Can the cash for clunkers car incentive program be combined with the hybrid tax credit?
Friday, July 24th, 2009 | Research
Yes you can, but only if the new car you are buying qualifies for the tax credit.
Currently, the only cars that qualify for the Federal Tax Credit on hybrid cars are the Nissan Altima Hybrid and the GM hybrids. Ford hybrids qualify for only half their original amount, and will be phased out this September.
Toyota, Lexus and Honda hybrid cars no longer qualify for any Federal Tax Credits.
The Cash for Clunkers program is processed through your dealer. They credit you with the amount you qualify for when you turn in your clunker to the dealer (keep in mind that not all clunkers qualify– There are some pretty strict rules about what qualifies), and the dealer is reimbursed by the U.S. government later on once the clunker has been junked. The credit for the old clunker can be as high as $4500, if it qualifies.
To claim your Federal Tax Credit for the new car, you file a Form 8910 with your 2009 Federal 1040 Income Tax form next April, if you bought a car that qualifies for the credit this year.
Right now I think the Nissan Altima Hybrid is the best deal. It qualifies for a $2300 Federal Tax Credit.
Hope this helps.
4 Comments to Can the cash for clunkers car incentive program be combined with the hybrid tax credit?
with what was on tv about it and what ive read its not much of a deal if you cant buy a new car now then its not going to help you any or much kind of a big joke what was on yahoo the other day said you might save 400 bucks if you was able to buy a new car an dif your like most car drivers you cant just buy a car then its not going to save you much of anything just a big scam to buyers or a way to get people to buy newers cars its not a deal read about it
References :
July 25, 2009
yes and then it can all be rolled into the cap and tax bill and you can pay 5.00 per gallon for gas//thats your congress at work for you
References :
July 25, 2009
Yes you can, but only if the new car you are buying qualifies for the tax credit.
Currently, the only cars that qualify for the Federal Tax Credit on hybrid cars are the Nissan Altima Hybrid and the GM hybrids. Ford hybrids qualify for only half their original amount, and will be phased out this September.
Toyota, Lexus and Honda hybrid cars no longer qualify for any Federal Tax Credits.
The Cash for Clunkers program is processed through your dealer. They credit you with the amount you qualify for when you turn in your clunker to the dealer (keep in mind that not all clunkers qualify– There are some pretty strict rules about what qualifies), and the dealer is reimbursed by the U.S. government later on once the clunker has been junked. The credit for the old clunker can be as high as $4500, if it qualifies.
To claim your Federal Tax Credit for the new car, you file a Form 8910 with your 2009 Federal 1040 Income Tax form next April, if you bought a car that qualifies for the credit this year.
Right now I think the Nissan Altima Hybrid is the best deal. It qualifies for a $2300 Federal Tax Credit.
Hope this helps.
References :
July 25, 2009
Yes. You can combine this with other State and Federal incentives, such as the hybrid vehicle credit. For information on this credit, go to http://www.fueleconomy.gov/Feg/tax_hybrid.shtml
You may also be able to combine this program with Manufacturer incentives too!
Ford (for example) has additional rebates for recent college grads and for active military personnel, etc.
References :
in the auto business since 1983
http://www.cars.gov/index.php/faq#question-26
http://www.letfordrecycleyourride.com/
http://www.cars.gov/index.php/faq
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July 25, 2009