Question:
What are the incentives for buying this Hybrid?
I haven't bought it yet, but apparently there are/were differences depending on when you buy?
Anyone have recommendations?
Some people say it's not worth it.
How much is the deduction/credit and how do I get it?
Websites/references?
Answers:
"For hybrid cars purchased through December 31, 2005, hybrid car buyers are allowed a $2000 income tax deduction, and this deduction was slated to diminish to $500 in 2006.
But thanks to the energy bill signed by the President, hybrid car and hybrid SUV buyers will begin to see even larger tax incentives for new hybrid vehicles purchased beginning January 1, 2006.
The new energy bill allows a $400 to $3400 tax credit depending on model. A credit is much better than a deduction since a tax credit directly reduces taxes owed, as opposed to simply reducing taxable income.
On A Per Automaker Basis, Tax Credit Begins Slow Phase Out Once 60,000 Hybrids Are Sold. The tax credit is set to expire in 2009, but for many hybrid models the incentive will end much sooner."
You can find out for yourself how much of a tax credit you can recieve by clicking on the second link.
Other Answers:
Hybrid cars may not be any savings on gas, depending on where you live. If you live in a very flat area or drive mostly in the city, its probably going to save you some $$, but if you live in a mountainous area, you are using more gas than a regular car. There was a study done on 2 civics, the hybrid and the gas only. Both tanks were filled and both cars were driven exactly 50 miles. The hybrid actually used more gas. You might want to think about how much more a hybrid will cost you to fix than a gas only if you get in an accident. I'm staying with gas only or diesl until we get some real numbers on fuel savings. Some people are modifying their hybrids by putting large batteries in them and charge them at night. They are driving 60 miles before using any gas. Plug in hybrids should be something that car manufactures should look into.
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I haven't bought it yet, but apparently there are/were differences depending on when you buy?
Anyone have recommendations?
Some people say it's not worth it.
How much is the deduction/credit and how do I get it?
Websites/references?
Answers:
"For hybrid cars purchased through December 31, 2005, hybrid car buyers are allowed a $2000 income tax deduction, and this deduction was slated to diminish to $500 in 2006.
But thanks to the energy bill signed by the President, hybrid car and hybrid SUV buyers will begin to see even larger tax incentives for new hybrid vehicles purchased beginning January 1, 2006.
The new energy bill allows a $400 to $3400 tax credit depending on model. A credit is much better than a deduction since a tax credit directly reduces taxes owed, as opposed to simply reducing taxable income.
On A Per Automaker Basis, Tax Credit Begins Slow Phase Out Once 60,000 Hybrids Are Sold. The tax credit is set to expire in 2009, but for many hybrid models the incentive will end much sooner."
You can find out for yourself how much of a tax credit you can recieve by clicking on the second link.
Other Answers:
Hybrid cars may not be any savings on gas, depending on where you live. If you live in a very flat area or drive mostly in the city, its probably going to save you some $$, but if you live in a mountainous area, you are using more gas than a regular car. There was a study done on 2 civics, the hybrid and the gas only. Both tanks were filled and both cars were driven exactly 50 miles. The hybrid actually used more gas. You might want to think about how much more a hybrid will cost you to fix than a gas only if you get in an accident. I'm staying with gas only or diesl until we get some real numbers on fuel savings. Some people are modifying their hybrids by putting large batteries in them and charge them at night. They are driving 60 miles before using any gas. Plug in hybrids should be something that car manufactures should look into.