Hey Wait! Don’t Take My Green Tax Incentives! Part I-Hybrids
Since 2008 was to be the year I’d buy a Hybrid, I’ve been doing some research to find out more about Hybrid tax credits. It turns out that the Toyota Prius tax credit no longer exists. I’m pretty bummed about it.
When a new Hybrid hits the street, only a certain number of credits are allowed. So, the Prius I was hoping to downsize to will not be saving my tax dollars because it’s been around too long. Even though there are new Hybrids being released that will still qualify for the tax credit, I’m just not sure I trust these newbies enough.
The Toyota Prius (and Honda Insight) has been around longer than any other mainstream Hybrid car. I fashion myself a risk taker, but truth be told, I’m much more comfortable buying from a manufacturer who has pioneered a new technology, especially when I’m spending over $20,000. I’m never the one with the first of anything because I want to give a company time to fix their first-generation problems. There are always first-generation problems.
Maybe it’s not realistic but I think we ought to get tax credits on every alternatively fueled car produced until all the gas guzzlers (like my Mitsubishi Diamante) are off the road, or until they discover a Jeannie who can wish us up some oil for cheap.
Here’s a table that shows the tax credit we can expect depending on the model of Hybrid we are driving or buying when we file our taxes next year.
|
Make |
Model |
Credit Amount |
|
|
Chevrolet |
Malibu Hybrid |
$1,300 |
|
|
Chevrolet |
Tahoe Hybrid 2WD and 4WD |
$2,200 |
|
|
Ford |
Escape Hybrid 2WD |
$3,000 |
|
|
Ford |
Escape Hybrid 4WD |
$2,200 |
|
|
GMC |
Yukon Hybrid |
$2,200 |
|
|
Honda** |
Civic CVT |
Purchase Date |
|
|
Prior to 1/1/08 |
$2,100 |
||
|
1/1/08 — 6/30/08 |
$1,050 |
||
|
7/1/08 — 12/31/08 |
$525 |
||
|
1/1/09 and later |
$0 |
||
|
Mazda |
Tribute 2WD |
$3,000 |
|
|
Mazda |
Tribute 4WD |
$2,200 |
|
|
Mercury |
Mariner Hybrid 2WD |
$3,000 |
|
|
Mercury |
Mariner Hybrid 4WD |
$2,200 |
|
|
Nissan |
Altima Hybrid |
$2,350 |
|
|
Saturn |
Aura hybrid |
$1,300 |
|
|
Saturn |
Vue Green Line |
$1,550 |
|
|
Toyota* |
Camry Hybrid |
Purchase Date |
|
|
1/1/06 — 9/30/06 |
$2,600 |
||
|
10/1/06 –3/31/07 |
$1,300 |
||
|
4/1/07 — 9/30/07 |
$ 650 |
||
|
10/1/2007 and later |
$ 0 |
||
|
Toyota* |
Prius |
Purchase Date |
|
|
1/1/06 — 9/30/06 |
$3,150 |
||
|
10/1/06 –3/31/07 |
$1,575 |
||
|
4/1/07 — 9/30/07 |
$787.50 |
||
|
10/1/2007 and later |
$ 0 |
||
|
Toyota* |
Highlander Hybrid 4WD |
Purchase Date |
|
|
1/1/06 — 9/30/06 |
$2,600 |
||
|
10/1/06 –3/31/07 |
$1,300 |
||
|
4/1/07 — 9/30/07 |
$ 650 |
||
|
10/1/2007 and later |
$ 0 |
||
|
Lexus* |
RX 400h 2WD and 4WD |
Purchase Date |
|
|
1/1/06 — 9/30/06 |
$2,200 |
||
|
10/1/06 –3/31/07 |
$1,100 |
||
|
4/1/07 — 9/30/07 |
$ 550 |
||
|
10/1/2007 and later |
$ 0 |
||
|
Lexus* |
LS 600h L Hybrid |
Purchase Date |
|
|
1/1/06 — 9/30/06 |
$1,800 |
||
|
10/1/06 –3/31/07 |
$900 |
||
|
4/1/07 — 9/30/07 |
$ 450 |
||
|
10/1/2007 and later |
$ 0 |
||
courtesy of irs.gov
So, what would you do, take the loss of the tax credit and buy the Prius, anyway, or take a chance on one of the manufacturers that are just now getting around to developing Hybrids? And if you have a Hybrid that you love or hate, leave a comment and tell us about it. It may help those of us who are shopping for Hybrids make a decision.
Here’s a great article with a summary of all the 2008 green tax credits. Stay tuned for “Don’t Take My Green Tax Incentives! Part II - Solar Power.”
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