Need advice about buying a Prius. . . .

[ncgrits]

I'm on the list for a Prius and MAY be able to actually get one before the end of the year, but I'm confused about the tax implications. I understand that until the end of 2005 I'm eligible for a $2000 tax deduction. But some information has it that next year I could get more like $3150 as a tax CREDIT (not affected by my tax bracket).
My friend who is a tax lawyer was going to investigate it for me but he's taking his time (and I hate to hound him when it's a favor). Anybody out there know the scoop? I'm afraid that the tax credit isn't going to happen in 2006 because Toyota has already reached their quota of 60,000 cars. The IRS site lists only the 2005 Prius as eligible for the $2000 deduction and says nothing about the 2006 tax credit.

This is a site where I was getting what little info I have:
http://hybridcars.about.com/od/news/a/hybridtaxcredit.htm

Any advise would be welcome! And thanks in advance!

--ncgrits

[Mountainman]

1. Don't buy it. I think they have all been recalled.

Gas prices are coming down. SUV's will be back in demand soon. It was all a bad dream.

Sorry, I should have done this,

Sarcasm off>

They are being recalled for some reason.

I got all the bases covered

[MadisonProgressive]

2. BULL. Don't comment on what you don't know.

[Raster]

7. I believe the poster was being sarcastic. Just a thought...

[MadisonProgressive]

9. He edited his post to add the sarcasm line.

[NightOwwl]

10. No....it's true. Didn't believe it myself so I Googled.

I posted a link to a Yahoo article below. n/t

[MadisonProgressive]

15. No it is not true.

"manufactured from August 2003 through February 2005"

That is not all Prius's. I bought mine in September and it's just fine. Anything that is bought now doesn't have that problem (which is easily fixed under warranty).

[NightOwwl]

21. Why quibble the point?

I was just trying to get some more info for the OP. He/She wants a Prius. You mentioned a recall. I Googled. The headline reads, "Toyota Recalls 160,000 Prius Hybrids." That's all.

[MadisonProgressive]

24. Look

He said they had all been recalled. I said it's not true and proved it. Then you replied that it is true.

It is not true that ALL Prius's have been recalled.

Why do you want to quibble with that?

[NightOwwl]

27. Ohmygosh. When did I imply they had all been recalled?

The headline didn't imply that either. A recall is a recall is a recall. It's not that big a deal to me...I have an Acura that was recalled for a bad transmission.

I think we may all be going a little stir-crazy waiting for the indictments!

[MadisonProgressive]

30. Not you - Mountainman

[skids]

16. Yeah, 70K or so U.S. Prius owners.

...got a notice in the mail.

What does it mean?

It means that they plan to leave their Prius at the dealership for an extra hour or two the next time they bring it in for service.

That's all.

[SammyWinstonJack]

5. LOL ! Prepared to be flamed!

:popcorn:

[meisje]

6. they are junk, mine is a lemon!

[Matariki]

22. really? not joking?

i test drove a hybrid civic and really liked it.

[msongs]

28. I bought a civic hybrid.....

its a cheap little car with a hi tech power system. it gets 45+ mpg alright but...full of rattles and noises because it is put together poorly, can't play the nice stereo above low because of resulting vibrations noises which honda would not fix, the seat is the same seat as the cheapest regular civic and honda would not upgrade it to the better seat found in the high priced civics, and after I drove it 30 miles or so my leg became sore.

if I was gonna get another hybrid I would test drive a prius quite a few miles first. the honda has only 5000 miles in nearly 3 years and it is for sale.

Msongs
www.msongs.com/political-shirts.htm

[Beaverhausen]

25. The new ones don't have the problem that caused the recall

I got one in May and it wasn't recalled. I love it!!!

[longship]

33. Recall is no reason not to buy.

All cars have defects. This one makes the car stall, but not when it's in a dangerous situation. (I suppose unless you like playing chicken with freight trains.)

I'd buy a Prius. I wish I had the $$$ for one but Mrs. Longship spends too much on useless things with which to decorate the house. ;-)

[skids]

3. Hold off till Jan 1.

The credit is much better. You should have time to cash in on it -- my understanding is that after the 60K mark is met, there is a grace period of a couple months or more.

[ncgrits]

11. Thanks! That would work best for me anyway!

I was thinking about actually ordering the package I want and taking delivery in 2006, but then the IRS site made me worry that the ship might have sailed already. . . .

My tax lawyer friend said their site is notoriously out of date.

Thanks for the 2 cents. . . .

[Jacobin]

4. Call a CPA

blog tax advice may be cheap, but you get what you pay for.

[ncgrits]

17. yeah, so far my free advice from my friend . . .

. . . has been a real help! I told him I'd pay him for his time but he demured. I wish he'd let me paythat he would actually research this stuff. . . .

Anyway. I'll probably have to wait until 2006 to get one anyway. . . . long list of folks wanting them.

[NightOwwl]

8. Hmmm, have no idea about the tax credits...

but my friend LOVES her Prius. (Yeah, I'm a big help, I know. :7)

Oh, here's a link to the recall info:

http://news.yahoo.com/s/ap/20051014/ap_on_bi_ge/japan_toyota_recall_3

[jsamuel]

12. If you buy from a dealer, they should already be fixed, right?

[NightOwwl]

18. The article says...

"Toyota dealers will repair affected vehicles for free."

I certainly hope they would fix the ones on the lot before letting the customer drive off in the car.

[Greyskye]

19. Yes.

The recall was for specific Prii manufactured at 2 different facilities between specific dates. If you buy one new off of the lot you won't have this issue.

We took delivery of our 2005 Prius early this year, and it is hands down the best car I've ever owned. Features, economy - and if you're into it, it's like driving a video game where the object is to get the best mpg possible. We live in a very hilly area, and my wife drives it like any other car, and gets 45 mpg all the time.

When I get to drive it (her commute is longer than mine), I get between 50 and 70 mpg. :evilgrin:

[Ksec]

13. I know a guy who bought one the other day

Its a really nice car IMO . He told me loves it but I cant help you on the tax credit issue.

[Gabi Hayes]

14. no BS about the recall.....

Toyota recalled 75,000 Prius cars in the US, and on October 14th it extended the recall to Prius cars from around the world for a total number of 160,000. The recall is for models made between August 2003 and February 2005. "The recall covers 70,000 Prius cars in Japan; 15,000 in Europe, Australia and other markets; and the 75,000 in the US." ::Yahoo News, via Green Car Congress

http://www.treehugger.com/files/2005/10/prius_recall_ex.php

my VW dealer, smiling, told me it has to do with them just stopping dead!

I already bought my Jetta Diesel, so he has no dog in this hunt

waiting to hear back from friend who bought her Prius in June. I'm sure hers was recalled, too, as it's one of the above listed

[skids]

20. Not quite *dead*

The gas engine shuts down if the problem happens.

Now note, the specific problem in question, caused by the computer getting confused by an electrical short, could happen to any car.

In any other car you'd be totally dead and without power.

In the Prius, however, you still have enough juice to use the electric motor to maintain speed and then pull over.

Then you call roadside service, go get a software upgrade, and some greasemonkey greases a wire to stop the short, and you are on your way again.

[Ksec]

23. These problems will work there way out

Its a new technology . Well at least new to mass production. Itll take a few years to fix the fkups

[Beaverhausen]

26. I got mine in May and it wasn't recalled

[Ksec]

29. How much do they cost ?

ballpark

[MadisonProgressive]

31. 21K-28K depending on options

[Ian David]

32. I love my Prius! Just passed 60,000 miles last week

I say, go ahead and buy one.

Just ditch the Portenza tires if it comes with those.