Quote:
Originally Posted by roadie2991
Welcome! Something else that you need to take into consideration is that if you sell your car yourself, you'll be paying sales tax on the entire purchase price of your new Camaro. However, if you trade your present car in, you'll only pay sales tax on the difference in the value of the two cars. As new as your car is, it will be worth quite a bit, so you won't have to pay very much in sales tax. kbb.com can tell you the trade-in value of your car. When you find a dealer that you like and are ready to place an order, ask them to bid your car in its present condition. They should be willing to do so, but won't commit to paying that in a few months (too many things can change in that time). But, at least in will give you a pretty good idea what they will be willing to do.
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This is what I have been considering, my trade in(as of today) is about $10,000, so I would only be paying tax on $28,000 not to mention financing a few thousand less on the car since my vehicle is worth more than I owe.
I could try and sell it myself, possibly for $2,000 more than trade in. That works out to be about $700 more in taxes. So it works out better if I can get the extra by selling it myself.
So I plan on trying to sell it myself once I get the '94 Firebird fixed up a bit.
I used
Edmunds for my estimates, they've been pretty reliable for me in the past.
I guessed on the taxes, I think it's 7% here, not sure if vehicle tax is a different rate.