Do you receive a tax credit for buying a used vehicle vs. a new one?
October 25, 2009 in Buying & Selling
Did you know that you can save fuel and run your car on water
Todd S asked:
While I am at it, is a hybrid vehicle a better option or not? How bout a Chevy Malibu Hybrid vs a Toyota Prius…which is better?
Did you know that you can save fuel and run your car on water
nope. opposite. new hybrids have a credit but no used ones.
No credits for used cars.
The Prius is the better hybrid. But the Malibu is a better car.
new only
hybrids aren’t a good choice – the cost of repairs is yet unknown. Disposal fees for exhausted batteries will be borne by car owners.
Are you talking about the Sales tax credit or the hybrid tax credit?
The Chevy Malibu is a good car, but the Hybrid is not worth the $4,000 premium tied to it.
It is not the same synergy technology that Ford and Toyota use.
What that means is that the only time you are truly saving any fuel in the Malibu Hybrid is in the city when the engine cuts off when it would normally be idling.
You get 2 mpg better city and no improvement on the highway in the Malibu Hybrid vs. the Malibu 4 cylinder. Not worth the added expense.
Actually if you itemize, you get to add the sales tax from ANY car purchased to your General Sales Tax. But usually your income taxes (the federal withholding from your paycheck) is higher so you would use the higher amount. You do get a credit for a hybrid. (Sorry I don’t know which car is better) That’s all for Federal, very few states have vehicle credits.
I bought a used Malibu Hybrid in Wisconsin last year and saved a lot. I haven’t had any problems yet. I only buy used cars.