You can change the cost now and that would be the correct thing to do. To do it correctly, however, you would have to calculate what the correct depreciation of the vehicle was for the years you had it in service. Once you have that accumulated depreciation figure, you should delete the asset entry, then re-enter it using the correct cost, date put into service and depreciation taken in prior years. That way the vehicle will have the correct depreciation going forward. If the vehicle is fully depreciated, you can just change the cost.
You should amend the returns for the previous years to reflect the correct depreciation that should have been taken in those years. You woud need to do a similar asset entry in those years like I just mentioned.
To calculate the correct depreciation for each year, you can enter the asset in the current year TurboTax as though it was the first year in service, note the depreciation amount, then delete the entry and do the same for the next year and so forth to arrive at the correct depreciation amount for the past years. Or, you could look it up in a depreciaton table and calculate it manually.
Also, for the prior years, depending on what depreciation method was used, you may find that the deduction each year is minimal, so that may impact your decision on the necessity to amend prior year returns.
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