The maximum depreciation limit for cars put into service prior to January 1, 2010 and used completely for business is known as the luxury car depreciation limit, even though it also pertains to cars that aren't typically considered luxury vehicles. This maximum limit is set forth in Section 179 of the tax code and is a combination of the normal depreciation limit plus a one-time bonus depreciation amount. The normal maximum is $2,960 while the bonus is $8,000, making the total first year allowable depreciation to be $10,960. The maximum depreciation for a vehicle in its second year of use is $4,800.