Quote:
Originally Posted by Pete4
... If I was you I would not trade the car in, rather try to sell it myself at higher price...
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Remember, selling a car outright versus trading it in on a new vehicle results in a substantial SALES TAX penalty. In my state the sales tax is computer AFTER the trade-in is subtracted. Sell the car yourself and you pay sales tax on the entire cost of the new vehicle. Using 8% as an example ...
8% of 24,000 is $2020. So unless you can sell the used car for $2K more than $24K you are loosing by not trading it in.