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09-23-2007, 12:51 AM
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#1
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Join Date: May 2006
Posts: 1,357
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Any one know this??
I went to look at a new suv and the girl I was talking to asked me if I'd be trading in my car I told her it depends on what they were willing to give me because I still owe on it. She said if I trade it in at say 14,000 and but a car for 20,000 I'd only have to pay taxes on the difference of 6,000 and not on the whole 20,000. which in this example is 980 bucks instead of 1400.
i'm thinking if I can sell the car I'd need at least 1000 more then I owe to break even on the tax does that seem right?
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09-23-2007, 07:36 AM
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#2
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8 Second Club
Join Date: Jun 2006
Posts: 4,315
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no selling your car just don't seem right! it's a rare piece of history.
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09-23-2007, 07:58 AM
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#3
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Admin.
Join Date: Aug 2005
Location: Hamilton, NJ
Posts: 20,165
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I do believe sales tax is after trade-in value. Let me see if I can find the papers from the last car I bought.
Edit: Yes, trade-in reduces taxable amount. Rebates, etc., are after tax.
__________________
Vent Windows Forever!
The looser the waistband, the deeper the quicksand. Or so I have read.
Feather-light suspension, Konis just couldn't hold. I'm so glad I took a look inside your showroom doors.
Hey everybody, it's good to have you on the Baba-too-da-ba-too-ba-ba-buh-doo-ga-ga-bop-a-dop
Last edited by BonzoHansen; 09-23-2007 at 08:02 AM.
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09-23-2007, 09:58 AM
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#4
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Join Date: Aug 2004
Location: West Milford, NJ
Posts: 2,127
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Quote:
Originally Posted by baddest434
no selling your car just don't seem right! it's a rare piece of history.
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I don't think he means the Hawk, he's probably trading in his Altima or his wifes Camry/Corolla (can't remember which she has).
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09-23-2007, 03:16 PM
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#5
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8 Second Club
Join Date: Jun 2006
Posts: 4,315
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Quote:
Originally Posted by ****OnWheels
I don't think he means the Hawk, he's probably trading in his Altima or his wifes Camry/Corolla (can't remember which she has).
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whew, thx
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09-23-2007, 06:51 PM
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#6
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Join Date: May 2005
Location: If it has a clutch, ill burn it!
Posts: 230
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selling the hawk, imagine that......perhaps he might want to drive it more than once a year lol.
__________________
2002 Silver Pontiac Trans Am #8150
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09-23-2007, 09:29 PM
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#7
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Join Date: Jun 2006
Location: Morristown
Posts: 191
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Yes, you only pay tax on the difference.
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09-24-2007, 07:01 AM
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#8
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Join Date: May 2006
Posts: 1,357
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Bill I'd sell my left nut before the Hawk went anywhere. LOL Looking to dump the Altima. Too many creaks, squeeks, and annoying features I'm starting to hate it more and more every day. If I can get into something else with similar or even slightly lower payments I am going to do it.
Saw a AWD Torrent, but it was Blue metallic and it looked more purple then blue so I don't know if I liked it. Gonna go drive a bunch of things today from the list I got a week or so ago. Trailblazer, Explorere, Jeeps, Torrent, gotta look at the Murano, Highlander, 4 runner, or as many SUV's as possible but I think I'm leaning towards AWD vs. 4wd which may limit my options.
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09-24-2007, 10:19 AM
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#9
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Join Date: Sep 2004
Location: Wayne, NJ
Posts: 2,131
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You should get a new Camry...that thing is hot. Not as sexy as the Aerio though.
__________________
STROKIN' IT SINCE 09/03/06
2008 G8 GT Ignition Orange - New Era OTR intake, PM-FL Axle Back, SuperChips Cortex Tune
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09-24-2007, 10:53 AM
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#10
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Join Date: May 2006
Posts: 1,357
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Tammy has a camry currently and it's starting to creek and not good in snow, rain or anything other then dry ground. Also, not a fan of the engine/transmission changing gears while going down a steep incline randomly and jerking the car back and forth.
I just talked to someone and I don't think I can do the payments on a new car right now so it may be another year with the Altima. 
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