Penalty for Selling Your Hybrid Car Early?

Discussion in 'Legislation' started by Greenspan, Oct 27, 2008.

  1. Greenspan

    Greenspan New Member

    I'm reading that if I sell my 2008 FEH I may have to pay back all or part of the Alternative Motor Vehicle Tax Credit. What have you all heard? Thanks.

    Recapture: Penalty for Selling Your Hybrid Car Early

    The new law for the alternative motor vehicle tax credit requires taxpayers to recapture their hybrid tax credit if they re-sell their hybrid car or truck.
     
  2. donee

    donee Well-Known Member

    Hi All,

    Well, one would expect anti-speculative aspects to these tax credits. The limits should be for personal use for individuals/married couples, and operational buisness usage for buisnesses (delivery vehicles etc).
     
  3. lightfoot

    lightfoot Reformed speeder

    Exactly why would I want to sell my hybrid???

    This falls squarely under the category of "Things Not Worth Worrying About".
     
  4. Chuck

    Chuck just the messenger

    There is a penality for selling your car early regardless - it depreciates just driving it off the lot. :(
     
  5. Shiba3420

    Shiba3420 Well-Known Member

    From what you were reading, it seems the regs aren't actually written yet, however they could effect a purchase in this year. I'm sure some creativie person ended up "stealing" money by buying a hybrid, taking the credit & then reselling at a price to someone who couldn't get the credit.

    Traditionally these sort of things reflect minimum reasonable life. Probably 2 or 3 years, but maybe as little as 1. We will have to continue to wait and see. The only reason I see it being a problem for most is if they give the car to someone (offspring) and get a newer car for themselves, or if they are tech extremists who have to buy the latest thing as soon as it comes out. Definatly something people should keep an eye on...don't want to mess up a tax statement.

    Its a shame we can't tag this thread so it pops back up to the top come Jan/Feb so we can take a look at the regs then.
     

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