If you had a choice C5 or H2?

Im at a cross road right now...my truck was hit and it will probably be a write off...my 98 vette can only be used for 6 months of the year (because of where I live) and its still got extended warranty on it. I was planning on getting a new truck next spring but looks like it going to be sooner. I would love to get a H2. But I would have to sell my vette to help pay for one. An H2 would be more practical than my vette (being able to use it year round), but i'd probably regret selling the C5.

So what should I do? Use the insurance money and sell the vette for an H2, or keep the vette and get a 'simpler' truck?

I currenty have 2 C5's, an 02' coupe and an 01' Z06. Plans do include purchasing an H2, for my wife. Different cars for different uses. If I had to pick only one vehicle for daily driving I would probably go with an H2. It gets old worrying about ground clearance in the C5's.

What good is an H2 if you don't have a C5 to tow behind it :D

Seriosly, I love the H2, but not at the expense of losing the C5. A year ago, or so, I was thinking of getting rid of my 98 to buy a suburban, wait a couple years and then get another C5. I ended up coming home with a brand new Torch Red Vette and I couldn't be happier. If it were me, keep the vette and get a used truck/SUV for daily driving. Get the H2 later.

Tough question but you ultimately need to look at how you will use the vehicle. I recently read an article that stated the H2 was a fashion accessory. If you are using the "truck" for work and are able to write it off, the H2 makes sense IF you can make the payments! On the practical side if you are running to the bar or to the home center for materials or grocery shopping, look at something else that offers a finance incentive or cash back, GOD knows you won't get either on the H2.

If it was my only vehicle, probably the H2. Driving a C5 in snow and ice isn't very fun. I took my Z06 back for a Z71 and less than a week later we had snow and ice that would've made the Z06 useless. I'll never again be without a 4x4 if I can help it but I do plan on getting another vette in the future. For the price of an H2, you can keep the vette and get a good truck.

Thats a tough one considering your local weather.

How about a C5 and a lightly used 4X4 truck for the bad weather?

I currently have a C5 and a beater for the bad weather.

Well weather isn't an issue here in SoCal. My '02 vette was recently tuned at about 590 RWHP so I bought the H2 to keep the miles off the vette. But now with the price of gas, I might start driving my vette a lot more!

http://www.lanthier.biz/images/Vette/vette_side_new.jpg
http://www.lanthier.biz/images/Hummer/hummer2.jpg

Nice toys, Rod.

There's no way I would give up my C5 for anything. The C5 and the H2 are two totally different vehicles for two totally different purposes. Would I like to have both? Hell, yes! But I would never trade the Vette for an H2.

Gee, I have a '98 Tracker to go to Bellevue Square, '99 Tahoe to drive into the city, and a new 2003 H2 to do whatever I please!!! You only live once!!!!...

Just voted for keeping the C5. I own a 2001 Coupe ... and am in the process of talking my wife into an H2. ***Remember ... anyone who is self-employed can take advantage of BUYING (not leasing) ans H2 ... then writing off up to 100% of the purchase price, via Section 179 Expense! The higher you are in the IRS tax bracket ... the better sense this will be! Good luck!

Originally posted by steve long
***Remember ... anyone who is self-employed can take advantage of BUYING (not leasing) ans H2 ... then writing off up to 100% of the purchase price, via Section 179 Expense! The higher you are in the IRS tax bracket ... the better sense this will be! Good luck!

How does that work? If I pay cash for it can I deduct the entire amount from profits for the year? Does it work with S class corps or LLCs?

I know that, as a self-employed individual - I use a Schedule C ... and depreciate on 4562 (I think). It makes no difference if you pay cash, or finance ... just so long as you do not lease. Vehicles with a GVW over a certain weight (forget the exact weight) qualify. As an example ... when we purchased a 1999 Cadilac Escalade ... it qualified ... but a 1/2 ton P/U would not. If you have an accountant ... ask them about Section 179 Expensing of a HEAVY DUTY TRUCK. Essentially ... if the vehicle qualifies ... and you pay (as an example) $50,000 ... YOU control how much of the $50K that you depreciate that year ... instead of using the formula as set by the IRS. This is similar to fully depreciating office furniture, equipment, etc ... and is most beneficial to get you into a lower tax bracket ... or ... when you have a good year (buy stuff before 12/31.

Hope this helps!

Both!:cool:

My accountant said that even a lease is OK as long as you do end up buying it. But that was off the top of his head.

<<My accountant said that even a lease is OK as long as you do end up buying it. But that was off the top of his head.>>

...and if you get audited ... you have to explain why you took depreciation on a leased vehicle - a definate NO-NO! On the other hand, when you buy the vehicle after coming off lease ... you could do a Section 179 on the buyout amount.

If you can afford both,then do it!!!!If not the H2 would be the way to go!!!! I'm going to try and sell my vette and get one myself.I don't need too,but I'm also looking into buying some property to build a new house.I can always get another vette.

Apples and oranges here big time. Which one do YOU want and which one suits your vehicle needs the best .
I've got "1" now, thinking about getting the "other" soon. Do BOTH, it's only a payment away LOL!
Good luck in your decision:)