The purchased vehicle is a fixed asset and the cost is what you actually paid for it

depreciation is covered by IRS pub 946, 5 years useful life, tables A-?, depending on when it was placed in service

Resolution for '2016 used issue: 'I purchased the 2016 used Vehicle for my business, how do I account for depreciation? what is the useful life of the asset?' available: Yes.

The 2016 used issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the 2016 used issue yourself by looking for a resolution described in the article. If it is a complex 2016 used issue or you are unable to solve the issue, you may contact us by clicking here or by using other 2016 used support options.

For more information about resolving issues related to 2016 used in Quickbooks/QBO or to get support for the issue 'I purchased the 2016 used Vehicle for my business, how do I account for depreciation? what is the useful life of the asset?', click the link below: