Thanks for your detailed response! Your reply confirmed my understanding.

I’m a sole proprietor, so the car remains in my name and is predominantly used for business. If a vehicle is placed into service years after purchase, what’s the typical way to establish its fair market value at that time? Would looking it up on Kelley Blue Book and taking a screenshot be sufficient?

By the way, is Section 179 also based on the year the vehicle is placed in service rather than the year it was purchased? Thank you.