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Message
Buying a car then trading-in shortly after
Posted on 1/14/17 at 1:35 pm
Posted on 1/14/17 at 1:35 pm
I purchased a vehicle (car #1) at a great price out of state, well below book or trade in value. After my purchase, I discovered another vehicle (car #2) out of state that I would have purchased, had I not pulled he tigger on car 1. Car #2 is about 5k more in price than car #1.
I did not register car 1 with the state of LA yet, as I have a temp tag from it's original state, and was planning on doing it when I got the car back to Louisiana. Car# 2 is in Texas. Could I take car 1 without registering it, and trade it in on car 2? Would I still get the tax/registration cost benefit of a reduced sale price of a hefty trade it? Or would I have to pay the full registration of car #1 and the additional amount for car #2? Or just full registration for car number #2?
Please let me know if I am unclear.
I did not register car 1 with the state of LA yet, as I have a temp tag from it's original state, and was planning on doing it when I got the car back to Louisiana. Car# 2 is in Texas. Could I take car 1 without registering it, and trade it in on car 2? Would I still get the tax/registration cost benefit of a reduced sale price of a hefty trade it? Or would I have to pay the full registration of car #1 and the additional amount for car #2? Or just full registration for car number #2?
Please let me know if I am unclear.
This post was edited on 1/14/17 at 1:36 pm
2
Posted on 1/14/17 at 1:39 pm to shmashmortion
I guess another way of asking he question is: to get the reduced cost of registration of a new vehicle via a trade in, does the trade in have to be registered in Louisiana?
This post was edited on 1/14/17 at 1:41 pm
Posted on 1/14/17 at 3:16 pm to shmashmortion
Yes
Posted on 1/14/17 at 3:42 pm to CoachRobertson
quote:
CoachRobertson
I shot you an email regarding buying a minivans, I guess it was a still good email address for you
Posted on 1/14/17 at 5:20 pm to CoachRobertson
Is there any issue with never registering the other vehicle? Or will the state expect me to pay taxes on both?
Posted on 1/14/17 at 5:32 pm to shmashmortion
You can only receive tax credit in the state that you paid taxes. But, I believe that you stated that you didn't register/ pay tax on vehicle #1. So if you didn't pay tax on vehicle #1, you won't receive tax credit on vehicle #2. But, the depreciation on vehicle #1 will probably be fairly significant...
Posted on 1/14/17 at 5:35 pm to shmashmortion
There is a penalty & interest phase if you don't pay taxes/register vehicle in the time allotted by the state, I believe to be 30-45 days...
Posted on 1/14/17 at 8:03 pm to RichJ
I got a tax credit when I bought a truck in TX. Trade was bought in LA. Live in LA.
Posted on 1/14/17 at 8:46 pm to Ice Cream Sammich
If you traded a La registered truck, and registered new truck in La, you would receive tax credit. You are taxed where you domicile, not where you purchase
Posted on 1/17/17 at 9:24 pm to RichJ
So if I never register the vehicle in the 30-45 day grace period, and sell it within the period, I will not have to pay any registration/taxes on the vehicle?
Obviously, I will eventually have to register the next vehicle.
Am I right in assuming this?
Obviously, I will eventually have to register the next vehicle.
Am I right in assuming this?
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