New Car Tax Credit Added To Stimulus Package [Carpocalypse Now]

the plan is stupid...the car i would buy cost 55K plus tax .why should someone get a tax break if they buy a 49.9k car and i cannot get a tax break for a 55k car?.

hell fire man this entire stimulus package is dumb...this plan should be named the Destroa america package!

This is a bunch of BS!!! My husband and I bought a new house in late of 2007 and a brand new Jeep in September of 2008. Because we bought our "big ticketed" items when we did, we will miss out on all the credits and tax breaks the new stimulus package will offer because we just missed the deadlines. I think it's a bunch of crap. Why should we not benefit from these credits just because we missed the deadlines by a few months. That's totally NOT FAIR!!!!!!!!!!

Heather -- "That's totally NOT FAIR!!!!!!!!!!"

You sound like an eight year-old. Didn't anyone ever tell you that life isn't fair. You bought a house and a car when it made sense to you. Enjoy it.

So, if I did just make a vehicle purchase worth 23,000 on 2/14/09 can I claim that on my taxes this year or do I have to wait until next year?

Well your 2008 taxes are due in 2009...so if you bought your vehicle in 2009...then you would have to wait until next year to claim this (2010).

Don, the tax credit applies to the FIRST 49.5K, so you'll be eligible.

Matt wrote:

Heather -- "That's totally NOT FAIR!!!!!!!!!!"
You sound like an eight year-old. Didn't anyone ever tell you that life isn't fair. You bought a house and a car when it made sense to you. Enjoy it.

wah wah wah wah wah wah....damn, smell the flowers once in a while...wah

Ahh, poor Don. He gets a $55K car and gets no breaks. Consider your self lucky, bub, you can afford it. I wil be luck to buy a $25K car when my car with 177K miles breaks down...

Count your blessings!

This tax deductible incentive for a new car purchase is a joke. Yes, it is as stupid as it seems. This is what it should be. There should be two options. Only one will apply. The first is a 10% non-taxable rebate check on the final purchase of the new car. The second option should be a $3000 to $4000 non-taxable rebate check on the clunker you junked to purchase a new car. Folks, this is too simple. However, these so called concerned politicians don't want to make it simple. They don't care about you and me. In addition, who cares if you pay cash or not. Just move these cars and give me the rebate or you won't see me in any new car showroom soon.

Tax credit only applies to cars purchased from 2/16/09-12/31/09. So the car bought on Valentines day doesn't apply for the credit.

Does anyone else out there feel they have buyers remorse...Over what we purchased in November?
I'm not confident in someone telling me to spend, when saving is the only sane thing the American family should be doing right now!

We have got to stop putting blame on those who earn more...God bless them. The top 10% earners pay 90% of what this government is burning for kindling.

9/12

Can anyone please tell me if I have to purchase Brand new as in a 2009-2010 model or can the vehicle be pre owned . I did not see a whole lot of talk about this situation ?? thanks again ??

It must be a new car purchase. Pre-owned cars do not qualify for this particular "incentive." However, if you pay state sales tax and itemize, you should be able to include that as a deduction anyway. I'm not sure how this is different from what I have done for the last two years... other than I could also deduct for interest paid IF I were willing to buy a new car and IF I financed it. Which I won't. I'd rather drive used.

well i agree it is not fair. the credit should be from 1/1/2009 to 12/31/2009. toyota had a warrenty on faulty frames 1995 to 2000 and bought back vehicles,they failed inspection. great they gave some money but because of the cost of light trucks we had decided a new toyota tacoma was going for the same as older used trucks did not want another loan since truck was paid off but we leaned more to new hoping we may have a reliable vehicle since the other one had nothing wrong other than frame.now we and other toyota owners added to toyota's sales and other car dealers, but the government won't help all of us who were forced into a purchace of another vehicle. oh well as usual you buy what you need and if you get a break great if not oh well.

Fair....look it up in the dictionary and that is the only place you will find it.

Heather wrote:

This is a bunch of BS!!! My husband and I bought a new house in late of 2007 and a brand new Jeep in September of 2008. Because we bought our "big ticketed" items when we did, we will miss out on all the credits and tax breaks the new stimulus package will offer because we just missed the deadlines. I think it's a bunch of crap. Why should we not benefit from these credits just because we missed the deadlines by a few months. That's totally NOT FAIR!!!!!!!!!!