Buy that Toyota Hybrid Now!

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I previously wrote about the amount of tax credit available to purchasers of hybrids from Ford, Toyota, and Honda. The full amount of the credit is available until the end of the first calendar quarter after the quarter in which the manufacturer records its sale of the 60,000th vehicle. Reduced credits are available for the second through fifth calendar quarters after the company sells its 60,000th hybrid.

The IRS updated the sales figures for Ford and Toyota/Lexus yesterday. It looks like if you are planning to buy a Toyota or Lexus hybrid and want the full credit, you better do so by September 30th. They sold 41,000 hybrids in the first quarter which means that even if their sales drop in half for the second quarter they will reach 60,000 sometime before June 30th (and probably already have). That means you have until September 30th to claim the full credit.

If you are purchasing a Honda hybrid, I would probably do so in the next six months as well. The IRS didn’t report their sales yet because they were just certified but I bet they are not far behind Toyota.