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Trade-Ins make me angry.

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Old 05-20-2009, 11:35 AM   #21
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Originally Posted by mws4ua View Post
Sales tax on cars is 10% there?!?!?!? I bet it's not. Sales tax around here is 9% , but on cars it's just 3.5%

Like I said, around here the sales tax is 3.5% on cars. For every $1k in trade-in value, you save 35 in tax savings. Just about the only way trading-in makes sense over selling privately is when the prices are almost exactly the same.

If the trade-in offer is $13k on your old truck, you need to sell it private-party for at least $13,455 to break-even w/ the tax effects. It's still almost certainly a better deal to sell privately.
Sales tax around here is about 9.5%, so I always just use 10% for the easy math. And we have to pay the full 9.5% on vehicle purchases as well. So in my case tax savings plays a big role in deciding to sell or trade. In your case though at 3.5% I agree, it's sell every time.
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Old 05-20-2009, 12:35 PM   #22
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Originally Posted by MGH-PA View Post
Thanks, guys. We'll see how long it takes for mine to sell. I really want a double cab lb.

Good luck either way. On a side note, you can be a bit more firmer with your asking price via a private sale given you and the purchaser are willing to be a bit dishonest when transferring the title by listing a lower purchase price. For example, PA sales tax is 6%.

If you were asking $10,000 for your truck via a private sale then the new owner would have to pay $600 in sales taxes, + registeration, tags, title, plate, etc. But if you listed the sale price at $5,000 when you transfer the title then the buyer could save $300. Food for thought.
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