No, that's a yes. You can take the 179 deduction in your case up to 70% of $25k. I was praying that my X5 would come in before 10/22/04 so I can write it off. The dealer called on 10/20 and I told her I am going to be there in 20 minutes to pick it up. Hallelujah!

The other part of this that no one talks about is that yes, you can take the deduction the first year, but that also means no more deduction for the life of the car except for normal operating costs. And when you sell the car, you will realize a gain because your basis is zero!