If you demand it, companies will come up with it. This has never been more apparent than with hybrid autos, the companies answer to a consumer nation that has become more environmentally aware.
The day you knew hybrids were here to stay was the day car companies started announcing hybrid SUVs. Imagine, all the size and little of the guilt. That being said, there are some misconceptions about hybrids, so lets address the big two.
Buy any old hybrid and you will get a major tax credit. This is the first myth that arises around the hybrid. Can you get a tax credit? Yes, but you must comply with certain requirments issues by none other than the Internal Revenue Service.
When taxes are invovled, it should be no surprise there are pitfalls with claiming a tax credit for buying one. The first requirement is you must buy a new vehicle, not a used one. The second requirement is the IRS must have approved the vehicle.
Many people want to know the amount of the hybrid tax credit, but it is an impossible question to answer. The IRS sets a different amount for each and every car. It then has the option of reducing this amount each quarter of the year.
The interesting and scary thing about the tax credit is it is designed to disappear for each car after a certain number have been sold. For instance, Toyota hybrids are about to lose their tax benefits entirely. Yes, there will be zero tax benefit.
The Japanese manufacturers have always been way ahead in the game. Toyota is about to lose its tax credit, and Honda can see the end of its in a few years time. This is just the way the law was written, not a territorial matter.
A second area of misunderstanding with the hybrid vehicle has to do with the batteries. Obviously, the car requires special batteries. There is a myth that they have to be replaced every 40,000 miles. This is alleged to be a big problem because they are expensive.
The great hybrid conspiracy is truly funny once you look at a key fact. Each new hybrid comes with a battery warranty between 80,000 and 100,000 miles. This would suggest that they last a long time, no?
Should you make your next vehicle a hybrid? If you want to cut your driving costs and help the environment, then the answer is definitely yes. Just make sure to buy it new and check with the IRS on your tax credit amount.