- #38808 of 38942
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Re: General question on trades [jayrider]
by mikefm58
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Oct 31, 2009 (3:58 am)
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Replying to: jayrider (Oct 30, 2009 6:27 am)
If I bring my car to him before the end of the lease and it wholesales for 12k and my payoff is 10k he will buy the car and cut me a check for 2k. No sales tax on my part in illinois or missouri
Hmmm, interesting. I'd be curious to know if that is legit, seems like the state got screwed out of the sales tax here, any of the folks in the biz here familiar with this situation in Illinois or Missouri?
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- #38809 of 38942
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Re: General question on trades [mikefm58]
by sebring95
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Oct 31, 2009 (4:57 am)
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Replying to: mikefm58 (Oct 31, 2009 3:58 am)
A dealer can always buy a car without paying tax. The end consumer is who pays sales tax so when the dealer sells the car, the new owner pays the tax. If you buy out a lease privately (even if you're going to resell it) you pay sales tax because you do not have a auto resale permit. So the state gets the money twice, one from you and one from whomever you sell it to.
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- #38810 of 38942
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1993 Honda Civic EX sedan
by uga91
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Oct 31, 2009 (2:00 pm)
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Location: Atlanta
1993 Honda Civic EX sedan (4DR), FWD, automatic
Mileage: 44,225 (Yes, that is right, 44,225 miles)
White/beige
EX features: sunroof, air, bigger engine, 4 wheel anti-lock disc brakes
Exterior is really good for its age, a few "kisses"; interior is excellent, back seat hardly ever used.
Original brakes, no brake squeal or pedal vibration at all
Tires are 10 years old, have 22k mi on them
All maintenance performed at selling dealer--battery replaced 6 mos ago and thermostat replaced over the summer.
One minor accident resulting in new front bumper cover when car was new in 1993. Did not hit hard enough to cause air bad to deploy.
I know it's only worth anything as a private sale, any ideas on what Ishould be able to get for it? Thanks.
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- #38811 of 38942
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Re: 1993 Honda Civic EX sedan [uga91]
by woodyww
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Nov 01, 2009 (12:44 pm)
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Replying to: uga91 (Oct 31, 2009 2:00 pm)
I'll take a wild stab, only because I've sold a few super low-miles hondas & toyotas, & usually the biggest prob is the phone lines almost exploding. $6500-ish, private sale, "starting" price, you can always go down. Of course the tires are older than the car; but most people probably don't care, or are even aware.....
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- #38812 of 38942
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Re: 1993 Honda Civic EX sedan [woodyww]
by uga91
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Nov 01, 2009 (2:03 pm)
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Replying to: woodyww (Nov 01, 2009 12:44 pm)
Thanks, but the tires aren't older than the car. The car is 16 years old and the tires are about 10. The Honda dealer where mine was sold and serviced has a 1995 Civic DX sedan with 85k mi on it for $4995 and there are 1993 Civics on craigslist here in Atlanta with 180k mi on them and beat to crap and they want over $2k for theirs. Compared to those, mine is practically museum quality!
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- #38813 of 38942
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Re: General question on trades [sebring95]
by mikefm58
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Nov 02, 2009 (10:39 am)
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Replying to: sebring95 (Oct 31, 2009 4:57 am)
If you buy out a lease privately (even if you're going to resell it) you pay sales tax because you do not have a auto resale permit.
Thx, that was my understanding as well. Sounds like either the dealer the OP was working with is crooked or the OP got some of the details wrong. The state is ALWAYS going to get theirs.
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- #38814 of 38942
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Re: General question on trades [mikefm58]
by kyfdx HOST
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Nov 02, 2009 (10:50 am)
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Replying to: mikefm58 (Nov 02, 2009 10:39 am)
Generally... (maybe not in FL), you can trade in your leased car to a licensed dealer, and no sales tax is due. No different from trading in a car that you have title to... You don't have to take ownership of the car, first... Almost every leasing institution will sell the car directly to a dealer for the payoff amount.
Selling to an individual is a different matter..
regards,
kyfdx
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- #38815 of 38942
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Re: 1993 Honda Civic EX sedan [uga91]
by woodyww
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Nov 02, 2009 (1:06 pm)
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Replying to: uga91 (Nov 01, 2009 2:03 pm)
Oops, just my math dyslexia again. Still, a "museum quality" 16 y.o. civic will only get so much of a premium......& what dealers & people are "asking" for similar ones ($4995??) may be way more than they'll sell for. $3K-ish, private sale.......
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- #38816 of 38942
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Re: General question on trades [mikefm58]
by stkntraffic
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Nov 02, 2009 (4:37 pm)
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Replying to: mikefm58 (Nov 02, 2009 10:39 am)
Well, you're paying a portion of the sales tax every month as part of your lease.
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- #38817 of 38942
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Trade in value for 2008 Honda accord EX-L i4
by acehawk
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Nov 02, 2009 (5:01 pm)
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New York City
2008/Honda/Accord EX-L
4DR
4 cyl, Auto
FWD
20,300 miles
Black/Black
Leather, Sunroof
Avg condition for the mileage
No accident or paint work
What's the trade in value?
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