When it comes to owning a supercar, the costs can quickly add up. Between the initial purchase price, insurance, and maintenance, it can be a hefty investment. However, there is a little-known secret to getting a brand-new supercar on the cheap: registering it in one of the cheapest states and making it a company vehicle to write off all taxes on the first year of ownership. In this blog post, we will explore the steps you need to take to get a brand-new supercar on the cheap and the benefits of making it a company vehicle.

 

Step 1: Research the cheapest states to own and register your car

The first step to getting a brand new supercar on the cheap is to research the cheapest states to register your car. This is because different states have different tax rates and fees when it comes to registering a car. Some states have significantly lower fees and taxes than others, making them an ideal locations to register your car.

 

One of the cheapest states to register a car is Montana. In Montana, there is no sales tax or vehicle license fee. Instead, Montana charges an annual registration fee of just $28. This makes Montana an excellent location to register a supercar.

 

Another state to consider is Oregon. In Oregon, there is no sales tax, and registration fees are relatively low, making it a popular destination for car enthusiasts looking to register their vehicles. Delaware is another state to consider when it comes to registering your car. Delaware has low registration fees, no sales tax, and no personal property tax, making it an attractive location for car owners.

 

Step 2: Make it a company vehicle

Once you have registered your supercar in one of the cheapest states, the next step is to make it a company vehicle. This is where you can save a significant amount of money, as you will be able to write off all taxes on the first year of ownership.

 

To make your supercar a company vehicle, you will need to create a limited liability company (LLC). An LLC is a business structure that provides the benefits of a corporation while allowing you to avoid some of the restrictions that come with a traditional corporation. To create an LLC, you will need to file articles of organization with the state in which you plan to do business. You will also need to choose a name for your LLC, appoint a registered agent, and pay the necessary fees.

 

Once you have created your LLC, you can then transfer ownership of your supercar to the LLC. This will allow you to write off all taxes on the first year of ownership, including sales tax, registration fees, and personal property tax.

 

Step 3: Enjoy the benefits of owning a company vehicle

Once you have registered your supercar in one of the cheapest states and made it a company vehicle, you can start enjoying the benefits of owning a company vehicle. One of the biggest benefits of owning a company vehicle is the ability to write off all taxes on the first year of

ownership. This can result in significant savings, especially if you have purchased a high-end supercar.

 

Another benefit of owning a company vehicle is that you can deduct the cost of maintenance and repairs from your taxes. This can help you save even more money over the long term, as you will be able to write off the cost of keeping your supercar in top condition.

 

Finally, owning a company vehicle can provide you with additional liability protection. If you are involved in an accident while driving your supercar, your assets may be at risk. However, if your supercar is owned by your LLC, your assets will be protected in the event of a lawsuit.

 

Conclusion

Owning a supercar is a dream for many car enthusiasts. However, the costs associated with owning a supercar can be significant. By registering your supercar in one of the cheapest states and making it a company vehicle, you can significantly reduce your costs and enjoy the benefits of owning a luxury car. While the process of registering your car in one of the cheapest states and creating an LLC may seem daunting, it is worth the effort. The savings you can achieve by making your supercar a company vehicle can be substantial, and you can enjoy the thrill of driving a high-performance car without breaking the bank.

 

It is essential to note that this process may not be suitable for everyone. Before making any decisions about registering your car or creating an LLC, it is important to consult with a tax professional or financial advisor. They can help you determine if this strategy is the right choice for your specific financial situation and provide you with guidance on the steps you need to take. Contact us today so we can fill in your strategic needs and learn more.