What will I have to pay (taxes) if I get a new LGT?

Thanks!

Depends on you state. In Texas it is 6.25% plus title and license.

The tax you pay on the car is the tax of the state you are going to register the car not the state where you purchased the car. Of course, this only applies if you buy out of state.

Do you know of any car that you can buy that you dont have to pay tax on?

The tax you pay on the car is the tax of the state you are going to register the car not the state where you purchased the car. Of course, this only applies if you buy out of state.

 

SO I live in NY, you are saying if I buy anew LGT for like 29K, I'll have to pay 2.5K in taxes????

 

What about pre-owned, samething?

Even if you buy pre-owned, the DMV will still get you. Here in VA it's a 3% intial tax (but then they screw us for 6% EVERY year).

 

If you do buy privately, be sure to get a Bill of Sale with the car so you will only pay taxes on what you paid. Otherwise, they'll tax you on the full KBB/NADA inflated price which is usually a few thousand more.

It's amazing that if the same car sells 300 times in 5 years it's taxed every single time here in ny.

Do you know of any car that you can buy that you dont have to pay tax on?

If you live in Connecticut and buy a hybrid they waive the sales tax.

If you get a bill of sale that states a lower price then you can pay less taxes.

 

Or so i've heard!

 

X

If you get a bill of sale that states a lower price then you can pay less taxes.

 

Or so i've heard!

 

X

 

3 main problems with this:

 

1. The seller has to be comfortable with it. He doesn't want to get screwed later on.

 

2. It has to be believable. At some point the DMV will just say FU you are paying the NADA instead. (I had a buddy get a bill of sale that said he just bought his car for $100 - the DMV made him pay tax on full NADA)

 

3. Also keep in mind you only save the 3% tax, so if you write down $10,000 instead of $15,000, it's only a $150 savings in tax and puts the seller at risk for fraud.

3 main problems with this:

 

1. The seller has to be comfortable with it. He doesn't want to get screwed later on.

 

2. It has to be believable. At some point the DMV will just say FU you are paying the NADA instead. (I had a buddy get a bill of sale that said he just bought his car for $100 - the DMV made him pay tax on full NADA)

 

3. Also keep in mind you only save the 3% tax, so if you write down $10,000 instead of $15,000, it's only a $150 savings in tax and puts the seller at risk for fraud.

 

Yes this is true. It has to be done with familiar people, and sometimes you can pay in "other" ways.

 

But yeah you can't say your car is worth $100 if it is worth 10K!

 

I had a friend that bought a 2007 Civic Si from another friend and they trade it as a gift here in NYC. Now that is sticking it to the man!

 

X

Basically it's a rule that gives dealers an advantage (as if they needed one), because when you trade-in a car you only pay tax on the difference in value between the two cars. For example, if I trade my car in and the dealer gives me $10000 towards a new car which costs $25000, then I only pay tax on the difference ($15000 in this case).

 

On the other hand, if I sell my car to a private party for $10000, then go try to buy the car from the dealer, then I'll have to pay tax on the entire $25000. This means that if the tax rate is 7%, I'd have to sell the car to a private party for $10700 in order for it to be the same deal for me as just trading it in.

When I bought my SS, the seller was willing to put only $250 on the bill of sale, however it really didn't matter because CT DMV uses Book value to determine tax now if it's under a certain amount.

 

They really get you if you buy out of state. You need to get a Temp. registration to get it home/emission tested, which you pay tax on, THEN you pay tax once again when you get it permanently registered. Total joke.

 

On the plus side, each year your tax goes down with the super depreciation of the car

move to iceland, no need to pay taxes there

everytime I sold or bought used cars, we just put the value of the car at $50, so you pay $15 dmv fee and you are done.

If you get a notarized letter stating the car or motorcycle is a gift. The DMV is usually like FU. Especially, if it something that has some real value. It is good to put an amount that will not raise a flag.

I live just 2 miles from the New Hampshire border. I paid 5% sales tax in Maine, but if I lived just over the border there is no sales tax in New Hampshire.

No sales tax in NH but they will rape you each year on registration fees. I just renewed my registration, it was somewhere between $500-650 (can't remember). City fee as well.

 

"Tax free" motto is just a farce.

I paid over $800 to register the Spec. B. in Maine. New Hampshire is still cheaper except for their property taxes much more expensive than Maine.

I paid over $800 to register the Spec. B. in Maine. New Hampshire is still cheaper except for their property taxes much more expensive than Maine.

 

In Alexandria, VA it's 4.79% of the MSRP (it varies depending on the county you live in) (not buy the car in) in Virginia, and then 4.79% of the value every year after that, plus moderate registration and inspection fees. First year for my car was almost $1400.

 

What kind of thread is this?