Did you purchase a new car this year?  Well, it’s important to note that you can deduct local sales taxes paid towards a new car purchases made from February 17, 2009 to December 31, 2009.

Details

• The deduction is limited to the state and local sales and excise taxes paid on a new-car purchase of $49,500 or less.
• Individuals filers must have a  modified adjusted gross income between $125,000 and $135,000.
• Joint filers must have a modified adjusted gross income between $250,000 and $260,000.
• Tax incentives may be combined with Customer Cash, Dealer Cash or other rebates provided by manufacturers.
• Select Ford, Chevrolet, GMC and Nissan Hybrids also qualify for a tax credit.  Honda and Toyota Hybrid tax credits are no longer available.

Click here to see the complete list of Hybrids that still qualify for the tax credit. One vehicle that really stands out to us is the freshly crowned 2010 Motor Trend Car of the Year, the 2010 Ford Fusion.  The Hybrid version gets a whopping 41 mpg on the highway and 36 mpg in the city.  Purchasing one will also get you a healthy $850 federal tax credit.

For more information, head to www.irs.gov.

There are few vehicles that have been as enthusiastically anticipated as the 2011 Chevy Volt. With the media buzzing with excitement over GM’s latest green creation, many are wondering if the Volt will indeed live up to the hype. Just over a year remains until the Volt’s proposed release date and there is still speculation regarding the car’s actual performance versus the manufacturer’s claims.  Moreover, Chevy might even release a high-performance version, aptly dubbed Chevy Volt SS.

Hopefully much of that speculation can soon be put to rest as a fleet of eight pre-production Volt models took to the road last week for a series of real world tests. Called “the 65-percent drive,” it is the first of many long-term tests that will take place over the next year.  As you’ve probably guessed, the name of the test means that the Volt is at least 65 percent complete. These tests are performed much like a ship’s shakedown cruise, and will be repeated when the vehicle is 70, 80, 90 and even 100 percent complete.

The main goal this time out is to test the prototype’s Charge Sustaining Mode so they can have a better idea of the production car’s real-world range and mileage. Things seem to be going smoothly for the team of engineers and it looks like the Volt is on track for its November 2010 release.

The Chevy Corvette’s formula is simple, pure and inherently American. You take a sleek and stylish coupe body, put it on a rear-wheel drive platform, add a V8 and presto!: you have an American icon.

However, that all might change though by 2016 according to Automotive News, as emission and efficiency standards reach new heights. Tom Stephens, GM’s Vice Chairman of global product development, announced that the company might consider a hybrid power train in future Corvette models if all other attempts to meet the new government-mandated CAFE (Corporate Average Fuel Economy) standards prove unsuccessful. This would be a huge change for Corvette fans, being that the current ‘Vette is a tire-scorching, 430-horsepower behemoth. Not to mention the non-base models which are super cars in their own right, the Corvette Z06 and ZR1, with 505 and 638 horsepower respectively.

But companies like Tesla and Fisker are proving that hybrid and all-electric sports cars are both marketable and incredibly fun to drive.   By incorporating technologies like cylinder deactivation systems, direct injection and variable valve timing, the Corvette’s current V8 can be made more efficient.

Combine these with other fuel-saving features like light weight construction, electric power steering and low rolling resistance tires, and it is possible that the next-gen Corvette would be efficient enough for the car’s classic formula to remain unaltered. Whether a V8 or hybrid drive train is used, GM is insistent that the next chapter in the Corvette story will be just as thrilling as those that came before it.

Read that again: GM will begin selling brand new cars with 60-Day Money Back Guarantee.  In a semi-unprecedented move, the General will surely help bring traffic to showrooms in the post-Cash for Clunkers era.  The program begins early next week, Monday, September 14th and expires November 30th, 2009.

The money-back guarantee builds on the current 100,000-mile/5-year warranty which GM offers on their new vehicles.  The program will be available to buyers of 2009 and 2010 model-year Chevrolet, GMC, Buick and Cadillac vehicles, and covers vehicles that are financed or bought for cash.  The only exclusions are medium-duty trucks and leased vehicles.

The part that caught our eye is the 4000 mile limit.  Sounds like the ultimate 2010 Camaro test drive.

The 2010 Chevy Camaro has outsold the 2010 Ford Mustang for the third consecutive month.  Attribute it to marketing, product placement, prestige or all the above; it’s shaping into a rivalry that’s going to give you, the consumer, a better product at a better price.

If it were any other two cars we were talking about here, this would hardly be newsworthy. But the Camaro and Mustang are perennial rivals, akin to Ali vs. Frasier, Notre Dame vs. USC, Coke vs. Pepsi, etc.

And for the Camaro to be this far ahead of its competition is huge. Of course, you have to take into account the fact that Camaro fans have been waiting patiently for the successor to their beloved performance car marque for about seven years now. With the “base model” Camaro starting at just over $22,000 and packing a 304-horsepower 3.6-liter V6, off the bat, the 210-hp Mustang is already down 94 ponies.

Once you start looking at the top-of-the-line models, the performance gaps only get bigger. The Camaro SS makes 426 horsepower from its fire-breathing 6.2-liter V8, while the Mustang GT makes only 315 horsepower from its 4.6-liter V8. The 2010 Camaro also has the upper hand in the handling department with its fully independent rear suspension versus the 2010 Mustang’s live axle suspension.

But Ford’s not resting on its laurels.  While the Camaro is the front-runner for the 2010 model year, it’ll be interesting to see how it fares next year when Ford releases its highly anticipated 5.0-liter “Coyote” V8 engine for the 2011 Mustang GT. Whether or not we’ll still be celebrating Camaro domination this time next year remains to be seen, but for now the 2010 Chevy Camaro will continue to enjoy its spot at the top of the pony car hierarchy.