If i were to trade my car in to a dealership in another state… and my trade amount is greater than the car i’m buying, do I still have to pay sales tax on the full amount when I register it in NY?
no. if the trade in excedes the value of the new car, then nope.
Will it state on the bill of sale that I traded a car in that =$XXX amount of dollars, so the DMW doesn’t try to fuck me?
I’m thinkin you will. All dmv is gonna see is a bill of sale and tell you to pay sales tax
If the bill of sale says -$880 does the state pay you, is the real question here.
It depends on the state. I researched this when I did it last August
However, I traded a car straight up for another car at a dealer in PA, same price, no tax was paid.
Yeah because the cars in question are, my trade $18000 and the car I will be buying ~$12k
If I bring it back to NY i will be PISSED if I have to pay a grand to put it on the road.
So a dealer is giving you a car and 6K cash?
go to the dmv and ask? they will give you the forms and everything…
wouldnt this be a question that the dealer could answer for you? im pretty sure he would know out of anyone.
the dealer is in Virgina, it’s a small dealer… I’d rather ask someone on here who has personal experience with NYS dmv
Whats the new ride going to be?
I know but I’m not sure f he want to be sneaky. I will say it’s a type of Honda
probably some 75k+ mileage S2000. :eekdance:
wrong.
I’m going to call the DMV today, hopfully it’s good news
The only times i’ve seen it work the way you think is when you are trading and buying from a nys dealer, not out of state. Do you really think the state is gonna not get their cut–pleaseee
I traded in my STi on my elise in chicago.
On the bill of sale from the dealer it listed my trade amount.
I only paid tax on the difference.
Same thing when i traded in my 06 sti on the rabbit. Trade in 21,000, rabbit was 17,500. I got a check from the dealer and didn’t have to pay sales tax.
finally after 15 posts! thanks newman, this is what I was looking for!
I already said the… No. lol
you only pay the difference… so in your case you wouldn’t pay anything.
Where in VA?