Last year, data show Americans drove away from dealerships with more than 16.3 million new vehicles, with roughly 80% of buyers reportedly relying on financing to purchase. So far in 2026, average car ...

The new tax deduction allows some borrowers to deduct up to $10,000 in auto loan interest after purchasing a qualifying vehicle. To qualify, vehicles must be new, purchased for personal use and have ...

You can deduct vehicle sales tax if you choose to itemize deductions. However, if you opt for the standard deduction, you won’t be able to deduct vehicle sales tax. This deduction is also subject to ...

A new tax break is available this filing season for taxpayers who have car loans on vehicles that meet certain specifications. The One Big Beautiful Bill Act (OBBBA), which was passed through Congress ...

(CNN) — President Donald Trump’s mega tax-and-spending cuts bill, signed into law last week, contains plenty of new tax provisions, the contours of which Americans are still digesting. One of them is ...

Despite the elimination of the federal tax credit for electric vehicles, car buyers still get some tax relief. President Donald Trump's Big Beautiful Bill includes a provision that allows car buyers ...

Rep. Bill Huizenga introduced the Made in America Motors Act, proposing a tax deduction on interest paid on U.S.-assembled vehicle loans. The proposed deduction allows up to $2,500 per year for ...

The sweeping GOP tax bill calls for an above-the-line deduction of up to $10,000 in car loan interest during a given taxable year. You'd pay no tax on that interest, if you qualified. The proposed tax ...

President Trump’s proposal for auto loan interest tax deductions on US-made vehicles sounds ideal, but some experts say the idea is flawed. President Trump has announced his administration’s efforts ...

for electric vehicles, car buyers still get some tax relief. President Donald Trump’s Big Beautiful Bill includes a provision that allows car buyers to deduct up to $10,000 in “qualified passenger ...