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Can you trade in two used cars for one new one?
Posted on 2/25/11 at 11:31 am
Posted on 2/25/11 at 11:31 am
Just curious. Looking to consolidate the wife and i's rides into one good one. I don't need transportation right now as I am working from home. If I do need it then i'll just drive her to work about a mile down the road.
Posted on 2/25/11 at 11:45 am to TTB
Depends on the value, I didn't believe you can get a New car + cash for a used car, until I saw it done.
Just depends on the values involved.
But know this... Tax season is the worst time to trade in a car. You are so much better off selling private party, then taking the cash and applying it to the new car..
Just depends on the values involved.
But know this... Tax season is the worst time to trade in a car. You are so much better off selling private party, then taking the cash and applying it to the new car..
Posted on 2/25/11 at 12:07 pm to Napoleon
I did it once but it was many many years ago.
If you're serious about buying a car, and are willing to pay sticker or near sticker, you may be able to pull it off.
Here in Texas, one advantage to trade-in is that you only pay sales tax on the net amount (new car price less trade-in value offered).
If you're serious about buying a car, and are willing to pay sticker or near sticker, you may be able to pull it off.
Here in Texas, one advantage to trade-in is that you only pay sales tax on the net amount (new car price less trade-in value offered).
Posted on 2/25/11 at 12:55 pm to Quidam65
quote:
Here in Texas, one advantage to trade-in is that you only pay sales tax on the net amount (new car price less trade-in value offered).
Anybody know if it is the same I'm Louisiana?
Posted on 2/25/11 at 1:54 pm to TTB
I did for my Mom, traded a Tacoma and a CR-V for a new CR-V, she had to pay around $350 for the new Honda.
ETA: We had buyers for both vehicles and did an in-out at Richards Honda.
ETA: We had buyers for both vehicles and did an in-out at Richards Honda.
This post was edited on 2/25/11 at 2:01 pm
Posted on 2/25/11 at 2:15 pm to TTB
quote:
Anybody know if it is the same I'm Louisiana?
Yes, it is
Posted on 2/25/11 at 3:33 pm to TTB
quote:
quote:
Here in Texas, one advantage to trade-in is that you only pay sales tax on the net amount (new car price less trade-in value offered).
Anybody know if it is the same I'm Louisiana?
I'm not sure about trade-ins, but I'm pretty sure if you were to sell your used vehicle for cash to a private party, you would only pay tax if you actually "made" money on the sale....as in you sold it for more than the book value.
IE: You're car is worth $5000 and you sell it for $6000. You would pay tax on $1000, since technically you only "earned" a grand.
This post was edited on 2/25/11 at 3:34 pm
Posted on 2/25/11 at 4:23 pm to dcrews
I've never paid tax on the sale of a used car private party.. I guess its one of those things you just report on the honor system when you do taxes at the end of the year. Though I've only made profit a couple of times. But never thought about that..
Posted on 2/25/11 at 6:42 pm to dcrews
Dcrew - u suck at taxes. The value of the car when u sell it is the sales price not blue book. You only have a gain if you sell it for more than you purchased it for. Also they are talking about sales tax not income tax.
Posted on 2/26/11 at 7:17 pm to tigeralum06
In Louisiana
You can trade as many cars as you like on one vehicle
...but you will only get tax trade credit on one vehicle.
You can trade as many cars as you like on one vehicle
...but you will only get tax trade credit on one vehicle.
Posted on 2/27/11 at 3:49 pm to Napoleon
Agreed. Sell both and then apply that to new purchase.
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