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Toyota Hits 60k Hybrid Limit
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Toyota reported that in May it sold its 60,000th energy efficient vehicle and so the tax credit on Lexuses and Priuses (and other Toyota vehicles eligible for the credit) will be reduced to 50% on all cars sold in October. That means instead of a nice fat $3,150 check for buying a Toyota Prius, Uncle Sam will only give you $1,575 back. Bummer. If you wait until next April, you only get a quarter of the original tax credit – $787.50. If you wait until October 2007, you will get no credit.
None of the other auto manufacturers have hit the limit yet so you still have time to snatch up a Civic Hybrid.
…the law limited that tax credit to the first 60,000 vehicles that a manufacturer produces. After a manufacturer hits that limit, the full credit is available only through the next quarter. The credit then shrinks to half its value for six months and shrinks again to one-quarter for another six months before disappearing.
If you’re interested, I’ve written up a list of the tax credits for each vehicle.
via Baltimore Sun.
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Ouch. I didn’t realize this would happen if they were successful selling hybrids. Given the current state of affairs, anything that reduces our dependency on oil is a good thing, so I’m disappointed to hear this.
Hybrids don’t reduce our dependency on foreign oil.