Cars.com Reminds Consumers About 2009 Tax Incentives on New Car Purchases
November 19 2009 - 2:00PM
PR Newswire (US)
CHICAGO, Nov. 19 /PRNewswire/ -- If you missed the boat on the Cash
for Clunkers program, Cars.com reminds consumers that they can
still deduct local sales tax on new-car purchases made before the
end of the year. The deduction is limited to the state and local
sales and excise taxes paid on a new-car purchase of $49,500 or
less and is phased out for taxpayers whose modified adjusted gross
income is between $125,000 and $135,000 for individual filers and
between $250,000 and $260,000 for joint filers. "The tax deduction
was launched prior to the Cash for Clunkers deal; however, for many
consumers, the news of the tax incentive was lost among the Cash
for Clunkers hysteria," said Cars.com Editor in Chief Patrick
Olsen. "With just 6 weeks on the tax incentive program, we want to
remind consumers who were not aware of the credit that now may be a
good time to buy, especially when you combine the credits with all
of the year-end sales offers from manufacturers." Olsen notes that
shoppers in the market for hybrid vehicles can also take advantage
of special incentives from the government if they act fast. In
addition to the sales tax deduction, time is running out for
consumers to take advantage of remaining tax credits offered on
certain hybrid-car purchases. Once a manufacturer sells 60,000
hybrid-vehicles, government tax credits begin to phase out and the
credit begins to decrease. Once the 60,000 sales threshold is met,
the credit drops by 50 percent of its full amount for 6 months,
then 25 percent for 6 months and then it is gone completely.
Credits for Toyota and Honda are already gone, but some incentives
still remain on certain Ford, GM and Nissan hybrids. Ford sold its
60,000th hybrid vehicle in the 4th quarter of 2008, so the credits
have started to phase out. Buyers have until March 31, 2010 to
receive any credit for the purchase of a Ford hybrid. "If you
combine the sales deductions and tax credits for the remaining
hybrid cars that qualify, there are some great government
incentives that can help get you into a new car this year," added
Olsen. For more information about the tax incentives, visit
Cars.com's blog - KickingTires. About Cars.com Cars.com is the
leading destination for online car shoppers, offering credible,
easy-to-understand information from consumers and experts to help
buyers formulate opinions on what to buy, where to buy and how much
to pay for a car. With comprehensive pricing information,
side-by-side comparison tools, photo galleries, videos, unbiased
editorial content and a large selection of new- and used-car
inventory, Cars.com puts millions of car buyers in control of their
shopping process with the information they need to make confident
buying decisions. Launched in June 1998, Cars.com is a division of
Classified Ventures, LLC, which is owned by leading media
companies, including Belo (NYSE:BLC), Gannett Co., Inc. (NYSE:GCI),
The McClatchy Company (NYSE:MNI), Tribune Company and The
Washington Post Company (NYSE:WPO). DATASOURCE: Cars.com CONTACT:
Jackie Brennan, Associate Public Relations Manager,
+1-312-601-6229, mobile, +1-219-577-6106, , or Steve Nolan, Public
Relations Manager, +1-312-601-5163, mobile, +1-630-310-2468, Web
Site: http://www.cars.com/
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