Quote:
Originally Posted by rock1962
Trade in value gets subtracted from the value of new car and taxes are calculated on the difference.
|
The tax that was paid on the car being traded in aren't included in the value. That money is gone. You're going to lose that money plus have to pay a smaller amount, but an amount none the less, of taxes on the new one as well. Assuming he paid $58k cash OTD he's still going to pay taxes on the $10k or so that its going to cost him to trade it in for another color. Unless my math is off that's still tax + more tax. On top of new title and license. All for a new color. Like others have said, it might be cheaper to just pay $8k or so for a new paint job.