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Lexus GX 470

148 messages,  Last post on Nov 18, 2009 at 5:49 AM

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#21 of 148 Rollover sensing airbags by lok888 Sep 25, 2003 (6:16 am)
Is this an option or part of the package? Is this first in the automobile industry. I think this a good item to have. How the system can detect if the roll rover is just about to happen?
#22 of 148 04 weight and tax issue by bjoye Sep 25, 2003 (9:24 am)
rjmespn, Thanks for the info, I've emailed my dealer again and asked him to double check. Do you mind telling me which part of the country you're in? I'm in Greensboro, NC. I may try emailing the dealer in Raleigh to see if they know anything better. My wife is probably going to kill me, I keep taking her up and down the GVWR roller coaster, one day I think we can get the GX, the next day I'm told we can't!   agostine, The weight issue is this: there is a tax loophole in section 179 of the tax code that says if your vehicle's GVWR (gross vehicle weight rating--not curb weight)is GREATER than 6000lbs, then it's treated differently than a passenger car. Bush's latest stimulus package raised the depreciation amount so that you could depreciate up to 100% of the value of the vehicle in the first year. So if you are a small business owner and use your vehicle 100% for business, then you can buy an SUV with a GVWR over 6000lbs and depreciate it 100% the first year. So if you bought a $50K SUV and were in a 40% tax bracket, you'd get about $20K off your taxes. The GVWR must be OVER 6000--so the '03 GXs DO NOT count no matter what the sales guy says. It has to be at least 6001 lbs. That's what I'm waiting on, the '04s to have a GVWR >6000. Hope that helps.
#23 of 148 tax issue by bjoye by andrewtran71 Sep 25, 2003 (9:44 am)
I am 100% ignorant on the business tax thing. So are you serious? You would save $20,000 on your income tax just for one more pound on the GX? So on your business deductions (spending), how much do you deduct in order to save $20,000? Do you deduct $50K? If so, I gotta find myself a small business:-)
#24 of 148 GVWR by lok888 Sep 25, 2003 (10:43 am)
I am also new to this. I don't use my vehicle for business. But I think this is a great idea for people who use this vehicle for business use. BTW, I heard many discussions about the GVWR on 2003 GX (6000 lbs) vs. 2004 GX (6100 lbs). Why there is a different on the same vehicle? Isn't the options on the car?
#28 of 148 tax deduction by bjoye Sep 25, 2003 (1:02 pm)
andrewtran, Yes, I'm serious. But I am not an accountant. But I have discussed it with mine and read everything I can find on the topic. Do a search for Section 179 SUV tax loophole on Google and you'll find lots of stuff. The % you can save depends on 1) the % you drive it for business and 2) the % tax bracket you're in. Plus, you CANNOT count commuting mileage to your primary office from your home as business mileage. Let's say you own your own realty company. You have an office 5 miles from your home. Off the top, you can't count that 10 mile commute each day, but all the other business miles count. So if that comes out to 99% business, then you can write off 99% of the price of the SUV. And if you're in a 40% tax bracket, then that comes out as about a 40% price on the car. Notice this is a tax "deduction" not a tax "credit". I think if you buy an electric car you can get a 2 or 4 grand tax credit, which means you actually get all 2 or 4 grand back at tax time.   Before you even consider this you should thoroughly grill your accountant about your personal situation.   The other caveat is that you have to keep the SUV for 5 years, you can't turn around and sell it next year for a profit. If you sell it early, the IRS will "recapture" part of your deduction.
#29 of 148 More on the GVWR issue by bjoye Sep 26, 2003 (12:33 pm)
I emailed another dealer in my area about the GVWR issue and here's their reply:   "Unfortunately, the GX470 does not qualify for the 6,000 lbs vehicle tax break, as of yet. It will be reviewed and changed February 2004. To receive the tax break before the end of the year, the only vehicle that we have that is over 6,000 lbs. is our LX470."   That doesn't sound promising. I even mentioned the info about September builds with the 9700B code that rjmespn provided.

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