Archive for November, 2009
New Car and Taxes
November 23rd, 2009 | 
Author: There have been many credits recently added to the tax code for new car buyers. The federal government is trying to help the car manufacturers and the environment simultaneously by offering deep tax credits for eco-friendly auto purchases.
You can deduct both state and local taxes for new cars purchased between February 16, 2009 and December 31, 2009. In order to qualify, single tax payers must have an Adjusted Gross Income under $125,000 and married couples must have an AGI under $250,000.
The new plug-in hybrids are coming and tax incentives to buy these strictly battery powered cars are big. If you purchase one of the hybrids that run only on battery power, you can get a tax credit from $2500 -$7500. The only catch is that you must be among the first 250,000 buyers. After that, the incentive decreases.
When you are budgeting to purchase a new car, don’t forget to factor in the sales tax and registration fees. Sometimes people forget about sales tax especially. This can cost you thousands of extra dollars when buying a new car; so don’t forget to include it in your calculations.
If you will be using your new vehicle for business purposes, there are other tax deductions you can figure on receiving. Be sure to discuss these with your accountant or tax expert before you make the purchase, because the IRS has strict restrictions and regulations when it comes to deductions for business vehicles.
If you are planning to use your new car to carpool to work, your employer may offer incentives, as does the IRS. The Internal Revenue Service offers some deductions on carpool expenses to the car owner. Be sure to discuss these with your tax expert or visit the IRS website in order to learn more.
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Car Prices
Cars are a big investment. Since buying a car is relatively a long-term investment, many people want to make an informed decision about the latest prices of all models of cars before deciding on any one. Car prices are likely to change quite often, depending on the market conditions, introduction of newer models, competition, demand, and many other factors. It is thus important to know the most up-to-date prices of cars.
Car prices depend greatly on the model of the car, the make, the year of manufacture, the brand, etc. Cars may be classified by the price range (economy, mid-range, premium, luxury, exotic); by manufacturer (Audi, BMW, Buick, Cadillac, Chevrolet, Daewoo, Ford, Honda, GMC, Hyundai, Homer, Infiniti, Jaguar, Jeep, Kia, Land Rover, Lexus, Lincoln, Mazda, Mercedes Benz, Mercury, Mini, Mitsubishi, Nissan, Plymouth, Pontiac, Porsche, Saab, Saturn, Scion, Subaru, Suzuki, Toyota, Volkswagen, or Volvo); by market segment (crossover, diesel, hybrid, performance, high-performance); or by body styles (SUVs, sedans, coupes, convertibles, wagons, vans, or trucks).
The final price of the car includes other costs like taxes, title, registration, emission fees, and other regional fees applicable in the particular state. While visiting a dealer, check for pricing options like invoice and MSRP pricing, AAA reviews, specs and standard features, AAA ownership costs, and others. There are many offers on car prices these days, such as leasing, cash back, loan financing, loan refinancing, low-interest financing and others. Some of these incentives are provided by the manufacturer to the dealers, who pass them on to the customers. There are also direct manufacturer-to-customer programs such as cash rebates.
There are many popular car dealers who provide comprehensive information about the latest car prices, incentives, rebates, options, ratings, and even money-saving tips. They also have online twenty-four-hour help lines that provide information as and when required. This saves a lot of time researching and getting the best car price. You can also obtain a free price quote by filling out a simple online form. They also help in getting a good credit rating so that the customer is eligible for loans. Even people with poor or no credit are offered financing. Most suppliers also deal with used cars. The blue book is a very reliable and most-used source for car prices. The Internet is a good source for knowing the latest car prices and also for locating a good dealer in your area.