nick14003

If I buy a Zr1 from a private party seller for straight cash, no financing, no loans for 75k. Do i have to pay 7,500 dollars in tax when I register it?

Never bought a car that expensive for cash so I'm wondering.

jbc1995fb

It probably depends where you live or where you're buying it from and since your profile doesn't show your location it's hard for the forum to give you an answer.

Try google.

Corvette_Ed

It depends on the tax rate where you live. Best thing to do would be to call your local DMV office and ask them what the tax percentage is, then use your calculator.

ForceFedC4

If you live in PA for example you would be writing in the vehicle price on the title. Let's face it. Nobody in their right mind puts the actual cash price on the title. They will audit you if you put something crazy low. If you put down 60,000 paid for example, that might be fine. Have the buyer sign off on that and they should leave you alone.

If your tax rate is %0.06 then you would multiply 60,000 x 0.06 = $3,600.00 in tax. That amount you'd pay to the DMV or DOT location you are at, along with the ridiculous title and tag fees and you'll save yourself enough money to take the other half out to a nice seafood dinner.

KyJim

In some states, as they do here in Ky., the tax value is based on the NADA value of the car.

ForceFedC4

That is terrible.. that's your government at work. So if you paid less, you are still going to be taxed on more? Owch.

BWF07

Is this a math test, or simply a post to impress us that you can pay $75,000 in cash for a Corvette. If you really do have $75k I would think you would know the tax rate were you live, or at least make a call to you motor vehicle department and ask.

Corvette_Ed

I'd buy some real estate with the cash, then take out a loan for the car.

Just my opinion...

C6ToGo

I don't think you get the info or pay taxes at the DMV or DOT....it is your county tax office or wherever you register your car. At least here in Texas.

Corvette_Ed

Depends on where you live in Texas. I go to the DMV to pay my taxes now, but used to go to the county tax office when I lived in a different county.

WW7

And in my state , even if you pay less for the car , you still have to pay the tax on the book value of the car.. This was to stop people from writing a low value on the title when they buy the car from a private party....WW

BWF07

In Florida, the Tax collector is the department that collects all the fees.

69 L46 4 Speed

In Missouri you are taxed on the reported purchase price on the title and it is paid to the DMV along with the license fees. The tax is based on your residence and the rate is anywhere from 5% to 10%. Fortunately we live outside any city limit so we enjoy the 5% rate instead of 8% they pay 1 mile away. If you report a sales price that is too low, it gets referred to the Criminal Investigation Bureau. You can have your plates revoked, pay the additional tax, a fine of $5,000.00 and spend a year in jail. As I say, do whatever your a** can handle!!

R&L's C6

That was my first thought also.

RichKiss

Something tells me that you really need to save that money. If you really have that much liquid cash I would hope that you have all your debts pd and have plenty in reserves and savings.

919cw313

Oh boy.

dr_gallup

SC caps sales tax at $300. Seems like a bargain until you find out you have to pay personal property tax every year after which is based on what the state thinks it's worth.

FortMorganAl

Take the $75K cash down to Dollar Tree and buy a calculator. You will still have $74,999 for a car that you can't afford because you don't have the math skills required to get a job that would justify that kind of expense.

BTW, did you know that tax rates vary from country to country, state to state, county to county, city to city, and even from location to location in a single city? The answer to your question is take the taxes you paid for your last beater divided by the cost of that POS and multiply by 75,000.

I hate

jbc1995fb

Based on your other thread about buying a Z06, you know that ZR1's are manual also.

https://www.corvetteforum.com/forums...-s-manual.html

Good luck.

Theburninator

Yeah, it really sucks living in a state that also does that (Oklahoma.) I once bought a CBR600rr that has been lowsided and needed all new plastic and a LOT of work for $4000. I went to register it and they taxed me on nearly $7000 because they decided the $4000 wasn't really a fair value. Even when I mentioned that it was missing all its plastic/exhaust/etc. they didn't care. I'll bet they'd do the same if you dared to try and save some money buying a rebuilt or salvage titles vehicle...