Comments on: Is It Worth It? New Car Tax Credit v. Buying Used for Less

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By: Miranda Marquit

Miranda Marquit — Sat, 27 Jun 2009 17:25:06 +0000

You should be able to get both at once, if you qualify. A knowledgeable tax professional can help you determine whether you qualify, and whether it is worth it.

By: Heather

Heather — Sat, 27 Jun 2009 02:19:13 +0000

Do you know if someone can get the new car tax credit and the clean fuel tax credit?

By: Miranda Marquit

Miranda Marquit — Wed, 24 Jun 2009 17:49:22 +0000

You are right that it all depends on the car you get, the deal you can wrangle and what fits your needs.

By: Bill

Bill — Wed, 24 Jun 2009 15:05:36 +0000

It really depends on which car you buy. 2-3 year old used Honda’s are selling for just under or just as much as new 09’s. This is a good deal if you can get a vehicle that will retain more than 70% of their value after 3 or 4 years at a deep discount.

By: Miranda Marquit

Miranda Marquit — Tue, 05 May 2009 18:58:33 +0000

It’s all about the individual vehicle and how things work out for your personal finances. And, of course, what kind of deal you can work. In some cases, it’s worth it to buy new and get a tax credit. But in others, you’re better off buying used.

By: hs

hs — Tue, 05 May 2009 02:31:59 +0000

Always? No… say you’re buying a Ford Fusion 2009… save $1000 in taxes, and take the manufacturer’s $3500 cash back. Beats depreciation and more right there.

By: Miranda Marquit

Miranda Marquit — Sun, 12 Apr 2009 01:17:17 +0000

Thanks for the reminder that we can adjust withholding. Indeed, it’s better to adjust withholdings and use that money to invest than to give the government an interest free loan. You’re point about the interest rate is a good one, and it depends on whether or not the difference makes up for the large amount you are spending on a new car.

By: Connie

Connie — Fri, 10 Apr 2009 23:00:53 +0000

I’m a CPA. You can adjust the withholding on your wages if you expect additional deductions/credits for 2009.

Also, if you are financing a car, sometimes you get a cheaper interest rate with a new car instead of a used car.