FS: 2009 jsb z06 w/18k miles
05-13-2019, 04:21 AM
#41
Racer
Thread Starter
The screws come from them not budging on there end when you have a trade in, that's how it works when you trade into a dealership. I'd much rather sell privately, even for the same amount.
05-13-2019, 10:19 PM
#43
Racer
Thread Starter
05-14-2019, 06:21 PM
#44
Racer
05-19-2019, 05:19 PM
#47
Burning Brakes
The dealer offer is good- and you save another 2500 on tax against the zr1- take their offer.
glws- nice car
glws- nice car
Last edited by ttboost1; 05-19-2019 at 05:19 PM.
05-19-2019, 05:20 PM
#48
Racer
Thread Starter
05-19-2019, 10:13 PM
#49
Le Mans Master
Sure it is. If the purchase price for the ZR1 is, say $100k (just pulling an easy number for discussion's sake), and you trade in your car for $37k, then you only pay sales tax on the net purchase price of $63k. If you sell your Z06 privately and then buy the ZR1 for $100k, then you pay sales tax on the full $100k. Depending on your exact local taxes (I think mine is 7% where I live), you would save $2590 in taxes by trading in your Z06.
Last edited by MatthewMiller; 05-19-2019 at 10:13 PM.
05-19-2019, 10:16 PM
#50
Racer
Thread Starter
Sure it is. If the purchase price for the ZR1 is, say $100k (just pulling an easy number for discussion's sake), and you trade in your car for $37k, then you only pay sales tax on the net purchase price of $63k. If you sell your Z06 privately and then buy the ZR1 for $100k, then you pay sales tax on the full $100k. Depending on your exact local taxes (I think mine is 7% where I live), you would save $2590 in taxes by trading in your Z06.
05-19-2019, 10:28 PM
#51
Le Mans Master
Very interesting! I can't find a specific reference to that, but the actual legislation involved does just mention a bill of sale for a sold vehicle 180 days before or after the purchase. I literally just bought a car yesterday and might sell another in the near future (neither are my Corvette!), so I plan to go to a license office and find out tomorrow!
05-19-2019, 10:39 PM
#52
Racer
Thread Starter
Very interesting! I can't find a specific reference to that, but the actual legislation involved does just mention a bill of sale for a sold vehicle 180 days before or after the purchase. I literally just bought a car yesterday and might sell another in the near future (neither are my Corvette!), so I plan to go to a license office and find out tomorrow!
05-19-2019, 10:47 PM
#53
In NY if you do trade in your car you only pay tax on the remaining balance....
On a private sale, when you go to register , nobody ever puts down the full purchase price....Example-You buy a car for $ 20,000 privately....You and the buyer both fill it out bill of sale for like 5 or 6,000......That's what you pay tax on when you register it...
Last edited by zrc3john; 05-19-2019 at 10:48 PM.
05-20-2019, 10:39 AM
#54
Le Mans Master
That is one thing that is definitely different in MO. They now require you to pay taxes on the NADA value of the car you bought. You can't cheat them buy claiming an artificially low purchase price anymore. OTOH, if you do somehow make a great deal and buy something well below market value, then you're getting boned on the sales tax. On a third hand, if what Snakeskinner is saying is true, then there is direct incentive for the seller not to lie about an artificially low sales price anyway, because he can subtract his sales price from the taxes paid on the purchase of his next car.
05-20-2019, 11:29 AM
#55
That is one thing that is definitely different in MO. They now require you to pay taxes on the NADA value of the car you bought. You can't cheat them buy claiming an artificially low purchase price anymore. OTOH, if you do somehow make a great deal and buy something well below market value, then you're getting boned on the sales tax. On a third hand, if what Snakeskinner is saying is true, then there is direct incentive for the seller not to lie about an artificially low sales price anyway, because he can subtract his sales price from the taxes paid on the purchase of his next car.
05-21-2019, 06:07 AM
#57
Racer
Thread Starter
05-24-2019, 06:45 PM
#59