Because you buy it as a "company vehicle" but 98% of it's miles are driven for your personal use. Whether the tax code considers that a loophole doesn't matter.

Because you buy it as a "company vehicle" but 98% of it's miles are driven for your personal use. Whether the tax code considers that a loophole doesn't matter. It's a loophole to give a personal item the tax treatment of a business asset. You wanted to buy the vehicle anyway, you were going to buy it anyway, but for some absurd reason you get to count a personal vehicle against your company's tax liability.