Chevy Drives America You've got enough going on in life. Well don't worry, Chevy's got you covered. You may be eligible for a tax deduction for UP TO $10,000 in annual interest paid on certain Chevrolet Vehicles. See your Chevy dealer for details.

YOU MAY BE ELIGIBLE FOR A TAX DEDUCTION FOR UP TO $10,000 IN ANNUAL INTEREST PAID¹ ON CERTAIN CHEVROLET VEHICLES

Act now and see if you qualify

Shopping for a vehicle?

WHAT THE ONE BIG BEAUTIFUL BILL MEANS FOR CAR BUYERS

BIG THINGS ARE ON THE HORIZON - designed to make eligible vehicles' interest payments tax deductible.
The One Big Beautiful Bill is a new federal law aimed, in part, at incentivizing the purchase of eligible vehicles assembled in the U.S. by qualified purchasers.


HERE'S WHAT IT COULD MEAN FOR YOU - MORE VALUE

New incentives could provide tax savings on interest payments made on eligible auto loans for qualified buyers, making it more affordable to get into eligible cars, trucks, or SUVs assembled in the US.
This Act is all about rewarding the purchase of a U.S. Assembled vehicle, by allowing you to deduct the interest paid on eligible loans -without compromising on what matters most to you.

1Available for eligible individual buyers on new qualifying vehicles assembled in the US.  Only applies to interest paid in tax years 2025-2028 on new debt contracted after 12/31/2024. Tax deduction subject to change and filing requirements. Income restrictions and other restrictions and limitations may apply. Consult your tax, legal, or accounting professional if you have questions. This information does not constitute tax, accounting, or legal advice. Deduction subject to federal laws and regulations and manufacturing constraints. 

FAQs

WHAT IS THE PROGRAM?

  • PROVIDES A TAX DEDUCTION FOR UP TO $10,000 IN ANNUAL INTEREST PAID ON LOANS TO ACQUIRE U.S. ASSEMBLED QUALIFYING VEHICLES FOR ELIGIBLE CONSUMERS
  • APPLIES WHETHER AN INDIVIDUAL ITEMIZES DEDUCTIONS OR TAKES THE STANDARD DEDUCTION
  • CONSULT YOUR TAX, LEGAL, OR ACCOUNTING PROFESSIONAL IF YOU HAVE QUESTIONS. THIS INFORMATION DOES NOT CONSTITUTE TAX, ACCOUNTING, OR LEGAL ADVICE.

  • INCOME LIMITS: $100K SINGLE ($200K MARRIED FILING A JOINT RETURN) – PHASE OUT FOR NEXT $50K AND IS FULLY-PHASED OUT FOR TAXPAYERS WITH MODIFIED ADJUSTED GROSS INCOME IN EXCESS OF $150K ($250K MARRIED FILING A JOINT RETURN)

  • INDIVIDUALS FINANCING ONLY – NOT APPLICABLE TO COMMERCIAL/FLEET PURCHASES & NO LEASE BENEFIT

  • ONLY APPLIES TO INTEREST PAID IN TAX YEARS 2025-2028
  • MUST BE NEW DEBT CONTRACTED AFTER 12/31/2024, EXCLUDES REFINANCING OF DEBT INCURRED PRIOR TO 12/31/2024

  • MUST BE ASSEMBLED IN THE U.S.

Vehicle Interest Tax Deduction at Bergey's Chevrolet in Colmar, PA

Bergey's Chevrolet in Colmar, Pennsylvania wants to make sure our customers are aware of every opportunity to save - including potential tax benefits associated with purchasing a new or used vehicle. Depending on how your vehicle is used, you may be eligible to deduct a portion of the interest paid on your auto loan when you file your taxes. Understanding how these deductions work can help you make a more informed buying decision and potentially reduce your overall cost of vehicle ownership.

How the Auto Loan Interest Deduction Works

In general, auto loan interest on a personal vehicle used strictly for everyday commuting and personal errands is not tax deductible. However, if you use your vehicle for business purposes, you may be able to deduct a portion of the interest you pay on your auto loan as a business expense. The amount you can deduct is typically based on the percentage of total miles driven that are attributable to business use. For example, if you use your vehicle for business 60 percent of the time, you may be able to deduct 60 percent of the interest paid during the tax year. This applies to self-employed individuals, independent contractors, freelancers, small business owners, and other taxpayers who use a personal vehicle for qualifying business activity.

Who May Qualify

Tax deductions for vehicle loan interest are most commonly available to buyers who use their vehicle for legitimate business purposes. This can include self-employed professionals who drive to meet clients, visit job sites, or travel between business locations, independent contractors and gig workers who rely on a vehicle for income-generating work, small business owners who use a vehicle for deliveries, sales calls, supply runs, or other operational needs, and farmers or agricultural professionals who use a truck or SUV as part of their daily work. Even if your vehicle serves double duty as both a personal and business vehicle, you may still qualify for a partial deduction based on the ratio of business miles to total miles driven. Keeping accurate mileage records throughout the year is essential for substantiating your deduction at tax time.

Consult a Tax Professional

Tax laws are complex and change frequently, and the information on this page is intended as a general overview - not as tax advice. We strongly recommend consulting with a licensed tax professional, accountant, or financial advisor to determine which deductions apply to your specific situation and to ensure you're taking full advantage of every benefit available to you. Our team at Bergey's Chevrolet is happy to provide any vehicle purchase documentation you need to support your tax filing, including purchase agreements, finance contracts, and interest paid statements.

Shop New & Used Vehicles at Bergey's Chevrolet

Whether you're purchasing a vehicle for personal use, business use, or both, Bergey's Chevrolet in Colmar offers a full inventory of new Chevrolet cars, trucks, and SUVs alongside a diverse selection of quality pre-owned and CarBravo certified pre-owned vehicles. Our finance team can help you explore purchase and lease options, and our no-pressure sales approach means you'll have the time and information you need to make the right decision. As a 5th generation family-owned dealership guided by our Golden Rule philosophy, we're committed to helping you get the most value out of every purchase.

Bergey's Chevrolet is located in Colmar, just minutes from Hatfield, Lansdale, Souderton, Telford, Chalfont, Doylestown, and North Wales. Drivers across Montgomery County, Bucks County, and the greater Philadelphia area trust Bergey's for honest pricing, knowledgeable guidance, and a dealership experience built on integrity. Visit us today - we're driven to serve you.