Summary
Wait to buy or lease your hybrid! Starting in 2006, customers of gas-electric hybrids can get tax credits of up to $3,400. However, not all hybrids are tax-deductible and there is a cap on how many hybrids can qualify.
Original source:
http://seattletimes.nwsource.com/html/nationworld/2002447385_hybridbreak21.html
Details
- Starting in 2006, people who buy or lease hybrid vehicles --- cars or SUVs powered by gasoline and electric engines --- will be able to get tax credits of up to $3,400.
- It's included in the energy bill President Bush signed into law Aug. 8.
- Not all hybrids have been approved for the credit, and how much you'll get back depends on the efficiency of the car and when you buy it.
- In addition, a cap on how many hybrid purchases qualify and waiting lists for some hybrids mean you'll have to act fast.
- The Internal Revenue Service (IRS) has approved seven hybrid vehicles for the tax credit: the Ford Escape, Toyota Highlander, Honda Accord, Honda Civic, Honda Insight, Lexus RX400h and Toyota Prius.
- "Generally assume that the vehicles that achieve better gains in fuel efficiency are the ones that are going to be more handsomely benefited by the tax incentives," Berman said.
- To get the tax credit you'll have to wait to buy the vehicle until after Jan. 1.
- A "pure" hybrid, such as the Toyota Prius or Ford Escape, works better for a city driver, said Brad Berman, who runs a Web site about hybrids.
- A pure hybrid is capable of running solely on its less powerful electric engine for an extended period, ideal for less-demanding stop-and-go traffic.
- Hybrids may not work for you if you need a powerful engine for mountain roads or rugged terrain, said Therese Langer of the American Council for an Energy-Efficient Economy, a nonprofit energy-conservation advocacy group.
- The Environmental Protection Agency fuel-economy ratings don't reflect real-world driving conditions, so no hybrid will yield as many miles of savings as listed.
- A replacement can cost up to $4,000, but most automakers back their batteries for at least eight years or 80,000 miles, whichever comes first.
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