It’s the most wonderful time of the year — for buying a new car.
It’s the most wonderful time of the year — for buying a new car.
Savvy shoppers, (car) dealers and automotive analysts alike are singing that tune, thanks to fat rebates, cheap financing and an enticing federal tax break for buyers set to expire Friday.
Experts say the car-lot deals are even better than last year, thanks largely to the tax break in the stimulus package approved by Congress in January. State and local sales and excise taxes on new vehicle purchases from Feb. 16 to New Year’s Day are deductible on 2009 federal income taxes. Buyers can write off the taxes paid on the first $49,500 spent for a new car, light truck, motorcycle or motor home, potentially saving themselves thousands of dollars, depending on their tax bracket.
Mercury News – Car dealers hope federal tax break deadline boost sales this week
