Last post on Jul 08, 2011 at 8:03 PM
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Toyota Prius, Hybrid Cars, Sedan
#234 of 2152 Re: Prices in Chicago area [virgilg]
Sep 19, 2006 (12:13 pm)
There may be more authoratative experts on this forum than me, but I believe the tax deduction you were thinking applies for pre-Jan 1, 2006 hybrid purchases, which lets buyers deduct a variable amount off their taxable income when filing for income tax. For Jan. 1, 2006 or after, you get a straight $ 3150 tax credit on a Toyota Prius (less for other models and for Honda's). That is $ 3150 less on your federal income tax. So if you owe more taxes, you pay $ 3150 less, and if you are getting some (refunds) back, add $ 3150 to your uncle Sam tax refund check. Sure makes the Prius costs more tolerable doesn't it?
But this tax credit does not apply to tax filers who also AMT taxes, which applies for a lot of folks who owns businesses and/or rental properties. Only your accountants and your conscience can determine that.
The 12 days mentioned here is perhaps in reference to when the $ 3150 gets reduced to half ($1575). So if you get your Prius before Sept. 30, you get the $ 3150 tax credit. Between Oct and Dec, $ 1575, and the quarter after that, half of $ 1575, then nil.
If you don't get one by Sept. 30, I think it would be better to wait until Nov-Dec to get a 2007. You will get a newer car, a Touring model (as you said in your earlier posting), and perhaps a good discount off the MSRP. I think with gas prices coming down so quickly (for how long is another ??), and no $ 3150 tax credit, there will be Prius disconts finally. I also suspect people to buy Honda Civic Hybrids too, which will still have $ 2600 (I think) tax credit for some time to come.
As for me, I hope my 2007 will arrive before Sept 30. If not, I will follow my own suggestion and wait until Nov-Dec.
News in LA Times has mentioned Midwest gas prices dropping the fastest in the nation. So perhaps you won't even have to wait for long for Prius discount.
Good luck. CK
#235 of 2152 Re: Prices in Chicago area [stevedebi]
Sep 19, 2006 (5:10 pm)
For California Prius customers, it appeared that DMV was going to stop issuing any more HOV stickers but the Governor
has just authorized issuing 10,000 more so that should cover purchases over the next few months.
#236 of 2152 Re: Prices in Chicago area [cruising7388]
Sep 19, 2006 (8:08 pm)
Cruising thank you so much for the great news (CA HOV). Looks like Prius price (in CA) won't tank so quickly in the next few months after all.
#237 of 2152 Re: Bad experience at Kearny Mesa, SoCal [ck90211]
Sep 19, 2006 (9:06 pm)
Thanks for the tip. I did call Power Toyota yesterday and am on their wait list. But I'm going to try again tomorrow.
#238 of 2152 Re: Bad experience at Kearny Mesa, SoCal [wood2318]
Sep 19, 2006 (9:39 pm)
Wood2318, any physicians who give free lectures at senior centers deserve all the praises and headsup in the world. Glad you too got your dibs on an '07 at Powers. Lets just hope they don't let us down by Sept. 30. CK
#239 of 2152 Re: Bad experience at Kearny Mesa, SoCal [wood2318]
Sep 20, 2006 (7:07 am)
Wood2318. I too will check with Power between now and Sept 30 to get updates on 2007 deliveries. Lets keep each other informed. Also, aren't you glad we will still get HOV stickers thanks to the Govornator's pen?
#240 of 2152 Re: Thanks for DMV fee rundown [ck90211]
Sep 20, 2006 (7:22 am)
"While it's probably too late to get a HOV sticker, what is the procedure of getting one?"
Get some people to carpool with you like HOV lanes intended usage O=occupancy not miles/gal.
#241 of 2152 Re: Prices in Chicago area [ck90211]
Sep 20, 2006 (11:39 am)
"So if you get your Prius before Sept. 30, you get the $ 3150 tax credit. Between Oct and Dec, $ 1575, and the quarter after that, half of $ 1575, then nil."
Close, but the 1/4 value runs for 6 months.
#242 of 2152 Re: Thanks for DMV fee rundown [midnightcowboy]
Sep 20, 2006 (1:40 pm)
You're certainly entitled to your opinion...for what it's worth.
#243 of 2152 Re: Prices in Chicago area [ck90211]
Sep 20, 2006 (5:44 pm)
Thank you for your advice. We'll follow it in hopes for a better deal. We're probably have a refund on our taxes for '06. Some other people on the forum say that in that case you lose the tax deduction forever. Interestingly enough, on the IRS 8910 form there's nothing mentioned about that. Anyway, if that's the case, then we're not going to rush into it.
We can also choose to buy the car from either the Bay Area or Chicago. When you pre-ordered yours, did you get a good deal (over, or under MSRP)? How was the process? Was the dealer pushy? If you can share some real-life information with us, it would certainly help us do our homework better before going in.
So far, we only know that when we rented a '05 for a week in California we enjoyed every minute of driving it.