Can you trade in two used cars for one new one? | TigerDroppings.com

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TTB
New Orleans Saints Fan
Somewhere
Member since Nov 2006
1137 posts

Can you trade in two used cars for one new one?


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.






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Chad504boy
New Orleans Saints Fan
Five Oh Four
Member since Feb 2005
80399 posts

re: Can you trade in two used cars for one new one?


If the monies add up





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Napoleon
New Orleans Saints Fan
Member since Dec 2007
35112 posts

re: Can you trade in two used cars for one new one?


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..






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Quidam65
Florida Atlantic Fan
Q Continuum
Member since Jun 2010
8914 posts

re: Can you trade in two used cars for one new one?


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).






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TTB
New Orleans Saints Fan
Somewhere
Member since Nov 2006
1137 posts

re: Can you trade in two used cars for one new one?


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?






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LSUDad
LSU Fan
Still on the move
Member since May 2004
55556 posts

re: Can you trade in two used cars for one new one?


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.



This post was edited on 2/25 at 2:01 pm


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LSUTIGER694
LSU Fan
Baton Rouge
Member since Apr 2005
364 posts

re: Can you trade in two used cars for one new one?


quote:

Anybody know if it is the same I'm Louisiana?

Yes, it is






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dcrews
UNO Fan
Baton Rouge
Member since Feb 2011
8413 posts

re: Can you trade in two used cars for one new one?


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 at 3:34 pm


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Napoleon
New Orleans Saints Fan
Member since Dec 2007
35112 posts

re: Can you trade in two used cars for one new one?


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..






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tigeralum06
LSU Fan
Member since Oct 2007
1363 posts

re: Can you trade in two used cars for one new one?


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.





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crawfishcharlie
LSU Fan
Crawfishtown, USA
Member since Dec 2003
4389 posts

re: Can you trade in two used cars for one new one?


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.







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Weaver
Southeastern LA Fan
Mandeville, LA
Member since Nov 2005
21257 posts

re: Can you trade in two used cars for one new one?


Agreed. Sell both and then apply that to new purchase.





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