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Tax Incentives for Buying a Hybrid Car
Tax incentives for hybrid car purchases can add up to a significant amount, depending on the specific vehicle purchased as well as many other factors. Alternative fuel vehicles and hybrid cars are becoming more popular and in demand, especially as gas prices go up. Not to mention that certain downfalls of these cars are being perfected, such as low horse power and small engines, which make them more appealing to the public. The cost and the potential problems of these automobiles were the main reasons preventing people from buying these models, but those reasons are starting to disappear.
There are more than just environmental reasons to buy these vehicles, including a hybrid car tax credit and other tax incentives. The hybrid car tax credit offers a tax credit worth up to thirty four hundred dollars, but there are some strings attached. Only the first sixty thousand hybrid vehicles produced by an automaker are eligible for the credit, and the amount can vary widely. Some automakers are already past the limit, and no longer offer this tax incentive, but others are still available.
A previous tax incentive for hybrid car purchases included the Cash For Clunkers Program. This program through the US Government allowed the trade of an older vehicle, which is not energy efficient, for a high value of between thirty five hundred and forty five hundred dollars. The specific amount of the trade in value was determined by the gas mileage of the car being purchased versus the car being traded in. This incentive was for a limited time, and helped many families and individuals afford a car with better gas mileage.
Another program that currently exists is for the Chevy Volt. This model is eligible for up to seventy five hundred dollars in a federal tax credit. This model revolutionized the hybrid industry, since it was the first hybrid that had enough horse power to rival the regular gasoline and diesel consuming cars. However, many of these programs have faded with the flood of better and cheaper alternative fuel automobiles. The spotlight was taken away from the hybrid cars with the emergence of more efficient electric models.
There are programs still out there to help individuals who want to switch from a gas guzzler to a more environmentally friendly alternative. These programs might be harder to find now, but they are available. Another thing is that the prices of these models have come down in price drastically with the advance in technological techniques as well as the sheer supply by the automobile makers. Many of these companies saw that the future lied on alternative fuel technology and focused a lot of their efforts and funds on this.
The information supplied in this article is not to be considered as medical advice and is for educational purposes only.
|Family Budget Planning12 Oct 2009|