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Old 01-16-2013, 06:00 PM   #1
CamaroJim56
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Sales taxes on new purchase...

Don't see a better place for this post, so here it is.

Read something on here a while back along these lines, so that is why I am asking.

Could be different from state to state, I am interested in Virginia.

Here goes.

Is the state sales tax charged different for a cash sale or when you use a trade-in?

Someone alluded somewhere that your sales tax is less with a trade-in.

Anyone know?

Thanks,

Jim
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Old 01-16-2013, 06:03 PM   #2
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In illinois you are taxed on the final price after trade-in.
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Old 01-16-2013, 06:10 PM   #3
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Quote:
Originally Posted by CamaroJim56 View Post
Don't see a better place for this post, so here it is.

Read something on here a while back along these lines, so that is why I am asking.

Could be different from state to state, I am interested in Virginia.

Here goes.

Is the state sales tax charged different for a cash sale or when you use a trade-in?

Someone alluded somewhere that your sales tax is less with a trade-in.

Anyone know?

Thanks,

Jim
In most states the trade-in value is taken off before sales tax is applied.
So for example a car costs $30,000, you trade in a car for $20,000, you're only taxed at X% Sales tax on $10,000.

You'll get more money on the private market, but if it's not much more than a trade-in offer you may lose money if you don't include the money saved on sales tax.
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Old 01-16-2013, 06:12 PM   #4
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Motorhead is correct regarding IL. You should contact your state Dept. of Revenue.
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Old 01-16-2013, 06:14 PM   #5
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http://www.dmv.virginia.gov/webdoc/c...hicles/sut.asp
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Old 01-16-2013, 06:44 PM   #6
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Not sure but I would think it would be the same in all states. Here in Minnesota you pay tax on the cash you invest. If there is no trade you are taxed on the full price you negotiated for. If trading in you pay tax after the trade has been subtracted.

Dean.
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Old 01-16-2013, 06:47 PM   #7
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Not sure but I would think it would be the same in all states. Here in Minnesota you pay tax on the cash you invest. If there is no trade you are taxed on the full price you negotiated for. If trading in you pay tax after the trade has been subtracted.

Dean.
Basically the same not 100%. Some states say you must trade your car with the same person to take the sales tax credit. Other states, like Missouri, you can sell to one person, buy from another, and only pay sales tax on the difference. I noticed in VA that the sales tax also includes dealers fee - which since is a service and not a product is a rip off.
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Old 01-17-2013, 07:14 AM   #8
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Delaware doesn't have a sales tax (7% income tax) but on cars in addition to registration and tag fees we pay a 3.75% sales tax on the price paid, minus trade-in.
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Old 01-17-2013, 07:31 PM   #9
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It's likely like that in most states as you have already been taxed on the vehicle being traded.
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Old 01-20-2013, 11:42 AM   #10
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VA sales tax is expensive plus you pay property tax each year for your vehicle. I have NC sales tax and military so I only pay 3% of the difference of my trade and no vehicle property tax.
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Old 01-21-2013, 01:45 AM   #11
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agree with you,Motorhead is correct regarding IL. You should contact your state Dept. of Revenue.
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Old 01-21-2013, 01:54 AM   #12
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ec1990 has hit it square on the head here in NJ. Even if you aren't fully paid off, you only pay sales tax on the difference between car price and trade price:

I had a 2008 Colorado that I traded in for the 2010 Camaro. I owed $18K+ on the Colorado, and the Camaro was selling for $31,900. The dealer gave me $20K for the trade in of the truck, so even though the dealer was paying off the remaining $18K+ that doesn't factor into the sales tax (at least here in NJ).

So my sales tax was the difference between $32K+ (for tags and docs) - $20K @ 7%.
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Old 01-25-2013, 03:47 PM   #13
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In Tennessee you are taxed on the difference only. Military in TN dont even pay sales tax.
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