Autoblog

Obama's proposed budget calls for upping plug-in vehicle tax credit to $10,000

Sebastian Blanco — Wed, 15 Feb 2012 15:59:00 EST

Filed under: Hybrid, Government/Legal, Electric

As a candidate, Barack Obama promised to try and get a million plug-in vehicles on U.S. roads by 2015. In his State of the Union address in 2011, he repeated that number and proposed turning the $7,500 tax credit into a point-of-purchase rebate. That hasn't yet happened, but in the President's proposed budget that was released this week, Obama took another stab at promoting plug-ins: upping the maximum credit to $10,000.

To go along with pushing PHEVs, the budget calls for cutting more subsidies that Big Oil currently enjoys. Of course, the President's political opponents quickly called the proposal nothing more than a "campaign document" that would divide America. Others are proposing that the PHEV tax credit be eliminated entirely.

Getting to a million plug-ins in four years will be tough. Last year, the top two plug-ins, the Chevrolet Volt and the Nissan Leaf, sold just 17,345 units, combined. Add in sales of the Tesla Roadster and the new Mitsubishi i, and that leaves 980,000 or so to go. Do you think an extra $2,500 off the price of the car - plus more models to choose from - will do the trick?

Obama's proposed budget calls for upping plug-in vehicle tax credit to $10,000 originally appeared on Autoblog on Wed, 15 Feb 2012 15:59:00 EST. Please see our terms for use of feeds.

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GM clarifies Volt's "low 30s" price is only possible after tax credit

Sebastian Blanco — Tue, 19 Jan 2010 10:58:00 EST

Filed under: Hybrid, Sedan, Chevrolet, GM, Earnings/Financials, Electric

2011 Chevrolet Volt - Click above for high-res image gallery

$40,000. That's the potential price we've heard for the first-gen Chevrolet Volt for ages, and it's the number we get again, now that the recent "low 30s" price rumor has been put to rest. Again.

General Motors spokesman Dave Darovitz confirmed to Green Car Reports that GM CEO Ed Whitacre's recent statement that the Volt would be priced "in the low 30s" and be profitable was misleading/inaccurate. The reality is that the car will cost around $40,000, and a possible $7,500 tax credit from the federal government would move the price into the low 30s. Specifically, Darovitz confirmed to GCR that, GM "has not officially announced final Volt pricing, a price in the low 30's after a $7,500 tax credit is in the range of possibilities." We knew that. Why would we think it was anything else?

Gallery: 2011 Chevy Volt

[Source: Green Car Reports]

GM clarifies Volt's "low 30s" price is only possible after tax credit originally appeared on Autoblog on Tue, 19 Jan 2010 10:58:00 EST. Please see our terms for use of feeds.

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Senator calls for tax incentives on all new-car sales

Dan Roth — Wed, 12 Nov 2008 18:32:00 EST

Filed under: Car Buying, Etc., Government/Legal

When automakers are throwing thousands of dollars of incentives on the hoods of their wares in an effort to stimulate sales, what good would another $1,500 on a $25,000 car do? As the recent sales numbers show, buyers aren't being taken in by the constant sounding of the "SELL SELL SELL!" klaxon. Great deals on new cars are out there to be had, if only anyone had some money.

Senator Barbara Mikulski of Maryland thinks that the economic panic can be partially abated by allowing buyers of new vehicles to deduct auto loan interest, fees, and sales tax related to the purchase of a new car from their income tax. The proposed initiative would run from now through the end of 2009, and is only for families earning less than $250,000, or individuals making $125,000. Hey, nobody is really going to complain about getting a tax break, but it seems that buyers have already shown that they're wary, even with fantastic deals to be had.

[Source: Kicking Tires]

Senator calls for tax incentives on all new-car sales originally appeared on Autoblog on Wed, 12 Nov 2008 18:32:00 EST. Please see our terms for use of feeds.

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Jetta TDI buyers to get $1,300 back from the IRS

Sam Abuelsamid — Thu, 24 Jul 2008 10:29:00 EST

Filed under: Sedan, Wagon, Government/Legal, Green

Now that Toyota has sold so many Priuses that the popular hybrid no longer qhalifies for federal tax credits, and they are essentially sold out until the new generation cars show up next year, people might be wondering where to go for a high mileage vehicle. Volkswagen's new 50-state legal Jetta TDI is going on sale around about Labor day and our good friends at the IRS have decreed that people who purchase one will be able to get a check back from the feds for $1,300. The clean diesel Jetta qualifies under the Advanced Lean Burn Technology Motor Vehicle income tax credit. That would bring the price premium for the diesel to only $700 over a comparable Jetta with a gas engine. The EPA has rated the Jetta at 29/40mpg city highway with a 6-speed DSG gearbox. Real world numbers are likely to be closer to the low 40s for most drivers, but we'll be finding out for ourselves soon. At the first drive of Mercedes new BlueTec diesels last month, company officials expressed hope that those vehicles would also qualify for the credit. Thanks for the tip, Conner!

[Source: VWvortex]

Jetta TDI buyers to get $1,300 back from the IRS originally appeared on Autoblog on Thu, 24 Jul 2008 10:29:00 EST. Please see our terms for use of feeds.

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Hybrid tax credits hit the redline

Stuart Waterman — Fri, 21 Jul 2006 17:58:00 EST

Filed under: Hybrid, Ford, Honda, Lexus, Toyota

U.S. federal tax breaks for buyers of hybrid cars will start shrinking this fall, with Toyota hitting the production limit of 60,000 units after only five months of sales.

The declining scale for tax credits triggered by the production limit will cut credits for Toyota and Lexus hybrids in half by the end of September, and to a quarter of the current rate next April. However, full tax credits are still available for Toyota's market-leading hybrids through the end of the current quarter, so we can expect a sales boost as buyers hurry to get the maximum tax break.

Hybrids from other manufacturers aren't selling as well, so they will hang on to their full tax credit until they hit the 60,000 unit ceiling - which won't be anytime soon. In the first quarter, Toyota sold 41,779 hybrids to Honda's 9,072 and Ford's 6,192.

[Source: USAToday]

Hybrid tax credits hit the redline originally appeared on Autoblog on Fri, 21 Jul 2006 17:58:00 EST. Please see our terms for use of feeds.

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Bush wants to lift cap on hybrid tax credits

Stuart Waterman — Wed, 26 Apr 2006 08:53:00 EST

Filed under: Car Buying, Hybrid

President George Bush believes lifting the current cap on tax credits for hybrids and advanced diesels is one step the government can take to deal with soaring gas prices.

The current tax credit scheme starts to phase out for a given brand of car once 60,000 vehicles are sold. Toyota's fast-selling hybrids will carry the automaker past the current cap by the middle of this year.

The cap has drawn criticism for being an effort to keep foreign automakers from reaping the lion's share of the sales benefits from the tax credit program, because their hybrid programs are considered more advanced than those of their U.S. competitors.

[Source: Automotive News]

Bush wants to lift cap on hybrid tax credits originally appeared on Autoblog on Wed, 26 Apr 2006 08:53:00 EST. Please see our terms for use of feeds.

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New York Auto Show: Honda to NY Civic buyers: "Phill 'er up!"

Chris Paukert — Thu, 13 Apr 2006 15:36:00 EST

Filed under: New York Auto Show, Budget, Hybrid, Sedan, Etc., Honda

Honda announced today that it is bringing to market a compressed natural gas (CNG) motivated Civic GX to New York buyers this fall.

According to the automaker, the GX will put out 'near zero emissions,' giving owners access to tax credits and home refuelling via an optional Phill home refueling apparatus.

In CNG guise, the green Civic nets an EPA fuel economy rating of 28/39 (city/highway), while meeting federal Tier 2-Bin 2 and ILEV zero evaporative emission standards. It does so via a 1.8-liter four-banger putting out 115 horsepower and 109 ft-lbs. of twist (a 10 percent increase) and 5-speed automatic.

The home refueling appliance, "Phill" is a product of the FuelMaker Corporation, and is usually garage-resident. The system allows overnight refueling, which nets owners natural gas at a rate about 50 percent cheaper than buying traditional gasoline from a station. GX owners on the road can get fuel at select CNG stations around New York State and still save an estimated 25 percent over petrol buyers. Phill must be professionally installed.

Continue reading New York Auto Show: Honda to NY Civic buyers: "Phill 'er up!"

New York Auto Show: Honda to NY Civic buyers: "Phill 'er up!" originally appeared on Autoblog on Thu, 13 Apr 2006 15:36:00 EST. Please see our terms for use of feeds.

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Ford sets up hybrid hotline for tax season

John Neff — Tue, 11 Apr 2006 19:08:00 EST

Filed under: Car Buying, Hybrid, Government/Legal, Green, Ford, Mercury

Since you're paying a premium for that hybrid in the garage it's important to get back every penny of that purchase you're entitled to. If you purchased either a Ford Escape or Mercury Mariner Hybrid this year (or any other automaker's hybrid), next year you'll be able to claim some type of tax incentive that ranges anywhere from $1,950 to $5,925 depending on where you live. Ford dealers now have a direct line to a hybrid hotline set up by the company that will aid Blue Oval customers in determining how much in incentives their entitled to from federal, state and local governments.

Where's the most lucrative state in which to own a hybrid? West Virginia, which combines the $1,950 - $2,600 federal tax credit with West Virginia's Alternative Fuel Motor Tax Credit for a grand total of between $5,310 and $5,925 in tax relief.

[Source: Ford]

Ford sets up hybrid hotline for tax season originally appeared on Autoblog on Tue, 11 Apr 2006 19:08:00 EST. Please see our terms for use of feeds.

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PSA: Still time for the U.S. hybrid tax credit

Erin Mays — Thu, 06 Apr 2006 17:03:00 EST

Filed under: Car Buying, Hybrid, Government/Legal, Green, Ford, Honda, Toyota

Looking for an easy tax credit? Look no further than the U.S. tax credits for hybrid vehicles. While the program's days are numbered, our friends over at Treehugger tell us that the program isn't extinct yet.

60,000 vehicles is the magic number of hybrid each manufacturer can sell and still have buyers net a tax credit of up to $3,400. Only Toyota is close to that unit total, with the expectation that they'll hit it later this fall. Honda may not hit it this year after having sold just over 40K, and with only 3,475 Ford Escapes having found their way off the lot, there's no immediate fear that Ford will hit that 60K in the near future.

[Source: Treehugger]

PSA: Still time for the U.S. hybrid tax credit originally appeared on Autoblog on Thu, 06 Apr 2006 17:03:00 EST. Please see our terms for use of feeds.

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