When it comes to new cars these days, there’s plenty of supply, but little demand. Congress aims to change that with a provision that was added to the economic stimulus bill that’s just passed the Senate. No question about it … Congress wants you to buy a car this year.
The provision will allow you to write off the sales taxes on the purchase.
Car sales are down by 30, 40, and even 50% with some of the automakers. These new write-offs might just go a long way to getting car sales jump started again.
With the credit markets still icy, it’s up to the lenders to make funds available for the folks who really do want to sign on the dotted line. The bankers still hold the deck.