All I want for christmas is a hybrid car and a tax break.
When I was writing my short article about end of year tax savings, I realized that I needed to learn more about the hybrid tax break.
There are basically a few things that you need to know. The toyota prius is out of question the most popular hybrid car. And being so, you will NOT get a tax credit for buying one. Here is the IRS publication that summarizes the tax credits that are still available.
The rule basically is that you must place in service the vehicle on or before 12/31/07 to get the tax credit for this year. This means that you must drive the car off the lot. It also cannot be a used vehicle.
The other important thing to remember is that there is a credit phase out period. The phase out begins when 60K vehicles of that type is sold. You can still get the full credit for the quarter of the year that sold 60K vehicles. The next 2 quarters, you get 50% of the credit. After that you only get 25% of the credit for the next 2 quarters. Then after that it is 0% or no credit.
Some cars that are available for tax credit:
2008 models
Ford Escape Hybrid 2WD $3,000
Ford Escape Hybrid 4WD$2,220
Mercury Mariner Hybrid 2 WD $3,000
Mercury Mariner Hybrid 4WD $2,200
Chevy malibu hybrid = 1300
Honda CVT 2100
Mazda tribute 2wd = 3000
Mazda tribute 4wd = 2000
Nissan Altima hybrid = 2350
Saturn Aura hybrid = 1300
2007 models
Chevrolet Silverado 2WD Hybrid Pickup Truck $ 250
Chevrolet Silverado 4WD Hybrid Pickup Truck $ 650
Ford Escape Hybrid 2WD $2,600
Ford Escape Hybrid 4WD $1,950
GMC Sierra 2WD Hybrid Pickup Truck $ 250
GMC Sierra 4WD Hybrid Pickup Truck $ 650
Honda Accord AT $1,300
Honda Accord Navi $1,300
Honda Civic CVT $2,100
Lexus* GS450h = NO CREDIT NOW
Lexus * RX 400h 4WD = NO CREDIT NOW
Lexus* RX 400h 2WD = NO CREDIT NOW
Toyota Prius = NO CREDIT
Toyota Hylander hybrid = NO CREDIT
Toyota Camry hybrid = NO CREDIT
Murcury Mariner Hybrid = 1950
Saturn Vue = 650
Here are some great websites to learn more about hybrid cars. And also this website called hybridcenter.org.
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Comment by John Brown / Hybrid Cars
Thanks for adding some measurements to your article.
Comment by Payday Loans
Many people use hybrid cars in this era. Its functions and advantages are very reliable and earth- friendly thus most people advocate and patronize its usage. In the current economic climate, many people are trying to save money so they don’t have to get payday loans. Even though it has been dropping over the last few months, the cost of gasoline is expected to rise again over the next year or two. More and more people are going to think about saving money on gas by buying electric or hybrid cars. What you probably don’t know is that a hybrid may not save you that much. If you drive a hybrid, the savings from gasoline amounts to a few hundred dollars a year at most – about the same as most payday loans. If you are saving less than, say, $500 a year on gas with a hybrid, and you paid an extra $4,000 for the car itself, then you will have to own the car for over eight years before it has paid for itself. The average American has a car for five years or less. To see how this works, steer yourself to the Personal Money Store payday loans money blog.