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-   -   Trade in tax incentive (https://www.ft86club.com/forums/showthread.php?t=66379)

ayau 05-21-2014 10:58 PM

Trade in tax incentive
 
So many states have a tax incentive to trade in your vehicle instead of selling privately. You're taxed only the difference of two cars. For example, dealer gives you $5,000 for your car and the cost of the new car is $20,000. You'll be taxed $15,000.

What happens if the value of your trade in is worth more than the car you're buying? Are you not taxed?

malave7567 05-21-2014 11:00 PM

This situation happened when I traded down from my Camaro SS. In Texas, if the trade in is worth more, you do not pay an excise tax, which is nice. Made the trade down possible

Giccin 05-21-2014 11:18 PM

Quote:

Originally Posted by ayau (Post 1752528)
So many states have a tax incentive to trade in your vehicle instead of selling privately. You're taxed only the difference of two cars. For example, dealer gives you $5,000 for your car and the cost of the new car is $20,000. You'll be taxed $15,000.

What happens if the value of your trade in is worth more than the car you're buying? Are you not taxed?

I hear you wanted to sell the blue.

How's that boba shop goin?

ayau 05-22-2014 12:10 AM

Quote:

Originally Posted by Giccin (Post 1752559)
I hear you wanted to sell the blue.

How's that boba shop goin?

Will be selling it soon and getting something more practical and auto. Too lazy to shift gears, lol.

Kind of gave up on the boba idea.

Giccin 05-22-2014 01:43 AM

Quote:

Originally Posted by ayau (Post 1752640)
Will be selling it soon and getting something more practical and auto. Too lazy to shift gears, lol.

Kind of gave up on the boba idea.

Waou~ lol

Tuhbo your blue. Maybe you'll like it.

I heard from dookie you were trying to sell him the car. :O

ayau 05-22-2014 01:52 AM

Quote:

Originally Posted by Giccin (Post 1752752)
Waou~ lol

Tuhbo your blue. Maybe you'll like it.

I heard from dookie you were trying to sell him the car. :O

Nah, I like AWD w/ good clearance for the snow here, lol.

I give you good deal for my BRZ?

Giccin 05-22-2014 03:20 PM

Quote:

Originally Posted by ayau (Post 1752766)
Nah, I like AWD w/ good clearance for the snow here, lol.

I give you good deal for my BRZ?

Not at this time. >:/

I want to be debt free when I graduate. lol

As much as I would want it though. Ugh~


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