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How many '06 Fed tax credits per individual?

Discussion in 'Gen 2 Prius Main Forum' started by amped, Mar 17, 2006.

  1. amped

    amped Senior Member

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    I searched posts and FAQ's but couldn't find the answer. May the same individual receive more than one Federal tax credit for a qualifying hybrid vehicle during 2006?

    Specifically, I need to decide soon whether to get another Prius with it's known $3,150 Fed credit or a Camry HSD with it's unknown credit. I expect the Camry HSD Fed credit to be much less, but will get it instead of a Prius if limited to just one credit. Resale should be strong on Camry HSD, stronger than Prius I think, so I'll likely make up any difference at resale time.

    Thanks in advance...
     
    #1 amped, Mar 17, 2006
  2. jayway

    jayway New Member

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    I dont know how Camry resale could be stronger than the Prius. I sold my prius with 15k and one year old for $1500 less than I paid.
     
    #2 jayway, Mar 17, 2006
  3. McShemp

    McShemp New Member

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    Yes. One credit for every car put into service. There's no "one per address" restriction.
     
    #3 McShemp, Mar 17, 2006
  4. Tempus

    Tempus Senior Member

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    If you have octuplets and they all turned 16, you could get 8 credits. Fortunately, the government hasn't started telling us how many cars we can have, yet :)
     
    #4 Tempus, Mar 17, 2006
  5. syncmaster

    syncmaster Member

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    I disagree, the camry does not qualify for single driver HOV acess. I think that will play a big part in resale value.
     
    #5 syncmaster, Mar 17, 2006
  6. amped

    amped Senior Member

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    So that means the no "one per address" rule is the same as no "one per individual" restriction? I was re-reading the Energy Act again this morning and still can't find the chapter/title/verse that applies. Can you link to the verse that does? Or if it's silent on the issue, does that mean there's no individual restriction? Thanks again...
     
    #6 amped, Mar 18, 2006
  7. inventor00

    inventor00 Active Member

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    You are correct- the Camry will NOT get a carpool sticker, so the value as a carpool vehicle will go down. But there are tons more Camry's sold, and gas is up to 2.69 today, so maybe resale will be ok.

    Good luck... According to our Toyota speaker (Dave Hermance, Toyota Corporate) at our last meeting, they think the credit will run the 60,000 cars by June, and you have one qtr after that, so you need to buy before Sept 30th to get full credit - of whatever the Camry will get.
     
    #7 inventor00, Mar 18, 2006
  8. amped

    amped Senior Member

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    Well, Google provided the chapter, title and verse in 0.034 seconds.

    About resale, I've done well with my last four 2G Prii and HiHy, selling each of them for more than what I paid, although I sensed HiHy wouldn't hold up and sold after two months ownership.

    My reasoning re: Camry HSD may be wishful thinking, but is based on:

    -- No HOV stickers in my area so no resale premium there.

    -- Prius is on plan to sell 120,000 this year, discounts are available now, lease returns and phase out of Federal credit will impact Prius resale negatively beginning this October.

    -- Only 12,000 HiCams to be sold this year of the 500,000 Camry total, the best selling car in the US. I predict wait lists reminiscent of first 2G Prius. My dealer has 14 firm deposits but is only getting 8 this year (I'm #1 on the list for June delivery).

    -- Road tests of HiCam I've read rate it a better buy and all-around better car than Prius. At last, power heated seats.

    -- Prius 3G due in 18 months according to my dealer, Camry is all-new now.

    We'll see, but my Prius buy/sell strategy over the past 28 months that I've described in detail on PriusChat produced the free and clear Prius I'm driving now. There will be a short window of opportunity for HiCam Fed/State credits that should also help to lessen depreciation.
     
    #8 amped, Mar 18, 2006
  9. DaveinOlyWA

    DaveinOlyWA 3rd Time was Solariffic!!

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    ya but if you bought yours at retail then you have to consider the average $2200 premium Priuses are going for so you actually lost $3700 on the deal. if you doubt this, check out the thread that talks about Toyota's being the hottest cars right now
     
    #9 DaveinOlyWA, Mar 18, 2006
  10. jayway

    jayway New Member

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    I bought the 05 at MSRP and The 06 at MSRP. It is a WIN WIN for me!
     
    #10 jayway, Mar 18, 2006
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