Hybrid Car Tax Credit Breakdown by Model - Chart
Shows What Cars will Save You Most
January 25th 2006
With gas prices
and insurance costs on the rise, many Americans are looking for ways
to save money. Credit cards minimum payments have doubled and credit
card interest rates are on the rise adding to the burden. There is
a lot of talk about the hybrid car tax credit, but can these cars
really save you money?
Some buyers have
complained that the cars do not get the mileage that the sticker
claims. These mileage numbers are calculated by the Environmental
Protection Agency (EPA) using a standard dynometer (dyno) test.
Recently Consumer Reports found that all cars may not get the
mileage claimed on the sticker. Most drivers use their air
conditioner and heater and may travel up and down hills.
Hybrids will give
you better gas mileage than standard non-hybrids in the same class.
Power is conserved in the breaking system and new drive-train
technology has added to their efficiency.
Not all hybrids
are the same. Some hybrids are designed for fuel efficiency, and
others are designed with the primary goal of lowering emissions.
Recent legislation enacted to offer tax credits had fuel efficiency
as a primary concern.
You will save the
most money if you have a long commute or you do a lot of driving.
If you save just $5 per day on gasoline going to and from work, that
equates to $1250 saved per year. As gas prices rise you will likely
save even more money compared to a non-hybrid.
for the tax credit compares the hybrid carís fuel efficiency with
the fuel efficiency of non-hybrids in the same class. The car
manufacturers have been scrambling to figure out exactly how much
you will save. Not all hybrids will be eligible for a tax credit so
check with your tax preparer and dealer before you decide.
Here is a list of cars and what you
can expect to get back on your taxes according to the American
Council for an Energy-Efficient Economy Website:
Tax Credit ($)
|Chevrolet / GMC
|Chevrolet / GMC
||Civic (automatic transmission)
||Civic (manual transmission)
||Insight (automatic ONLY)
Always check with your tax
advisor and don't just assume the numbers above are what you will
get. The Federal government has not issued final credit
numbers and these numbers are what the car manufacturers have come
up with so far. According to the ACEEE website some
manufacturers did not even qualify for the rebate including Jeep and
Best Syndication Staff Writer
Keywords and misspellings: hibrid car electric pryus acord