not really a tax credit?

lgamber1 · 09-08-2007, 08:17 PM

one more question...we spent our morning haggling with one dealer and decided NOT to buy from them after they wouldn't come down to our price--we decided to go with toyota sunnyvale (i'm in san jose) after they gladly worked with us. the first dealer told us that we will actually probably not end up getting the 800 dollar tax credit even if we buy before sept. 30th because you have to make over $250,000 a year. he said that 95% of his customers did not even end up getting the original tax credit of over $2,000 last year b/c they ended up not qualifying.

is there any validity to this at all??

and thanks again for all the terrific info everyone has given! it has made my purchasing process a lot easier!

**efusco** · 09-08-2007, 08:22 PM

There are other factors than just whether you make $250k or more. It's a complicated tax system, but you probably won't get the entire $780 unless you meet very specific criteria...thank you law makers and IRS.

IsrAmeriPrius · 09-08-2007, 08:29 PM

<div class='quotetop'>QUOTE(lianimal @ Sep 8 2007, 05:17 PM) [snapback]509261[/snapback]</div>

Quote:

is there any validity to this at all??[/b]

Yes, the tax credit may be nullified by the AMT (Alternative Minimum Tax). It has been extensively discussed in the Prius Tax Credit Discussion sub forum.

JimN · 09-11-2007, 11:06 PM

<div class='quotetop'>QUOTE(lianimal @ Sep 8 2007, 08:17 PM) [snapback]509261[/snapback]</div>

Quote:

one more question...we spent our morning haggling with one dealer and decided NOT to buy from them after they wouldn't come down to our price--we decided to go with toyota sunnyvale (i'm in san jose) after they gladly worked with us. the first dealer told us that we will actually probably not end up getting the 800 dollar tax credit even if we buy before sept. 30th because you have to make over $250,000 a year. he said that 95% of his customers did not even end up getting the original tax credit of over $2,000 last year b/c they ended up not qualifying.

is there any validity to this at all??

and thanks again for all the terrific info everyone has given! it has made my purchasing process a lot easier!
[/b]

The conclusion may be accurate but the reasoning is BS. The short version is: it depends mostly on the amount of your other misc. credits.

JimN · 09-11-2007, 11:06 PM

<div class='quotetop'>QUOTE(lianimal @ Sep 8 2007, 08:17 PM) [snapback]509261[/snapback]</div>

Quote:

one more question...we spent our morning haggling with one dealer and decided NOT to buy from them after they wouldn't come down to our price--we decided to go with toyota sunnyvale (i'm in san jose) after they gladly worked with us. the first dealer told us that we will actually probably not end up getting the 800 dollar tax credit even if we buy before sept. 30th because you have to make over $250,000 a year. he said that 95% of his customers did not even end up getting the original tax credit of over $2,000 last year b/c they ended up not qualifying.

is there any validity to this at all??

and thanks again for all the terrific info everyone has given! it has made my purchasing process a lot easier!
[/b]

The conclusion may be accurate but the reasoning is BS. The short version is: it depends mostly on the amount of your other misc. credits.

PriusDiver · 09-12-2007, 02:58 AM

It all depends on your income and existing deductions/credits. I bought my '07 Prius from Toyota Sunnyvale, it was a OK experience. I've never had a great experience buying a new car, they make the process take so long. Talk to the sales person, sales manager, finance, organ recipients, blah blah.

I spent less time on buying a house than I spent at the dealership to buy a new car. I went with them primarily for the discount I could get (unheard of during "full credit") and was able to get a car before December or January (bought September 26th). The other nice perk is I ended up with a car with higher emissions than it may have buying it in Oregon, since we haven't adopted the stricter rules yet.

Good luck and enjoy.

PriusDiver · 09-12-2007, 02:58 AM

It all depends on your income and existing deductions/credits. I bought my '07 Prius from Toyota Sunnyvale, it was a OK experience. I've never had a great experience buying a new car, they make the process take so long. Talk to the sales person, sales manager, finance, organ recipients, blah blah.

I spent less time on buying a house than I spent at the dealership to buy a new car. I went with them primarily for the discount I could get (unheard of during "full credit") and was able to get a car before December or January (bought September 26th). The other nice perk is I ended up with a car with higher emissions than it may have buying it in Oregon, since we haven't adopted the stricter rules yet.

Good luck and enjoy.

09-08-2007, 08:17 PM	#1
lgamber1 Member Join Date: Sep 2007 Posts: 46 My Car: Package: Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	one more question...we spent our morning haggling with one dealer and decided NOT to buy from them after they wouldn't come down to our price--we decided to go with toyota sunnyvale (i'm in san jose) after they gladly worked with us. the first dealer told us that we will actually probably not end up getting the 800 dollar tax credit even if we buy before sept. 30th because you have to make over $250,000 a year. he said that 95% of his customers did not even end up getting the original tax credit of over $2,000 last year b/c they ended up not qualifying. is there any validity to this at all?? and thanks again for all the terrific info everyone has given! it has made my purchasing process a lot easier! __________________ Liana

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09-08-2007, 08:22 PM	#2
efusco Troll Slayer Join Date: Nov 2003 Location: Nixa, MO Posts: 12,937 My Car: 2004 Prius Package: #9 Nominated 1 Time in 1 Post TOTM Awards: 0 Friends: 21	There are other factors than just whether you make $250k or more. It's a complicated tax system, but you probably won't get the entire $780 unless you meet very specific criteria...thank you law makers and IRS.

09-12-2007, 02:58 AM	#6
PriusDiver Junior Member Join Date: Dec 2006 Posts: 27 My Car: Package: Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	It all depends on your income and existing deductions/credits. I bought my '07 Prius from Toyota Sunnyvale, it was a OK experience. I've never had a great experience buying a new car, they make the process take so long. Talk to the sales person, sales manager, finance, organ recipients, blah blah. I spent less time on buying a house than I spent at the dealership to buy a new car. I went with them primarily for the discount I could get (unheard of during "full credit") and was able to get a car before December or January (bought September 26th). The other nice perk is I ended up with a car with higher emissions than it may have buying it in Oregon, since we haven't adopted the stricter rules yet. Good luck and enjoy.