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.
About the author: Mike Adams is a consumer health advocate and award-winning journalist with a strong interest in personal health, the environment and the power of nature to help us all heal He has authored and published thousands of articles, interviews, consumers guides, and books on topics like health and the environment, and he is well known as the creator of popular downloadable preparedness programs on financial collapse, emergency food storage, wilderness survival and home defense skills. Adams is a trusted, independent journalist who receives no money or promotional fees whatsoever to write about other companies' products. In 2010, Adams launched TV.NaturalNews.com, a natural health video site featuring videos on holistic health and green living. He also founded an environmentally-friendly online retailer called BetterLifeGoods.com that uses retail profits to help support consumer advocacy programs. He's also a successful software entrepreneur, having founded a well known email marketing software company whose technology currently powers the NaturalNews email newsletters. Adams volunteers his time to serve as the executive director of the Consumer Wellness Center, a 501(c)3 non-profit organization, and practices nature photography, Capoeira, martial arts and organic gardening. Known as the 'Health Ranger,' Adams' personal health statistics and mission statements are located at www.HealthRanger.org
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Wednesday, September 14, 2005
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