Toyota Prius Forum banner

1 - 10 of 10 Posts

·
Registered
Joined
·
6 Posts
Discussion Starter #1
I have an opportunity to buy a 2004 with 2200 miles at 500 under list. I t has been titled and is a used car. It has a small door ding on the rear quarterpanel. should I wait for a 2005. Package 8 $25,000.00
 

·
Registered
Joined
·
133 Posts
To Prius or Not to Prius

The door ding can be fixed and it can be tempting to be able to drive off in a Prius today but is this one the color and the package you want?

If it's everything you want and the previous owner thing doesn't bother you, I'd go for it. If not, wait it out. You need to be 100% satisfied with your purchase.

As I understand there's no difference between the 04's and 05's you won't be missing anything there.
 

·
Registered
Joined
·
2,355 Posts
Buy the car. Take the $500 you saved, call your travel agent and book a cruise. See if the door ding bothers you while you are in Cayman. 8) 8) 8)
 

·
Registered
Joined
·
363 Posts
egold56 said:
I have an opportunity to buy a 2004 with 2200 miles at 500 under list. I t has been titled and is a used car. It has a small door ding on the rear quarterpanel. should I wait for a 2005. Package 8 $25,000.00
Realize that that $500 is no savings. As a repurchaser you do not get the tax break ($1500) that the original purchaser got. That alone will eat up that $500 discount if you are in the 30% tax bracket.
 

·
Registered
Joined
·
2,355 Posts
Buy the car. Take the $200 you saved and take a bus to Cayman. Oh well. 8) :lol: 8)
 

·
Registered
Joined
·
1,002 Posts
Fed a deduction, some states are credits.

The federal is a deduction (as in, it reduces your INCOME by $1500, or, if you don't get your car until 2005, only $1000,) some state ones are true credits. In my state, Oregon, it's a credit of $1500.

That means that when calculating my taxes next year, for my federal, I'll take $1500 off my INCOME, which reduces my tax burden by somewhere around $300, depending on my tax bracket. So if I end up (based on last year,) getting a tax refund of about $300, then the Prius will double my refund to $600, NOT increase it to $1800.)

When calculating my state taxes, I'll calculate them as normal, without the Prius doing anything. Then, I'll take that little "Tax Liability" number, and reduce IT by $1500. I expect that my tax liability will be more than $1500, but that I will have paid more than that during the year anyway. So I expect (based on last year,) to get a refund of about $50. THEN I add in the $1500 CREDIT for the Prius, and the state of Oregon will owe me about $1550.

So, in the end, I expect the Prius to save me about $1800 in income taxes this year.
 
1 - 10 of 10 Posts
Top