Ask the Car People.SM


Toyota Camry Hybrid: Ordering Process - READ ONLY

530 messages,  Last post on Nov 10, 2006 at 5:26 AM

You are in the Hybrid Vehicles - Archived Discussions Forum.

This discussion is ARCHIVED. To reactivate the discussion, post a request in the Lost? Ask the Hybrids Host for directions! discussion.

What is this discussion about? Toyota Camry, Hybrid Cars, Sedan

Messages Page 52 of 53

#511 of 530 Re: Why a TCH? [mfletou1] by moparbad

Sep 22, 2006 (11:28 am)

Replying to: mfletou1 (Sep 21, 2006 9:09 pm)
NOT including a $2600 rebate.
 
Is this rebate a rebate to dealer or to consumer?

#512 of 530 Re: Why a TCH? [moparbad] by terry92270

Sep 22, 2006 (11:33 am)

Replying to: moparbad (Sep 22, 2006 11:28 am)
The incorrect word was used. Not a "rebate".
 
Until the end of this month, purchasers of Hybrids get a $2600 tax credit on their 2007 Income Tax.

#513 of 530 Re: Why a TCH? [terry92270] by gc77584

Sep 22, 2006 (2:43 pm)

Replying to: terry92270 (Sep 22, 2006 11:33 am)
Until the end of this month, purchasers of Hybrids get a $2600 tax credit on their 2007 Income Tax.
 
It's actually a credit on your 2006 federal income tax, the return for which will be filed (by most people) in 2007.
 
Just thought of a question and I'm too lazy to go look it up...I know the hybrid vehicle has to be put into service after January 1, 2006 but is the credit still good on vehicles purchased in say, 2007, if the manufacturer doesn't hit 60,000 in 2006?

#514 of 530 Re: Why a TCH? [gc77584] by terry92270

Sep 22, 2006 (3:19 pm)

Replying to: gc77584 (Sep 22, 2006 2:43 pm)
Well, in my world, 2007 taxes are the year I do them in....
 
No, I don't think it works that way....you have to claim the credit on the tax year it was specified in. I am fairly confident Congress will extend or offer a new scheme when they get back from the Novemember elections, to make themselves look good for the 2008 elections.

#515 of 530 Re: Why a TCH? [gc77584] by wvgasguy

Sep 22, 2006 (4:21 pm)

Replying to: gc77584 (Sep 22, 2006 2:43 pm)
but is the credit still good on vehicles purchased in say, 2007, if the manufacturer doesn't hit 60,000 in 2006?
 
The credit is appliued to the year of purchase. For the TCH it's $2600 against your 2006 taxes (which you file the papers in 2007). It goes down to $1300 at the end of the month.
 
For car makers who have not made 60,000 cars the credit stays the same until they meet the 60,000 mark. I don't know what the various credits are but say a Ford Escape Hybrid is $1200 now, then it will be $1200 this year or next or untill the law is no longer in effect or until they hit the 60,000 mark (a while from now) which ever is sooner. They it will drop similar to the TCH

#516 of 530 Re: Why a TCH? [wvgasguy] by terry92270

Sep 22, 2006 (4:25 pm)

Replying to: wvgasguy (Sep 22, 2006 4:21 pm)
From what I understand, Toyota will have hit the threshold by the end of this month...so the tax credit for them will end.

#517 of 530 Re: Why a TCH? [terry92270] by wvgasguy

Sep 22, 2006 (4:29 pm)

Replying to: terry92270 (Sep 22, 2006 4:25 pm)
From what I understand, Toyota will have hit the threshold by the end of this month...so the tax credit for them will end.
 
It gets cut to $1300.

#518 of 530 Re: Why a TCH? [wvgasguy] by terry92270

Sep 22, 2006 (4:32 pm)

Replying to: wvgasguy (Sep 22, 2006 4:29 pm)
Cool!
 
Thanks for the right answer, GasGuy!

#519 of 530 Re: Why a TCH? [terry92270] by kdhspyder

Sep 23, 2006 (10:36 am)

Replying to: terry92270 (Sep 22, 2006 4:25 pm)
Actually Toyota hit the 60,000 mark at the end of May.
 
The way the law is written everyone who purchased a vehicle in that quarter and the following quarter are entitled to the full credit ( subject to their personal tax situation ). This is why Sept 30th is the last day for the full credit. On deliveries beginning 10-1 the credit is $1300 through March 31, 2007. Then $650 through 9-30-07
 
Vehicles put in service this year can apply the credit to their tax liability for TY 2006. Those taking delivery on 1-1-07 will have to wait a year.

#520 of 530 Re: Why a TCH? [kdhspyder] by terry92270

Sep 23, 2006 (11:58 am)

Replying to: kdhspyder (Sep 23, 2006 10:36 am)
Thank you for the details! I am bookmarking it.

Messages Page 52 of 53

Advertisement

Browse by Category

Browse by Vehicle
   View All Vehicles

Browse by Board
Browse by Topic
View All Topics

Edmunds Community

Advertisement