Shocked at the value of our cars...
#11
Re: Shocked at the value of our cars...
Originally Posted by cartunes
I plan to sell my 05 HCH and buy an 06 HCH. The tax break is enough incentive for me to spend the extra money on the Hybrid vs. the EX.
Seriously, this is good news. My 05 HCH (only 4 months old) has about the same reported KBB value as it did when I bought it. All, please check my logic here...
So if I sold my 05 HCH and bought the 06 HCH, could I realize tax savings / deductions on BOTH? That's assuming I can find an 06 at a decent price.
Help please?
Thanks!
Lansing
#12
Re: Shocked at the value of our cars...
Originally Posted by Lansing
I wish you guys never brought up this subject~~
Seriously, this is good news. My 05 HCH (only 4 months old) has about the same reported KBB value as it did when I bought it. All, please check my logic here...
So if I sold my 05 HCH and bought the 06 HCH, could I realize tax savings / deductions on BOTH? That's assuming I can find an 06 at a decent price.
Help please?
Thanks!
Lansing
Seriously, this is good news. My 05 HCH (only 4 months old) has about the same reported KBB value as it did when I bought it. All, please check my logic here...
So if I sold my 05 HCH and bought the 06 HCH, could I realize tax savings / deductions on BOTH? That's assuming I can find an 06 at a decent price.
Help please?
Thanks!
Lansing
HTH
Terry
#13
Re: Shocked at the value of our cars...
Originally Posted by Lansing
I wish you guys never brought up this subject~~
Seriously, this is good news. My 05 HCH (only 4 months old) has about the same reported KBB value as it did when I bought it. All, please check my logic here...
So if I sold my 05 HCH and bought the 06 HCH, could I realize tax savings / deductions on BOTH? That's assuming I can find an 06 at a decent price.
Help please?
Thanks!
Lansing
Seriously, this is good news. My 05 HCH (only 4 months old) has about the same reported KBB value as it did when I bought it. All, please check my logic here...
So if I sold my 05 HCH and bought the 06 HCH, could I realize tax savings / deductions on BOTH? That's assuming I can find an 06 at a decent price.
Help please?
Thanks!
Lansing
Yes, you can probably claim the $2000 deduction on your 05 HCH even if you sell it before the end of the year. And you can probably get another deduction on a 06 HCH if you buy it this year, or a tax credit if you buy it next year.
The net value of a deduction depends on your tax bracket. If you're in the 25% bracket (a lot of "middle class" people are) then the deduction is worth $500 in your pocket.
But keep in mind that, depending where you live, you probably paid close to $2000 in sales/use tax when you bought the 05, and you'll pay the same again on the 06, and there ain't nobody gonna give you back that money.
#14
Re: KBB is always too optimistic.
Originally Posted by phoebeisis
Why would anyone even consider paying >$22,000 for a used 05 or earlier HCH which on paper is inferior in all respects?You would probably have to ship the Prius-$1000-but you would have full warranty on a "better" vehicle.
.Charlie
.Charlie
#15
Re: Shocked at the value of our cars...
Originally Posted by Lansing
Seriously, this is good news. My 05 HCH (only 4 months old) has about the same reported KBB value as it did when I bought it. All, please check my logic here...
#16
Re: Shocked at the value of our cars...
Originally Posted by ElanC
What tax savings do you have in mind?
Yes, you can probably claim the $2000 deduction on your 05 HCH even if you sell it before the end of the year. And you can probably get another deduction on a 06 HCH if you buy it this year, or a tax credit if you buy it next year.
The net value of a deduction depends on your tax bracket. If you're in the 25% bracket (a lot of "middle class" people are) then the deduction is worth $500 in your pocket.
But keep in mind that, depending where you live, you probably paid close to $2000 in sales/use tax when you bought the 05, and you'll pay the same again on the 06, and there ain't nobody gonna give you back that money.
Yes, you can probably claim the $2000 deduction on your 05 HCH even if you sell it before the end of the year. And you can probably get another deduction on a 06 HCH if you buy it this year, or a tax credit if you buy it next year.
The net value of a deduction depends on your tax bracket. If you're in the 25% bracket (a lot of "middle class" people are) then the deduction is worth $500 in your pocket.
But keep in mind that, depending where you live, you probably paid close to $2000 in sales/use tax when you bought the 05, and you'll pay the same again on the 06, and there ain't nobody gonna give you back that money.
Thanks for the Insight (pun intended).
Lansing
#18
Drove the 06...claimed 'fixes?'
Originally Posted by ElanC
What tax savings do you have in mind?
Yes, you can probably claim the $2000 deduction on your 05 HCH even if you sell it before the end of the year. And you can probably get another deduction on a 06 HCH if you buy it this year, or a tax credit if you buy it next year.
The net value of a deduction depends on your tax bracket. If you're in the 25% bracket (a lot of "middle class" people are) then the deduction is worth $500 in your pocket.
But keep in mind that, depending where you live, you probably paid close to $2000 in sales/use tax when you bought the 05, and you'll pay the same again on the 06, and there ain't nobody gonna give you back that money.
Yes, you can probably claim the $2000 deduction on your 05 HCH even if you sell it before the end of the year. And you can probably get another deduction on a 06 HCH if you buy it this year, or a tax credit if you buy it next year.
The net value of a deduction depends on your tax bracket. If you're in the 25% bracket (a lot of "middle class" people are) then the deduction is worth $500 in your pocket.
But keep in mind that, depending where you live, you probably paid close to $2000 in sales/use tax when you bought the 05, and you'll pay the same again on the 06, and there ain't nobody gonna give you back that money.
Has anyone heard...are there really '06 enhancements such as noise reduction, etc? I saw many little things that would be nice - stereo control on the steering wheel, NAV, etc. But those are minor.
Thanks,
Lansing
#19
Re: Shocked at the value of our cars...
I bought my 04 HCH CVT AT-PZEV in April 04.
It has 20,000 miles.
I paid $19,300, $2000 under MSRP.
KBB today is $20,185
Amazing!
And Yes I am considering selling it private party and getting an 06.
But I'll wait till Feb or so when some of the frenzy is over.
It has 20,000 miles.
I paid $19,300, $2000 under MSRP.
KBB today is $20,185
Amazing!
And Yes I am considering selling it private party and getting an 06.
But I'll wait till Feb or so when some of the frenzy is over.
#20
Re: Shocked at the value of our cars...
Me too...
I'm in CA, so I don't know if I can score stickers for the HOV lane if I wait too long. And yes, I'd prefer to wait out the 'frenzy.'
That said:
- Wondering if I can get KBB or other...I saw an '04 HCH with 20K on it at the dealer today for $25!!!
- Taxes as someone said is a drawback. I'll be taxed twice.
- Have to figure out if I can take advantage of the tax incentives and what that timing is.
Good stuff!
I'm in CA, so I don't know if I can score stickers for the HOV lane if I wait too long. And yes, I'd prefer to wait out the 'frenzy.'
That said:
- Wondering if I can get KBB or other...I saw an '04 HCH with 20K on it at the dealer today for $25!!!
- Taxes as someone said is a drawback. I'll be taxed twice.
- Have to figure out if I can take advantage of the tax incentives and what that timing is.
Good stuff!