Very interesting - if you profit on the sale you pay income tax on the tax credit? What if you don't claim it? Even still, you come out ahead. What if you buy Dec 25 and sell Jan 5 2010 and turn a profit!?I called the IRS, sat on hold forever, but was told that as long as the 'intent' was for me to use the car as a personal vehicle, I am entitled to the federal tax credit.
However, if I were to sell it for what I paid for it or more, I would have to pay an income tax on the tax credit. If I break even or lose money, I can keep the whole tax credit.
There's been no clarification on exactly how long one should own the car.