Expiring tax credit means no more immediate money for green automobiles

Shoppers looking for instant cash from a hybrid vehicle tax credit had better buy soon as the tax credit is expired. The tax credit for the purchase of certain hybrid and diesel autos is expiring on the first of Jan in 2011. Tax credits will still be available for plug-in hybrid models. Buying a hybrid can keep you from being forced to take out a payday cash loans to fill up the gas tank.

Almost expired tax rebate for green vehicles

In 2005, the government rolled out a new tax credit that promised instant money at tax time if an individual purchased a hybrid vehicle or certain diesel powered vehicles as part of the Energy Policy Act of 2005. Getting a hold of a loan business to finance a greener automobile had a certain incentive then. The Alternative Motor Automobile Credit was what this incentive came from. USA Today explains the incentive will not last much longer. It’s expiring finally. As of January 2011, there probably will not be a break on the income tax bill for purchasing a hybrid vehicle like the uber-popular Toyota Prius or eligible diesel models for instance a Volkswagen Jetta TDI.

Still able to obtain some rebates

Most rebates can be expiring soon. However, there can be some available still though. Plug-in electric autos like the Chevy Volt and Nissan Motors Leaf will nevertheless enable you to get a rebate. A person is required to get a personal unsecured loan for more to obtain those automobiles though. Without the money from the tax bill being taken away, the Leaf will cost you $32,000 and the Volt will cost you $40,000. The Prius is one example of a car no more accessible within the rebate that goes for less than $25,000. Part of the bill was that once a car maker had sold 60,000 green cars, the rebate would no longer be accessible.

Better act fast

There are still a few rebates available on a few hybrid or diesel models, but only 2 weeks remain for the credit to be used. Do you need a list of autos nevertheless accessible for rebate until January 2011? Then go to either Consumer Accounts or USA Today.

Citations

USA Today

content.usatoday.com/communities/driveon/post/2010/12/federal-hybrid-diesel-tax-credits-run-out-at-end-of-month/1

Consumer Reports

blogs.consumerreports.org/cars/2010/12/hybrid-and-diesel-tax-credits-will-soon-expire.html