jamie furman
Enthusiast
Tell me how someone can save 6 or 7 grand in sales taxs by trading your car in? Thats got to be some new kind of thing that I have got to learn! Clue me in!
Used 09' ACR value?
- Thread starter Socrates
- Start date
Tell me how someone can save 6 or 7 grand in sales taxs by trading your car in? Thats got to be some new kind of thing that I have got to learn! Clue me in!
Brad04Mamba
Viper Owner
Because some states believe in being fair. Of course most don't. In some states you only pay sales tax on the difference between the new car and your trade in. This is only right since the dealership is going to sell the trade in and charge sales tax on that sale. This I believe stimulates car sales because someone will be more likely to turn over their vehicles if the know they won't have to keep paying sales tax everytime they want a new car.
It is totally unfair, and I believe unwise because it stiffles sales, that if you only own a car for six months and keep trading in cars, you will pay sales tax every time even though you are trading in a car. This is one reason leasing was so popular, you only pay sales tax on the portion of the car you actually used.
SilveRT8
Enthusiast
5% GST and 7.5 PST here, so you still have it better than some.
Yah, many/most prov. are greedy. They want us to be communists and give them all our money.
Anyway, since you're being specific ... if you buy a car (even a used car) at $55,000 you pay an extra "LUXURY" Tax of $1500. That's ablout 3% extra. AND, you pay 10% Provincial (they disguise it calling it a "Social Services" Tax) after $55,000!
I wasn't gonna bother to write all that garbage down, but since you wanted a reason to be happy and undertaxed?
We are so screwed ... HST and another Carbon Tax next July - it won't end until they have all out money.The Federal Liberals are trying for another election. They say they can "take on the world and win." they go on about teh economy and yet ... ready for this? ... they are the ONLY POLITICAL PARTY THAT I'VE EVER HEARD OF THAT WENT BANDKRUPT. Unbelievable, and they'll probably get in. First order of business will be to add a Federal Carbon Tax on top of the Liberal Provincial Carbon Tax.
This may be Armgeddon?
jamie furman
Enthusiast
Well could you please send a fax to Florida and one to Virginia for me informing them of their unfair practices, because they don't believe in being fair and they both charge me full sales tax on trade-ins.
Well could you please send a fax to Florida and one to Virginia for me informing them of their unfair practices, because they don't believe in being fair and they both charge me full sales tax on trade-ins.
Jamie...I hear you there. Here in Kansas, you can deduct the tax allocation of your trade in vehicle when traded. So if you bought a 100k car and your trade is worth 50k, you only pay taxes on 50k...makes sense? Again, in KS, you HAVE to do it at the moment of trade...works between individuals and with dealers.
In MO, from what I understand, they are even MORE fair. If I sell my car to an individual..and then weeks later, I buy another car to replace it, I can still take that sales tax deduction based on the sale price of the vehicle I sold...I wish I could have done that with the GTS that I sold a couple of months ago and applied it towards the 08 coupe I just bought...
Lawrenzo
Enthusiast
That adds up to a huge savings over a period of years If it were that way in CA I would be trading cars much more often I bet.
If it were that way in CA I would be trading cars much more often I bet.mcar00
Viper Owner
Well could you please send a fax to Florida and one to Virginia for me informing them of their unfair practices, because they don't believe in being fair and they both charge me full sales tax on trade-ins.
Don't know about Virginia but Florida doesn't charge sales tax on trade in value. I figured all states treated trades the same as Florida but I guess not. What a scam! On the other hand, you do have VIR in your back yard!
Brad04Mamba
Viper Owner
That adds up to a huge savings over a period of years
See, thats what I was thinking. Elected officials just can't believe that if you reduce taxes you could actually create more tax revenue to the State. I currently have my car for sale, but after paying over $8700 to the State of California last October I am having a hard time thinking of doing it again now, so I haven't pursued the sale to hard..
You would without a doubt. I am on car # 79 in the 19 years I have been able to drive/buy cars...That adds up to a huge savings over a period of years
TrackAire
Enthusiast
This will make you laugh.....I collect older V.W. Beetles and Baja Bugs. On one of the Beetles, since it has been bought and sold so many times in the last 40 years, the State of California has collected more in sales tax than the original purchase price!!
Our tax systems makes the Mafia look like amatures.
Cheers,
George
Our tax systems makes the Mafia look like amatures.
Cheers,
George
Chrissss
Viper Owner
I mean really what did you expect? In these times dealers are going to try and steal the car from you to get the most out of the resale. A dealer trade in or sale is the last place to expect a true market value of any car, especially one in the 100k range.Well, I've been "window shopping" this past month for a used Ford GT. As of this week, the most any dealer has been quoting on my car is 75K-80K.
Are they off their rocker, or is this considered reasonable for a 4 month, 2000 mile, perfect condition ACR?
Socrates
Enthusiast
Oh, I couldn't agree more, but I was expecting them to go up a little after the initial low ball offer. I figured they'd at least go 85K. And I know they have a little wiggle room on the Ford GT. Oh well. I went and listed it on good ole eB*y with a very reasonable reserve, so we'll see how it goes.
Chrissss
Viper Owner
Good luck. I would love to have it. Perfect color combo if you ask me. Just out of curiosity though, why trade your brand new ACR in on a Ford GT? Don't get me wrong, I love em and they are sure great looking. They hold their value well but don't nearly have the performance of the ACR. Is it investment or have you just always wanted a Ford GT? I'd love to have both, the ACR and the Ford Gt.Oh, I couldn't agree more, but I was expecting them to go up a little after the initial low ball offer. I figured they'd at least go 85K. And I know they have a little wiggle room on the Ford GT. Oh well. I went and listed it on good ole eB*y with a very reasonable reserve, so we'll see how it goes.
FrankBarba
Enthusiast
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Nothing like having a Ford GT. Infact all vipers are for sale. i no longer drive them or want to...except the CC.The GT's are holding their value. I've been offered several times to sell my GT at over MSRP>
Lawrenzo
Enthusiast
You would without a doubt. I am on car # 79 in the 19 years I have been able to drive/buy cars...
This is just so so sad for us Kalifornia residents. With one of the highest sales taxes(8.75%) and income taxes(around 10+%) we are really screwed out here
I should moveMartin
Enthusiast
This is just so so sad for us Kalifornia residents. With one of the highest sales taxes(8.75%) and income taxes(around 10+%) we are really screwed out here
Wow, sales tax is only 8.75% in your area? That seems cheap now...
Socrates
Enthusiast
It's always been a dream car for me, at least for the past few years. Honestly I wish I had just purchased one years ago, as I could have saved myself a lot of money (I mean, look at the depreciation on just this ACR) and hassle. I know the Ford GT isn't quite on par with the ACR, but for someone with my driving skills, that's just fine. The ACR is 150% more car than I'll ever need anyway.
I had good luck on autotrader when I sold my last Viper...I like the fact that you can vett many of the potential buyers by only giving an email address....call the ones you believe are serious.....I avoid calling the responses with 800 numbers.....
Cop Magnet
Enthusiast
No one's asking the real question here. What is your government giving you for all the additional taxes they are collecting? They just keep ramping it up, percentage-wise, while offering "services" like red light cameras, more meter maids, more speed traps, worse schools, road construction that takes a year and lasts only three anyway, etc. etc. As the economy nosedives into the toilet, they are taking more and more of your cut. Here, property taxes have gone up 200% in the past few years. A percentage tax makes some sense, as the services the government offers should be in some way proportional to the local income, but changes in the percentage are unjustifiable and wrong.
It is very hard to do well on a Dealer trade. However, it is less of a problem and generally closes the deal for good (vs. private party potentially calling later).
Btw, Ford GT is a great car except: (1) no room for anything; (2) super tight head room; and (3) consistently overheats (stock form) on the road courses (my buddy has 2 FGTs and has been to the track with many of the Groups). ACR is a much more serious track weapon. Not sure what to make of the one comment regarding "I no longer want to drive vipers" since this IS the Viper board!
Good luck on your sale--awesome color combo on your car!
Btw, Ford GT is a great car except: (1) no room for anything; (2) super tight head room; and (3) consistently overheats (stock form) on the road courses (my buddy has 2 FGTs and has been to the track with many of the Groups). ACR is a much more serious track weapon. Not sure what to make of the one comment regarding "I no longer want to drive vipers" since this IS the Viper board!
Good luck on your sale--awesome color combo on your car!
Flexx91
Viper Owner
Here in Texas, you pay sales tax only on the difference between the sales price of the new car and the trade-in value.
Flexx91
Viper Owner
Well, I've been "window shopping" this past month for a used Ford GT. As of this week, the most any dealer has been quoting on my car is 75K-80K.
Are they off their rocker, or is this considered reasonable for a 4 month, 2000 mile, perfect condition ACR?
Your best bet is to find a private buyer for your car and ask the dealership of the new car you're buying to do an "in-and-out". The dealership treats the sale of your trade as the "trade-in" value and still allows you to pay only the difference in sales tax. In other words, you find a buyer for your trade-in for the dealership. The dealership still applies the trade-in towards the cost of the new car thus allowing you the sales tax savings on the difference. Some dealerships charge a fee for this service because they are handling the transaction and all of the paperwork.
Cop Magnet
Enthusiast
That is one damn good idea!
Yes, This is a pass through.. Most dealers won't get involved in this.. Lots of legal Liability here, for very little benefit (for the dealer).
Sure they sell a car, but are you willing to pay above market, if they do this for you?? Probably not.... So, it doesnt help them much.
But yes, if you can find a dealer AND a buyer who will get involved in this. It would work..
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yea but the fact is you can buy a new one @98000 invoice right now and then get a factory 3000 cash if the dealer is hungry i have been shopping for one and gotten one dealer to give me all the 3000 cash so i can pick a new one up no miles for 95k just food for thought
ASPIRATIONS
Enthusiast
BIT,
Can you PM me the details on this....Whats the 3k you speak of ? Dealer holdback ? Kevin
Can you PM me the details on this....Whats the 3k you speak of ? Dealer holdback ? Kevin
jamie furman
Enthusiast
Don't be mistaken, I do have both and the Ford GT does have the near the performance of the ACR stock to stock on the street and with a pulley and tune a lot more! Not to mention the driving experience is 10 times better in the GT IMO. On a road course the ACR might be better because it is track specific car with a NA engine that is probably set up for RR better than the GT. But to me there is no comparison, the GT wins hands down!
Boxer12
Enthusiast
'Driving experience' on just about any US roads is a joke. You mean that you 'feel cooler' or what? My fater-in-law just said the other day that the only person who thinks you look cool is yourself.
The only true driving experience is on the roadcourse. The ACR wins, hands down. jmo Sacrates, do yourself a favor and take that ACR to the track a few times. Your eyes will be openned to the true pleasures of driving!
The only true driving experience is on the roadcourse. The ACR wins, hands down. jmo Sacrates, do yourself a favor and take that ACR to the track a few times. Your eyes will be openned to the true pleasures of driving!
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