Dr. ice

I am currently in line at my local dealer to order a loaded TR Z51 with the 2LT package on his first 2015 allocation allowance.....which hopefully means I will have the car in September or October and not later than November of 2014. I will also be ordering the car with a $4,000 discount off of MSRP sticker, which is the best deal I have heard of at this time. I know of at least one dealer 70 miles away from me that, as of yesterday, is still asking $10K over MSRP. Anyway......I have a 2011 BMW 35is with 8,500 miles that I need to sell in advance of getting the new C7 but I don't want to lose the sales tax credit by selling it too soon.....6 months in Missouri. However, I don't want to miss out on a potential buyer due to timing then take less than its worth from the dealer on trade if possible. Does anyone know of way to get around this? Thanks in advance for your help.

jkcam6017

If I understand correctly, you can apply the amount of sales tax you've paid on a vehicle if within 6 months of selling it you buy a new car?

Dr. ice

That is exactly as I understand it as well. I was hoping there might be some way to get around the 6 months in Missouri should I have the opportunity to sell it at a decent price this winter or early Spring. It makes it tough when you don't know exactly when the new car might arrive....yet I really don't want to lose the sales tax on a $40K plus car. Otherwise, I feel I need to hold off on selling it until at least June or so.

sajonf

Yes Missouri sales tax credit lis good for 180 days from the time of selling your car. As far as I know the only way around it is fraud.

Dr. ice

Not interested in the last option as it would be hard to enjoy by new C7 from behind bars I was wondering if any paperwork could be done with the dealer if further out than six months.....but I am sure a VIN number would be needed. I am sure I just need to cool my jets and wait until this summer to sell my car. I just thought if there was someway to accomplish this that someone on this post would know.

Glenmcp

If your BMW is in good shape, it should sell in six months. Wait until May to list it.

sshu

What other states have this sales tax credit? I'm in California.

Dr. ice

Glen.....the BMW is in showroom condition and I too feel it will sell once the weather warms up this Spring in Missouri. The BMW is a Z4 35is convertible and it will probably be May or so before anyone starts thinking very hard about this type of car. I would like to think if I sold the car in May or June that should allow time for the first run of 15's to be ready for delivery no later than November.....

Glenmcp

Good luck. All will work out.

sly1

Maryland also has it, but it doesn't work the way the Missouri plan works. In MD you have to trade-in your car to the Dealer from whom you are purchasing your new car, and sales tax is only charged on the additional cash outlay. So if you buy your new car from dealer A, you have to trade-in your car to dealer A to get the tax break.

Dr. ice

It is interesting on how every State addresses the topic of Sales Tax. I guess Missouri gives us a little more flexibility than some. However, for most on this forum it is a note worthy topic since most of us are lucky enough to have nice toys to trade and it helps soften the blow if you can carry some sales tax credit forward on the next new and best thing

Zymurgy

Texas does. (no income tax either)

JoesC5

You also have 6 months after you take delivery of your new car in which to sell your old car, so you have 12 months total. That opens up another option of having a second short term loan if you don't sell the BMW before your C7 arrives, in which to sell the BMW and payoff the second loan(like a home equity loan).

You receive your new C7 and pay the sales tax on the full amount, Then when you sell the BMW, you submit a MO form 426, along with a copy of the Bill of Sale on the BMW, to the DMV and they will send you a refund for the amount of the sales tax on the selling price of the BMW.

It really depends on your personal finances as to whether you can take that option.

jkcam6017

Very nice vehicle. PRHT cars people start thinking about starting in March. With a 4 year factory warranty, the next owner will enjoy some time should anything come up. Auto or stick? Color? Sport package? Clean Carfax, One owner?

I had a 2004 and a 2009, both stick and both 3.0. Loved the 09, was not fond of the stick with the clutch relief valve nonsense.

The 35is is the best. You may miss it. GLWS

Dr. ice

JK......I purchased the car this summer thinking it would be a while before dealers would start discounting the C7. I went to my local dealer last week and found out they will discount a new Z51 C7 $4k, so now I am hot to get an early 2015 on order. The Z4 is Melbourne red with black leather and Aluminum Trim. It has the fast shifting automatic transmission, Hi-Fi radio, M pkg., cold weather pkg., premium pkg., navigation, optional 19" alloy wheels...... I have also added window tinting along with full Expel Ultimate coverage and black BMW performance grills. The car is perfect and only has 8500 miles on it. My problem is that I visited the Corvette Museum in October and saw new C7's being delivered to their new owners. The bug bit me hard to say the least

cor28vettes

You're lucky. In Florida everything must go through the dealer to get the tax credit for the old car. No private party sales. All thanks to the NADA lobby in FL.

r1owner

Kind of just went thru this. Sold a G8 GXP back on May 1st with no intention of getting another vehicle. Wifes Equinox started acting up for the umpteenth time so we bought a new Explorer on Nov 15th (just past 180 days). I looked on the DOR website and it said entered in a contract to purchase (we put money down and ordered on Sept 28th).

I called the DOR and asked if I was good to use that as a credit since we had to order. They agreed and we got the credit.

Dr. ice

r1......interesting information. I wonder if putting down a $1000, within the six month window, and possibly waiting an additional 3 - 4 months for the car to be delivered would constitute "entering into a contract" and allow you to get full credit on your trade? If so, that would be a huge plus.

capecodvette

Congrats on the deal. For the benefit of all, may I ask the dealers name & location?

budgreen3564

If you find a buyer, see if your dealer will do the sell there and use that as your trade.