Business owners seeking to maximize their investment and savings can benefit greatly from the Section 179 tax deduction. This opportunity allows companies to potentially write off up to the full value of a vehicle when it is used for business purposes more than 50% of the time. By deciding on a new or pre-owned Chevy before the end of the year, you can enhance your fleet and operational efficiency while enjoying significant tax deductions.
From new Silverado 1500 pickups and Silverado 5500 HD trucks to Chevy cargo vans, there's something for everyone in our inventory. For inquiries about Chevy commercial incentives or fleet optimization, reach out to our Winchester Chevrolet dealer today!
What Is the Section 179 Tax Deduction?
Designed to encourage business growth and investment, the U.S. government’s Section 179 tax deduction provides substantial savings opportunities. To leverage this incentive with a new Chevy model, the following criteria must be met:
- Vehicle must be used for business at least 50% of the time
- Vehicle must be new or new-to-you (used cars qualify)
- Vehicle must be purchased, not leased
2024 Section 179 Tax Deduction Limits & Spending Cap
- 2024 Deduction Limit: $1,220,0001
- Valid on new and used equipment (must be new to buyer) -- can be purchased or leased
- 2024 Spending Cap: $3,050,0001
- After this cap is reached, deduction is reduced on dollar-for-dollar basis
- 2024 Bonus Depreciation: 60%1
- Generally taken after Spending Cap is reached
- Applicable to new and used vehicles
- Tax incentive that allows a business to immediately deduct a large percentage of the purchase price of eligible assets
Which Chevy Models Qualify for Section 179?
A range of Chevy models qualify for Section 179 savings, enabling business owners to select vehicles tailored to their operational needs. Here’s a breakdown of eligible models and their depreciation limits for the first year:
- Up to 100% of purchase price1
- Express Cargo Van
- Express Cutaway
- Express Passenger Van
- Low Cab Forward
- Silverado 1500
- Silverado 2500 HD
- Silverado 3500 HD
- Silverado 4500 HD
- Silverado 5500 HD
- Silverado 6500 HD
- Silverado HD Chassis Cabs
- Up to $30,500 plus up to 60% of the remaining purchase price (plus standard depreciation deduction)1
- Blazer
- Colorado
- Express Passenger Van
- Silverado 1500
- Suburban
- Tahoe
- Traverse
- Up to $20,400 per vehicle (no aggregate limitation)1
- Camaro
- Colorado
- Corvette
- Equinox
- Malibu
- Trailblazer
- Trax
- Tax credit up to $7,500 (Federal Qualified Clean Vehicle or Qualified Commercial Clean Vehicle income tax credit)1
- Blazer EV
- Equinox EV
- Silverado EV
Capitalize on Section 179 Savings in Virginia
Take advantage of Chevrolet Section 179 benefits by exploring a wide selection of new and pre-owned commercial vehicles designed to elevate your business. Contact Malloy Chevrolet of Winchester and you'll find our knowledgeable staff ready to assist you navigate the entire process.
Whether you want to finance a Silverado 5500 HD in Winchester or upgrade to a Chevy electric vehicle for work, you can do it all and save at the same time with the Section 179 tax deduction. Embrace the opportunity to advance your business by equipping it with reliable Chevrolet vehicles and financing solutions aimed at fostering competitive growth and success in the market.