Anyone have any thoughts about trying for the tax breaks two years in a row?

I am tempted to sell my 06 HCH-II in a private sale (hope to get about 20k) then turn around and purchase a brand new 2007 model.

If I can get the $2,600 in tax incentives again this calendar year, it would be like getting a one year newer car and turning back the odometer for free (barring tax, tags, etc).

I'd love to hear what others think about it.

Thankss

 

My life is complicated enough, I don't need to add to it.

Good Luck with it.

Bill

 

I thought the HCH tax credit is only $2100? I paid $1,500 in tax on my car so the tax alone is going to almost wipe out my tax credit. I wouldn't consider it unless you have a ton of miles on your car because the '06 and '07 are the same car. If it was a '07 for an '05, then it could be worth it.

 

Depends on where you live. If you're in Calif. and you need and an HOV sticker, then it wouldn't be worth the gamble.

 

I paid about $1,300 in taxes (PA is 6%). In PA we also get a $500 mail in tax break for a hybrid that goes on top of the $2,100 from the feds.

 

I haven't been keeping up - has Honda sold anywhere near their allotted 60,000 cars yet?

The IRS doesn't seem to have any stipulations about how long you keep the car, at least according to the web page below, so as long as you're not buying it after the end of the quarter after which they sell 60,000 hybrids after 1/1/2006, you should at least be able to get the full credit. Whether it makes financial sense is an exercise for the user....

http://www.irs.gov/newsroom/article/...157557,00.html

 

Not even close. They will be lucky if they sell 10,000 Hybrids in 2006. Which means the HCHII is a very rare and unique automobile. Only for discriminating drivers!

 

Don't write things about which you are clueless.
Honda sold 31,253 Civic hybrids in 2006 and 5,598 Accord hybrids.
http://www.theautochannel.com/news/2...03/032850.html

They will reach the 60,000 allotment for the tax credit some time in the second half of 2007.

 

I did it.
I got a tax deduction for my 2004 HCH, which got for $2000 below MSRP.
I sold it last year for $21,000, with 24,000 miles on it.

Then I bought my 2006 HCH for $1000 under MSRP in a rural county and now I get $2100 federal tax credit.

Not bad.

 

Kenny, wow, your stats in your sig...very impressive, good job