does it make sense to go hybrid?
Thread Starter
Registered User
Joined: Aug 2004
Posts: 1,590
Likes: 0
From: La Crescenta, CA
Originally Posted by rocrfella,Oct 24 2007, 07:31 PM
Hybrid makes you look gay man. Get a Prius... 
Joined: Nov 2000
Posts: 16,310
Likes: 18
From: In the ether.
Originally Posted by Steven2k,Oct 24 2007, 11:39 PM
i thought tax credit of $2100 meant that when i get my tax return, i will get $2100 more on my tax return.
and how old is jesusfella? wtf...
Registered User
Joined: Jul 2006
Posts: 617
Likes: 0
From: philadelphia
Originally Posted by animeS2K,Oct 24 2007, 05:18 PM
The Fed doesn't just GIVE you $2100... They give you a tax break on $2100... So if your taxable income was otherwise $50,000, now your taxable income is $47,900... Considering a 30% tax bracket, you're looking at "saving" roughly $630.
So, is a total "savings" of $3630 enough to make you sell your car and switch?
Do the fuel savings and emissions and other planet-friendly aspects make you feel all warm and fuzzy?
So, is a total "savings" of $3630 enough to make you sell your car and switch?
Do the fuel savings and emissions and other planet-friendly aspects make you feel all warm and fuzzy?
Ive been there, except I never had an "S" to miss, prior to marriage! Im ass backwards on this site, marriage-house-kids-S. I consider myself lucky, at 35 to get all the things your worried about done, and be able to have my S. It usually doesnt work that way! (3 kids, and no Im not rich!)
Joined: Jan 2007
Posts: 379
Likes: 0
From: Santa Barbara, CA
but the top does not come off
if you can handle a coupe then get the hybrid but the S is a convertible, can you live without a convertible ?
(I could not, never have owned a coupe or "regular" car since 1974)
if you can handle a coupe then get the hybrid but the S is a convertible, can you live without a convertible ?
(I could not, never have owned a coupe or "regular" car since 1974)
Registered User
Joined: Feb 2006
Posts: 110
Likes: 0
Originally Posted by Steven2k,Oct 24 2007, 04:54 PM
so i'm planning on getting married within two years. i currently drive a 06 s2k. i signed up for that honda lease special. i pay roughly $650/month on car expenses (gas, payment, ect..). my goal right now is to save as much money as i can until we i married. i want to start off strong by minimizing payments and purchasing a house.
currently, my company is paying their employees $3000 to purchase a new hybrid vehicle. on top of that, depending on the vehicle, you are awarded a federal tax credit ($2100 for the civic hybrid). thats $5100 of free money i can receive. not to mention the state tax incentives.
i crunched up some numbers and it seems like roughly, i can save about $200/month if i go with the civic hybrid (put $5100 down). that is if i get the full trade-in value of the s2k and the civic is purchase at $20k. or my car payment will go up $150/month (zero-down) but i have $5100 in my pocket.
has anybody put a claim on a federal tax credit? is it easy to obtain or did they make it impossible for you to get? i read that if you make too much money (not me), you do not qualify for the tax credit.
so what do you guys think? keep the s2k and enjoy it for 2 more years and just keep saving money the way i am now? or take the plunge in to the mundane world of hybrid vehicles for the sake of saving some money?
currently, my company is paying their employees $3000 to purchase a new hybrid vehicle. on top of that, depending on the vehicle, you are awarded a federal tax credit ($2100 for the civic hybrid). thats $5100 of free money i can receive. not to mention the state tax incentives.
i crunched up some numbers and it seems like roughly, i can save about $200/month if i go with the civic hybrid (put $5100 down). that is if i get the full trade-in value of the s2k and the civic is purchase at $20k. or my car payment will go up $150/month (zero-down) but i have $5100 in my pocket.
has anybody put a claim on a federal tax credit? is it easy to obtain or did they make it impossible for you to get? i read that if you make too much money (not me), you do not qualify for the tax credit.
so what do you guys think? keep the s2k and enjoy it for 2 more years and just keep saving money the way i am now? or take the plunge in to the mundane world of hybrid vehicles for the sake of saving some money?
Registered User
Joined: Oct 2003
Posts: 2,230
Likes: 0
From: Sydney
Keep in mind how long you are going to have the car. With electric hybrids you are going to have to replace the batteries at some point. I think the Prius has an expected battery life around 10 years.
Small 4 cylinders and diesel cars get fuel economy quite close to some of these bigger hybrid cars currently on sale. Where I am, $ wise you would be better off buying a small car or diesel rather than a hybrid.
If you are not going to keep the car that long, consider the resale value of the vehicle compared to a similar small petrol or diesel.
If you are all about saving the environment, try making your own biodiesel and run your car on that. Or better yet don't use or own a car at all.
Small 4 cylinders and diesel cars get fuel economy quite close to some of these bigger hybrid cars currently on sale. Where I am, $ wise you would be better off buying a small car or diesel rather than a hybrid.
If you are not going to keep the car that long, consider the resale value of the vehicle compared to a similar small petrol or diesel.
If you are all about saving the environment, try making your own biodiesel and run your car on that. Or better yet don't use or own a car at all.
Registered User
Joined: Jul 2007
Posts: 631
Likes: 2
IMO the Civic Hybrid is an excellent car if you plan to do a lot of driving.
First of all find out if the company will be buying the car under their name. And if so, the company will be getting the tax credit, not you. I dont quite understand why the company would give you a $3000 reimbursement on a hybrid vehicle only... i mean whats the incentive for them for you to only consider a hybrid? Also keep that if you are entitled to the tax credit... its just that, a credit and not an instant rebate so you wont be getting it until the following year.
Second, i highly doubt you'll be getting the new Civic Hybrid for $20,000. MSRP is $23,235, and invoice is $21,423. Even if you get a year end closeout deal close to invoice, you still need to factor in tax, title, and license. In Hawaii it runs approx $16-1700 and tax is more in calif.
Third, i highly doubt they will give you full book for your trade in. Especially if your banking on the dealership to give you invoice price for the Hybrid. Realistically the dealership will not drop their pants on both the new car and trade in, after all it is a business and they need to make money somewhere. When you say full book, i assume you mean excellent trade in value which works out to $25,175 on a '06 S2000 with 12,000 miles. On the realistic side the dealership will most likely hit the value at a grand or two below fair trade in value: $21,435 - 1000 = $20,435. Remember, S2000s are not moving like they should at showroom floors and most likely a dealership would not want to take one in unless they are in it good.
Usually when you have a fairly new car for trade in, you have whats called negative equity. Especially if you put only a few grand for down payment. If you have negative equity based on what the dealership says the market value of your trade in is, this will kill your monthly payment. Remember that every $1000 added to your loan at 72 months works out to approx $20/month.
Good luck.
First of all find out if the company will be buying the car under their name. And if so, the company will be getting the tax credit, not you. I dont quite understand why the company would give you a $3000 reimbursement on a hybrid vehicle only... i mean whats the incentive for them for you to only consider a hybrid? Also keep that if you are entitled to the tax credit... its just that, a credit and not an instant rebate so you wont be getting it until the following year.
Second, i highly doubt you'll be getting the new Civic Hybrid for $20,000. MSRP is $23,235, and invoice is $21,423. Even if you get a year end closeout deal close to invoice, you still need to factor in tax, title, and license. In Hawaii it runs approx $16-1700 and tax is more in calif.
Third, i highly doubt they will give you full book for your trade in. Especially if your banking on the dealership to give you invoice price for the Hybrid. Realistically the dealership will not drop their pants on both the new car and trade in, after all it is a business and they need to make money somewhere. When you say full book, i assume you mean excellent trade in value which works out to $25,175 on a '06 S2000 with 12,000 miles. On the realistic side the dealership will most likely hit the value at a grand or two below fair trade in value: $21,435 - 1000 = $20,435. Remember, S2000s are not moving like they should at showroom floors and most likely a dealership would not want to take one in unless they are in it good.
Usually when you have a fairly new car for trade in, you have whats called negative equity. Especially if you put only a few grand for down payment. If you have negative equity based on what the dealership says the market value of your trade in is, this will kill your monthly payment. Remember that every $1000 added to your loan at 72 months works out to approx $20/month.
Good luck.
Registered User
Joined: Jul 2007
Posts: 631
Likes: 2
You're currently leasing your S2000?... it completely flew right by me.
The fact that the lease is fairly new and that you are probably nowhere close to your lease maturity, you probably have a VERY significant negative equity.
The fact that the lease is fairly new and that you are probably nowhere close to your lease maturity, you probably have a VERY significant negative equity.
Registered User
Joined: May 2006
Posts: 742
Likes: 0
From: Westerville, OH
Originally Posted by animeS2K,Oct 24 2007, 11:27 PM
I stand corrected! Thanks for clarifying. I was under the impression that it was a credit against income vs. straight up credit against liability. What happens if your tax liability is $0? They send you a check for $2100?