Thinking of getting a Prime. Advice needed.

Discussion in 'Prime Main Forum (2017-Current)' started by Alen Kalati, Apr 11, 2017.

  1. Alen Kalati

    Alen Kalati Junior Member

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    Hi.
    I'm considering to get a Prius Prime. I am currently the happy owner of a 2010 Prius 3.
    A few questions:
    1. This year and probably next year, I'm making very little income. Any ideas on how to use the $4500 tax credit?
    2. I've taken a test drive and it seemed like none of the safety features were working, even though they were all turned on. Car didn't steer to stay in lane. didn't slow not to hit a car in front, etc. Am I missing something?
    3. Any advice on how to minimize the cost of purchase would be greatly appreciated.
    Thank you all.
     
  2. HPrimeAdvanced

    HPrimeAdvanced Senior Member

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    What state are you in? This is very important re rebates available. If you're in California and low income, you can probably qualify for low income Plug-in rebate of $3500. There are a number of other incentives depending on city too. Anaheim has offered $1000 cash after you install an L2 charger (240V). Plus Toyota has offered $100 card for that amount of charging at ChargePoint sites, as well as $1000 instant rebate. It's all about location location location. Another reward offered by California is HOV, carpool stickers which really improve your life here in the Southland. Of course gas cost savings are substantial as well. Another thing I just found out about in California is the substantial amount paid to take gas hogs off the road. The amount quoted by a friend for a particular transaction was $9000. Yeah, I was surprised!
    Again, it's all about location location.
    Good luck, and welcome to this group of generally devoted Prime supporters.


    Posted via the PriusChat mobile app.
     
  3. dalcon95

    dalcon95 Senior Member

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    If you are making very little income, that may effect the amount of the $4500 tax credit you get. You have to have the tax liability of $4500 in order to get the full $4500 as a credit. You will only get the amount of your tax liability as a credit up to $4500. You would need to know your future tax situation will be and make adjustments where it is needed if you have a low tax liability.

    #1 in Easley,SC
     
  4. ETC(SS)

    ETC(SS) The other One Percenter.....

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    Uh.....
    Economics class?
    Obviously, I'm being a little snarky here, because sometimes one doesn't NEED very much in the way of adjusted gross income in some circumstances, but the idea of buying a new Prime with a very low income somehow seems a little counter intuitive.

    When you say "very little income".......is this adjusted for some place with a burdensome cost of living, or does very little income in your case MEAN very little income????
    If you're paying less than $4500 federal taxes, how will that affect the tax kickback?
    Does your state offer some cash for PHEVs???

    That's not me being snarky, I'm genuwinely curious about that.

    Good Luck!
    Let us know how it all comes out.
     
  5. mr88cet

    mr88cet Senior Member

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    I'm still waiting for my P.Prime to arrive, but have done a test drive and have probably seen every YouTube video on it 10-20 times! :) Point being, "grain of salt"...

    Anyway, Toyota says that it's Lane Departure Warning with Steering Assistance will work on "relatively straight roads." Within that limitation, it won't keep you centered in your lane, but it will keep you from crossing into the adjacent lane.

    Its Radar Dynamic Cruise Control (AKA "Adaptive Cruise Control") does generally do a good job of maintaining a fixed distance to the car in front of you, again, as long as the road doesn't curve too sharply. It does operate all the way down to 0MPH, meaning that if the car in front of you stops, then the P.Prime will stop too, again within reasonable bounds of road curvature and so forth. In some cases though, it will not start moving again automatically, I gather.

    Similarly, and with similar bounds, it does have a pretty capable automatic emergency-stop feature.

    It's fair say that these features are all intended as "driver assistance," backup-safety features, rather than self-driving features.

    Wait a year or two! Most people are paying List or more than List now.


    iPhone ? Pro
     
    #5 mr88cet, Apr 11, 2017
    Last edited: Apr 11, 2017
  6. Steve Lee

    Steve Lee Member

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    You can find Prius Prime Premium level for 27700 - 2500 TM cash back = 25200 before TTL and if you purchase quickly you may get 4502 tax credit from the Feds, you can check your state incentives.
     
  7. VTBIGDOG

    VTBIGDOG Active Member

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    If you have a traditional IRA, you can convert it to a Roth IRA which will have tax implications against the $4,500 tax credit without requiring income (a job).
     
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  8. dalcon95

    dalcon95 Senior Member

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    I agree with above.
     
  9. Alen Kalati

    Alen Kalati Junior Member

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    OK - a few clarifications:
    First, I live in NJ. The dealer offers apx $3000 in incentives. And of course there is the potential for $4500 tax credit.
    Regarding my income / affordability: Do not confuse income with assets. Even though my income this year was almost non existent, and yes, I mean income before any spending, I do have the means to buy this car. I will probably have high income again in a year or two. But for this year, my tax liability would be negative.
    So can one use the tax incentives in future years? Any other 'tricks' like asking a friend to buy the car, take advantage of the tax credit and gift the car to me? Or any other ideas?

    Thank you all again.
     
  10. Captmiddy

    Captmiddy Active Member

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    You could wait until the start of 2018 to purchase the car if you think you will have some tax liability for the 2018 earning year. Otherwise, you must have liabilities of at least 4500 to get a credit of 4500. It can not, to my understanding, be carried forward. But that is something you should check with a tax specialist on.

    The emergency features are not going to slow you from a distance from a car in front of you, it is going to sort of abruptly stop you if you get too close in my experience. I found this out when pulling into a snowy parking space and having the front collision detection freak out at a snowbank and slam on the brakes while I was doing 3 MPH :D. Guess I won't be pushing into soft snow banks anymore. The lane departure system only works above 32 MPH. I find these tools as more the 'HEY Dummy pay attention' systems than real replacements for me doing my job.

    I am the last person to give much advice on reducing costs, I tend to be the worst at negotiating price on a vehicle because I get into shinny bobble syndrome and forget I am trying to make a deal. That said, if you are a member of a wholesale club or some other mass buying organization, at least check with them on discounts for vehicle purchase. Also consider the possibility that other organizations like AAA also have pricing features that may help you to find the best deal. On a car that is currently in demand and low supply, you may find your ability to garner a better deal than you already have on the table to be very difficult. Consider also your options for insurance which while not directly a vehicle purchase cost, is associated. The added features in this car should allow you to apply for safety discounts from many insurance companies.
     
  11. bisco

    bisco cookie crumbler

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    no, you have to use the credit in the year you register the car. a lease might work for you, toyota gets the credit, and reduces the payments accordingly.
     
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  12. wjtracy

    wjtracy Senior Member

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    Some state incentives carry over year to year, but not the Federal.

    So to get the $4500 you need to generate tax owed (eg; via stock sales, or IRA withdrawal, etc. - per above)
    Keep in mind, you do not need earned income, just a tax due.

    The other possible option is to lease whereas the lease company gets the rebate and gives you a lower monthly cost. But that depends if you like leasing...I usually purchase never lease. Lease competitiveness may also depend on how NJ handles the state incentive, which I think is a sales tax exclusion.

    (South Jersey escapee here)
     
    #12 wjtracy, Apr 12, 2017
    Last edited: Apr 12, 2017
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  13. JimN

    JimN Let the games begin!

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    The NJ sales tax and tire tax exemptions are for a new EV. The sales tax exemption also applies to used EVs. Tire tax is only on new vehicles. The Prime does not qualify for anything from the state.

    Alen, since you are happy with the 2010 why drop the money for a new car? A Prime Plus through AAA looks like $25562 and there isn't a lot of inventory on the lot. As a 2010 owner I too was not impressed with the Prime although Liberty Toyota was willing to deal.

    A relative can buy the car. Both of you would have to visit MVC to transfer the title as a gift. Download IRS Form 709 and the instructions to understand how to report the gift. The relative claims the credit on Form 8936.
     
  14. Alen Kalati

    Alen Kalati Junior Member

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    Thank you all. Great advice.
     
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  15. Priuslifer

    Priuslifer New Member

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    I learned a lot just reading it all
     
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