Hello, last week someone ran a red light and totaled my '07 HCH II. As replacement I'll be getting a 2008 HCHII. I'm going to get the $2300 tax credit for 2007, can I also get the tax credit in 2008? Or, can the credit only be used once?

Thanks!

I don't think there's a limit. The Honda credit is 50% now, though, I think.

Steve

STOP terrorism - Drive a HYBRID

Vehicles:
350 miles a week ------------ 2006 HCH II, Magnetic Pearl, w/NAVI (born on May 25, 2006)
350 miles a month ---------- 2003 Mazda Tribute ES-V6
350 miles a year (for now) - 1986 Mercedes 560SL

We got the credit for the HCH and the MMH so as long as you have two VINs, you should be fine (unless your income/deduction situation has changed since last year).

Commuter car, grocery getter, and summer road tripper--average 10k miles per year.


Winter road trips and ski trips, bad weather commuter and my wife's "daily" driver--expected average 4k miles per year.

Don't rely on this as tax advice. Consult your tax professional before making any determinations.

The credit can be used for multiple car purchases.
The real question is whether no longer having the old car triggers a recapture of the credit. As far as I know, there is nothing definitive on this. The only thing even close states that disposition due to accident or casualty does not constitute a recapture event. I would take the credit.
Another note of caution as your state laws will vary from the federal code.