Tax Credit Expired

<div class='quotetop'>QUOTE(erogla @ Sep 28 2006, 03:34 PM) [snapback]325191[/snapback]</div>

I wonder if the Prius and I assue Civic reaching this point will help the Escape?

If I got a larger tax deduction on the Escape then Prius then I might have considered it. Same goes for the highlander.

In the end I'm VERY happy I choose the Prius. It's such a great car and I don't want to drive anything else now.

 

<div class='quotetop'>QUOTE(erogla @ Sep 28 2006, 11:34 AM) [snapback]325191[/snapback]</div>

If I buy a car today, do I have to take delivery as well, or can it be delivered on Monday after the 30th. I can sign all the papers today. Will I still be eligible for the tax credit?

 

I believe you have to take delivery on it today or tax credit will be cut in half.

 

Mine will be half the credit anyway but im not bothered by it.....least i'll still get something back. Now that the tax credit craze is over with.

 

<div class='quotetop'>QUOTE(SomervillePrius @ Sep 28 2006, 02:47 PM) [snapback]325200[/snapback]</div>

Since the original allocation here for this year was less than 30,000 Civic-Hybrids, Honda won't hit the threshold until sometime next year. Toyota is way ahead of everyone else when it comes to hybrid production.

Too bad the tax credit was designed to equally distribute quotas, rather than getting as many hybrids on the road as quickly possible. After all, more on the road is what will ultimately drive the market. 60,000 is hardly enough to revolutionize at this stage.

 

<div class='quotetop'>QUOTE(ali @ Sep 30 2006, 11:07 AM) [snapback]326083[/snapback]</div>

I was told by several sources (only a couple of which I trust, but still...) that you only needed the purchase contract to be dated by September 30th to be eligible for the full tax credit, and you can then take delivery of the vehicle afterwards. That's what we were going to do, but we lucked out and our car actually physically came in on Saturday so we were able to drive off the lot on the 30th

I believe that the dealer only needed the VIN number of the car (which he apparently gets as soon as the car hits the port) in order to sell you the car. That way, there would be no huge rush.

Vince

 

The Tax Credit now stands at $1,575 - not bad. And the 2007 Prius is now officially listed as being qualified. If you wind up in the 25% final tax bracket, this offsets over $6,000 of taxable income or over $10,000 if you pay 15%. Worth considering.

Maybe Toyota was waiting to sell as many of the remaining 2006's before filing the required 'paperwork' to get the 2007 qualified. In North Texas, dealers for the most part are still quoting MSRP for the remaining 2006's but seem to have dropped the "market adjustments." The 2007's have not yet started arriving in Texas but the list of available 2006's is dwindling. One lone North Texas dealer is offering $500 to $1,000 discount off MSRP.

Comparing the 06 to the 07, the ~$490 increase in base MSRP is pretty much offset in the higher numbered packages by the side airbags being included in the base price, but the more basic models will pay more for that extra margin of collision safety.

 

<div class='quotetop'>QUOTE(Charles Suitt @ Oct 2 2006, 01:08 PM) [snapback]327073[/snapback]</div>

I think there was a small window (this past week) during which both '07s were coming in and the full tax credit was still available. We were lucky in that we were able to get exactly the car we wanted at the end of the week.

As far as the increased MSRP, the actual difference for us turned out to be $138 more for the '07 pkg #2 vs the '06 pkg #3 (which we almost bought). For that money we got:

1. one year newer car
2. Vehicle Skid Control
3. Curtain airbags standard

Heck of a deal, if you ask me.

Vince

 

<div class='quotetop'>QUOTE(erogla @ Oct 3 2006, 05:04 PM) [snapback]327487[/snapback]</div>

I took delivery of my '06 around Sept. 18th, so I'm well within the deadline. But is there a specific IRS form you need to file for it? Does anybody know what, exactly, the paperwork is that you need to file for the tax credit?

Thank you,

Steve

 

<div class='quotetop'>QUOTE(rebbi @ Oct 3 2006, 02:47 PM) [snapback]327553[/snapback]</div>

IRS Form 8910, available here. Notes: That's an Adobe Acrobat file. If you're a calendar year taxpayer you'll actually file the 2006 version of the form, which wasn't available yet when I looked.

 

Kind of a moot point now, but the cert. letter including the 2007 in the full tax credit was posted by the IRS on 29 Sept.

We got in just under the wire. Black, 07, pkg 6, full tax credit purchased on 29 Sept!

 

<div class='quotetop'>QUOTE(erogla @ Oct 4 2006, 06:44 PM) [snapback]328239[/snapback]</div>

Yes, it does, but still subject to rollback beginning after the manufacturer has sold the trigger number of qualifying vehicles. Vehicles sold by a manufacturer who isn't selling many qualifying vehicles can benefit from the credit into 2010, if I recall correctly.