In his speech today on the auto bailout, President Obama outlined how the government will help consumers looking to buy a new car. The highlights:
- Tax breaks. If you bought your car after Feb. 16, the IRS will notify you that you can deduct the cost of any sales and excise taxes, and the same goes for new cars purchased through the end of the year.
- "Green" incentives. Obama said he might use parts of the stimulus package to fund a "generous credit" for consumers willing to replace less fuel-efficient cars with cleaner models.
- Warranties. In an effort to convince new car shoppers to buy from ailing automakers GM and Chrysler, Obama pledged that the federal government will guarantee warranties on those vehicles.