08 tax questions

<div class='quotetop'>QUOTE(Steven58 @ Sep 10 2007, 02:55 PM) [snapback]510174[/snapback]</div>

Since the 2008 Prius is unchanged I would expect it to be added to the IRS list and qualify for the same credit as the 2007. It takes quite some time for the IRS to update their list.

Are you interested in buying a car or a tax credit to use on the road? Are you going to be able to take advantage of the full amount of the credit?

 

<div class='quotetop'>QUOTE(Steven58 @ Sep 10 2007, 02:55 PM) [snapback]510174[/snapback]</div>

Since the 2008 Prius is unchanged I would expect it to be added to the IRS list and qualify for the same credit as the 2007. It takes quite some time for the IRS to update their list.

Are you interested in buying a car or a tax credit to use on the road? Are you going to be able to take advantage of the full amount of the credit?

 

<div class='quotetop'>QUOTE(Steven58 @ Sep 11 2007, 11:27 PM) [snapback]511074[/snapback]</div>

I should be taking delivery of my 2008 Prius next week. My dealer told me, and it's also on the Toyota Web Page that if you buy a NEW 2007 or 2008 Prius and take delivery before 10/1/07 you get the $700 or $750 tax credit. I don't believe you'd get the $2100 for buying the Honda, I think the Tax Credit is based on the year the credit was introduced not the model.
jp

 

<div class='quotetop'>QUOTE(Steven58 @ Sep 11 2007, 11:27 PM) [snapback]511074[/snapback]</div>

I should be taking delivery of my 2008 Prius next week. My dealer told me, and it's also on the Toyota Web Page that if you buy a NEW 2007 or 2008 Prius and take delivery before 10/1/07 you get the $700 or $750 tax credit. I don't believe you'd get the $2100 for buying the Honda, I think the Tax Credit is based on the year the credit was introduced not the model.
jp

 

<div class='quotetop'>QUOTE(jpmorgan49 @ Sep 13 2007, 05:16 PM) [snapback]512174[/snapback]</div>

Actually the credit is based first on the model, and then on when the manufacturer has sold a certain number (I don't remember how many) of hybrids in the U.S.

The initial tax credit for a Prius was a little over $3k
Toyota has been so successful in selling their hybrids, they reached the trigger back in March of 2006.
This means that the credit got cut in half to somewhere around $1.5k back on Oct. 1, 2006 and got cut in half again 6 months later to just about $750 on April 1, 2007. Come Oct. 1, 2007 (6 months since the last reduction) the credit for the Prius will be gone unless Congress and the President decide to enact another tax credit.

Honda on the other hand hasn't been nearly as successful at selling hybrids, so as far as I know they haven't reached the trigger yet and Honda hybrids still get their full original tax credit. Therefore the $2100 is probably still available (I'm not certain on this because I was never really interested in the Honda hybrids anyhow so I haven't followed their tax credit and sales very closely)

In the back of my mind I can't help but think, "There's a reason that Toyota sells more Prius with a $750 credit than Honda can sell of their hybrids with a $2100 credit."

 

<div class='quotetop'>QUOTE(jpmorgan49 @ Sep 13 2007, 05:16 PM) [snapback]512174[/snapback]</div>

Actually the credit is based first on the model, and then on when the manufacturer has sold a certain number (I don't remember how many) of hybrids in the U.S.

The initial tax credit for a Prius was a little over $3k
Toyota has been so successful in selling their hybrids, they reached the trigger back in March of 2006.
This means that the credit got cut in half to somewhere around $1.5k back on Oct. 1, 2006 and got cut in half again 6 months later to just about $750 on April 1, 2007. Come Oct. 1, 2007 (6 months since the last reduction) the credit for the Prius will be gone unless Congress and the President decide to enact another tax credit.

Honda on the other hand hasn't been nearly as successful at selling hybrids, so as far as I know they haven't reached the trigger yet and Honda hybrids still get their full original tax credit. Therefore the $2100 is probably still available (I'm not certain on this because I was never really interested in the Honda hybrids anyhow so I haven't followed their tax credit and sales very closely)

In the back of my mind I can't help but think, "There's a reason that Toyota sells more Prius with a $750 credit than Honda can sell of their hybrids with a $2100 credit."

 

<div class='quotetop'>QUOTE(Danny Hamilton @ Sep 13 2007, 03:41 PM) [snapback]512190[/snapback]</div>

Sixty thousand sales of hybrid automobiles by a manufacturer, while the tax credit was in effect, trigger the phase out of the tax credit for its cars. Toyota surpassed that number in the second quarter of last year. AFAIK, Honda is nowhere near the 60,000 mark, thus its cars are still eligible for the full amount of the credit that its cars were originally entitled.

 

Hey, I like your picture...

I'm an Israeli myself (have been living in the U.S. for 5.5 years).

I am in this situation - I bought an '08 Prius a month ago (i.e. before October 1st) and I even called the IRS. They tried to find any info but the '08 model is not in the list (at least not yet).

They didn't have any useful information for me.

Where I am (Colorado) there's also a tax credit, and there the '08 model is also not listed.

I hope for the best

Amnon