Tundra is a full-size pickup truck known for its excellent capabilities, comfortable interior, and excellent technology features. The Tundra can tow up to 12,000 pounds and handle payloads up to 1,940 pounds.
Toyota Corolla - Blue Springs, Mississippi
The Toyota Corolla is a popular compact sedan - the perfect commuter or first-time vehicle. It's affordable, efficient, and equipped with advanced technology. The Corolla is styled with a sporty exterior and a comfortable interior, with plenty of space for up to five passengers.
Finance a New Toyota Vehicle and Save with Tax Deductions
Contact Toyota on Western for more information about our new vehicle inventory and the deduction requirements. We look forward to serving you and providing high-quality vehicles made in America. Our finance experts are also available to help you discover other incentives and benefits to help you save on a new vehicle loan.
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** Price(s) include(s) all costs to be paid by a consumer including $179.81 documentation fee, except for licensing costs, registration fees, and taxes.
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Toyota on Western
6941 South Western Ave.
Chicago, IL 60636
- Sales: 773-644-3498
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