Grant Cardone’s Favorite Cars for the Money
Written by
Gabrielle Olya
Edited by
Nupur Gambhir
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Although new car prices have been falling, the average new car price is still out of reach for many buyers. The average American new car buyer paid $47,936 in October, according to Kelley Blue Book. On the plus side, used cars are becoming increasingly affordable, with the average used car list price at $26,533 in October, a 3% drop year-over-year.
Whether you’re buying new or used, the bottom line is that a car is a major purchase, so you want to make sure you are getting one that’s truly worth the investment. GOBankingRates spoke with Grant Cardone, private equity fund manager and real estate investor, to get his picks for the best cars you can get for the money. Here are his favorites.
Cadillac Escalade and Lincoln Navigator
“The Escalade and the Navigator are two of the best deals in the market today,” said Cardone, who will be hosting his 2023 Real Estate Summit on Dec. 16-18. “They’re not over sticker, the dealers are very reasonable and they both qualify for the 179 tax deduction.”
The IRS Section 179 tax depreciation rule allows you to write off the cost of a car weighing more than 6,000 pounds, as long as you use it more than 50% of the time for business purposes. If you’re not a business owner, you can pretty easily become one to qualify for this deduction, Cardone said.
“I would always be a business owner in some way, shape or form,” he said. “If I didn’t own a business, I would join a multi-level marketing company so that I had a business. For $49, you can join a multi-level marketing company to write off the car.”
Limited Edition Vintage Cars
If you’re buying a car as an investment, a vintage car is the way to go.
“A good investment would be one of those vintage cars, if they don’t make them anymore,” Cardone said. “That would be smart.”
Land Rover Range Rover Evoque
“I like the Evoque Range Rover,” Cardone said. “[It’s a] $60,000 car, very safe [and] it qualifies for the write-off. It’s a Range Rover that’s not extremely overpriced.”
Trucks
If you’re debating between buying a car or truck, Cardone said to go with the truck.
“Trucks are great investments, much better investments than cars,” he said. “I just put a deposit on the Cybertruck.”
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