05-20-2014, 11:49 AM | #1 |
Drives: 2014 Camaro 2LT/RS BRM Join Date: Feb 2014
Location: California
Posts: 215
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How is sales tax calculated?
Finalized a price with my dealer for a 2014 Camaro 2LT with RS. I had a question as to how sales tax is calculated (I'm in California). Here's my breakdown:
$33,235 MSRP -$2,740 dealer discount -$2,000 Chevy incentives -$1,000 private offer $27,495 after all rebates Would it be based on the price after all rebates and discounts or do they tax on the MSRP first? Thanks. |
05-20-2014, 11:58 AM | #2 |
Drives: 2014 2SS RS Crystal Red Convert Join Date: Apr 2014
Location: Boise, Idaho
Posts: 42
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I just went through that calculation on my purchase, and it's on the net amount after all the incentives (that assumes any rebate is given to reduce the price rather than sent to you).
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05-20-2014, 12:11 PM | #3 |
AC Pickles!
Drives: 2014 Camaro ZL1 Join Date: Mar 2014
Location: North Carolina
Posts: 331
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It all depends on the laws in the state which you live.
For example: In NJ you are taxed 7% on the amount financed. Not the total net amount. In NC you are taxed 3% on the total net amount after rebates and incentives. |
05-20-2014, 12:43 PM | #4 | |
Drives: 2014 2SS RS Crystal Red Convert Join Date: Apr 2014
Location: Boise, Idaho
Posts: 42
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Quote:
https://www.dmv.ca.gov/FeeCalculator...VehicleForm.do |
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05-20-2014, 01:09 PM | #5 |
Drives: 2014 Camaro 2LT/RS BRM Join Date: Feb 2014
Location: California
Posts: 215
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Thanks for the info. I was assuming it's off the final purchase price.
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05-20-2014, 09:42 PM | #6 |
Drives: 2013 / 2SS / RS / L99 Join Date: Feb 2009
Location: Tennessee
Posts: 827
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Depends on you STATE.
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05-21-2014, 05:25 AM | #7 |
Drives: '14 2SS/RS Vert 6M/KTU/NPP/DTA/ARH Join Date: Jan 2014
Location: Indianapolis
Posts: 2,826
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I had a trade in. I was taxed on sell price less trade in. Incentives were subtracted from that number. One thing people may not focus on when considering a trade is the significant tax savings created by reducing the net cost of the purchase. On my deal, it saved a $1000 in sales tax. In other words, I would have had to get $1000 more in a private transaction to offset the tax savings when trading in.
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05-21-2014, 10:05 AM | #8 |
Drives: 2014 2SS/RS 1LE Join Date: May 2013
Location: Charlotte NC
Posts: 977
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Unfortunately in California they do not take into consideration the value of your trade in to reduce the taxable price of the vehicle. The tax rate is from where you will register the vehicle as well. OP you have it correct, the net price after rebates and incentives is what you will be taxed on. The California DMV link is very useful as well since it will add in all of those other fees you didn't even know existed.
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05-21-2014, 10:13 AM | #9 |
Banned
Drives: Camaro Join Date: Mar 2013
Location: USA
Posts: 2,701
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In CA, you are taxed on the cost of the car then they add on taxes for educating, housing, feeding, clothing and medical for all the illegals and dead beats in the state. Then they add on a little to cover the living costs of the ruling party and their insane social programs.
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05-21-2014, 05:33 PM | #10 | ||
Drives: '14 2SS/RS Vert 6M/KTU/NPP/DTA/ARH Join Date: Jan 2014
Location: Indianapolis
Posts: 2,826
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Quote:
Quote:
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Consensus is, by definition, a lack of leadership.
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