What's the hype about the new car purchases?

For anyone purchasing a new (never owned) vehicle after Feb. 1, 2009 and before Jan. 1, 2010, you may be eligible to deduct some of the local taxes related to the purchase whether you itemize your deductions or not.  You can read the details from the IRS here.Of course, it is never wise to purchase a brand new, never owned car due to the significant depreciation that occurs in the first two years.  Since this is a deduction and not a credit (reduction of taxable income instead of deduction from taxes owed), the savings will not outweigh the loss of depreciation.  So, in my opinion, this is not a good reason to go buy a new car!