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Prius Supplies Increase as Sales Slow |
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February 8, 2007
Toyota says that incentives on the Prius hybrid are here to stay because the little car is now a core Toyota product. More than 100,000 of the gasoline-electric hybrid are sold each year and the automaker considers the Prius to be a mainstream vehicle. Toyota offered the first incentives on the Prius in January with leasing deals and low-rate loans in some parts of the country. Until recently, the Prius often commanded a price higher than the manufacturers' suggested retail sticker price. Toyota has increased production of the Prius to 150,000 units a year for the U.S. just as some sales resistance to the hybrid began to pick up, in part because of declining gasoline prices and, perhaps, falling tax credits. There is now a 30-day supply of the Prius in the U.S which is still below the industry standard 65 days for most vehicles. For most of the last several years, particularly as gas prices reached record highs the Prius supply was measured in hours not days. Tax Credit Phase-OutAs for the tax credits, after reviewing the fourth quarter sales of Toyota Motor Sales USA Inc. the Internal Revenue Service (IRS) announced that purchasers of Toyota and Lexus vehicles may continue to claim the Alternative Motor Vehicle Credit. Given the number of vehicles sold, the phase-out period for Toyota vehicles began on October 1, 2006. Toyota sold 67,857 qualifying vehicles to retail dealers in the quarter ending December 31, 2006. This brings the cumulative sales of qualified Toyota hybrid vehicles sold from the period of Jan. 1, 2006, through Dec. 31, 2006, to 212,073. Taxpayers may claim the full amount of the credit up to the end of the first calendar quarter after the quarter in which the manufacturer records its sale of the 60,000th qualified vehicle. For the second and third calendar quarters after the quarter in which the 60,000th vehicle is sold, taxpayers may claim 50 percent of the credit. For the fourth and fifth calendar quarters, taxpayers may claim 25 percent of the credit. No credit is allowed after the fifth quarter. The sale of Toyota's 60,000th qualified vehicle occurred in the quarter ending September 30, 2006. The applicable credit amounts are as follows:
See Related Item: Hybrid Cars and Alternative Motor Vehicles
GM CreditsWASHINGTON — The Internal Revenue Service announced that purchasers of General Motors Corp. qualified vehicles may continue to claim the Alternative Motor Vehicle Credit. The announcement comes after the IRS concluded its quarterly review of the number of hybrid vehicles sold. General Motors sold 3,358 qualifying vehicles to retail dealers in the quarter ending December 31, 2006. This brings the cumulative number of qualified General Motors hybrid vehicles sold to 5,558. The credit amount and make and model of qualified vehicles sold are: ° Chevrolet Silverado Hybrid 2WD, Model Years 2006 and 2007 — $250 ° Chevrolet Silverado Hybrid 4WD, Model Years 2006 and 2007 — $650 ° GMC Sierra Hybrid 2WD, Model Years 2006 and 2007 — $250 ° GMC Sierra Hybrid 4WD, Model Years 2006 and 2007 — $650 ° Saturn Vue Green Line, Model Year 2007 — $650 Taxpayers may claim the full amount of the credit up to the end of the first calendar quarter after the quarter in which the manufacturer records its sale of the 60,000th vehicle. For the second and third calendar quarters after the quarter in which the 60,000th vehicle is sold, taxpayers may claim 50 percent of the credit. For the fourth and fifth calendar quarters, taxpayers may claim 25 percent of the credit. No credit is allowed after the fifth quarter. See Related Item: Hybrid Cars and Alternative Motor VehiclesReport Your Experience
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