Honda’s hybrid tax credits are speeding away
July 8, 2008 – 11:36 amAs of July 1, the tax credit for purchasing a Honda hybrid was halved again. The credit is now $525. The credit is set up so when a manufacturer sells 60,000 hybrid vehicles, the credit begins to diminish until it is no longer available. Toyota hybrids are already ineligible for the tax credits; however, GM and Nissan have yet to hit the 60,000 mark. If you’re looking for a new hybrid Yukon, now may be the time to buy. The chart below shows the schedule for Honda tax credits.
Maybe it’s just me, but it seems that during a time of skyrocketing gas prices and emphasis on eco-friendly transportation is not a good time to cut tax credits on hybrids. In fact, it might be a good idea to extend these credits to those who use bicycles and mass transportation.
