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Tax Savings for 2008 and 2009 Model Hybrid Vehicles

Posted on August 20, 2008
Filed Under Chevrolet Tahoe, Ford Escape, GMC Yukon, Honda Civic, Lexus LS 600h, Lexus RX 400h, Mazda Tribute, Mercury Mariner, Nissan Altima, Saturn Aura, Saturn Vue, Tax Information, Toyota Camry, Toyota Highlander, Toyota Prius, Uncategorized | 1 Comment

Thinking of buying a hybrid car? Doing so will save the environment and keep money in your wallet. You could be eligible for a tax credit of up to $3,000 depending on when the car is purchased and the model you buy.

The Alternative Motor Vehicle Credit applies to cars purchased after Jan. 1, 2006. Currently, there are more than 40 different models of hybrid vehicles eligible for the credit. You can see which cars qualify by visiting www.IRS.gov. Once 60,000 hybrid cars from a particular manufacturer are sold, the tax credit is reduced until it’s ultimately phased out.

Keep in mind, though, that the credit is only available to the original buyer of the car. So, if you purchase a used hybrid vehicle, you can’t claim the tax credit. And, if you lease a hybrid car, the credit goes to the company leasing the vehicle.

The Internal Revenue Service has certified several vehicles as eligible for the hybrid tax credit. According to the IRS, “The tax credit for hybrid vehicles applies to vehicles purchased on or after January 1, 2006, and may be as much as $3,400 for those who purchase the most fuel-efficient vehicles.” In cooperation with the automakers, the IRS has certified the maximum hybrid tax credit for the following vehicles:

2008 Hybrid Models Tax Breaks

  • 2008 Chevrolet Malibu Hybrid: $1,300
  • 2008 Chevrolet Tahoe Hybrid (2WD and 4WD): $2,200
  • 2008 Ford Escape 2WD Hybrid: $3,000
  • 2008 Ford Escape 4WD Hybrid: $2,200
  • 2008 GMC Yukon Hybrid (2WD and 4WD): $2,200
  • 2008 Honda Civic GX compressed natural gas vehicle: $4,000
  • 2008 Honda Civic Hybrid CVT: $2,100
  • 2008 Lexus LS 600h L Hybrid: $450
  • 2008 Lexus RX 400h 2WD and 4WD: $550
  • 2008 Mazda Tribute 2WD Hybrid: $3,000
  • 2008 Mazda Tribute 4WD Hybrid: $2,200
  • 2008 Mercury Mariner 2WD Hybrid: $3,000
  • 2008 Mercury Mariner 4WD Hybrid: $2,200
  • 2008 Nissan Altima Hybrid: $2,350
  • 2008 Saturn Aura Hybrid: $1,300
  • 2008 Saturn Vue Green Line: $1,550
  • 2008 Toyota Camry Hybrid: $650
  • 2008 Toyota Highlander Hybrid 4WD: $650
  • 2008 Toyota Prius: $787.50

2009 Model Year Hybrid Vehicles (So Far)

Make

Model

Credit Amount

Ford

Escape Hybrid 2WD

$3,000

Ford

Escape Hybrid 4WD

$1,950

Mercury

Mariner Hybrid 2WD

$3,000

Mercury

Mariner Hybrid 4WD

$1,950

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