Quote:
Originally Posted by Mark T. DeNucci, Sr.
Years ago, I tracked every automotive expense that would be taxable under the actual expenses deduction for both of our cars because there were times I used my car and times when I used my "better half's" car. Unless you are replacing the transmission in every month that has 30 days; replacing the engine in every month that has 31 days; and replacing the tie-rods and brakes in the month that has 28 or 29 days, one's actual expenses cannot come close to the Federal mileage deduction.
For the year that I traced my expenses, my actual expenses came out to be only 55% of the Federal mileage deduction. You cannot beat the mileage deduction.
MTD, Sr.
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I'm guessing that if you also included the cost of buying the car somehow, you'd come to that amount. There is plenty of fleet data out that that documents the cost of driving and when all costs are considered, it is often greater than the federal allowance, depending on the specific model. Older cars typically cost less than new cars.