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For those (like me) who are considering buying a hybrid, it is worth knowing that the $2000 federal tax deduction available for buying a hybrid is due to start phasing out in 2004. If you buy during 2003, you may still take the full $2000 deduction. Then it is scheduled to start dropping $500/year until it goes away in 2007.

It is also worth noting that the phase-out of the deduction was originally scheduled to begin in 2002, but was then extended for 2 years, so there is a possibility it could get extended again.

http://www.irs.gov/pub/irs-pdf/p535.pdf

Also, the 2004 Prius has not yet been granted official status by the IRS as qualifying for the deduction, but Toyota's website says they expect that it will. The 2001, 2002 and 2003 models of the Prius were all granted qualification.

So...how are those hybrids running for people?

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