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Prices Paid: Buying & Leasing Experiences Lexus RX 400h Prices Paid and Buying Experience
446 messages, Last post on Aug 31, 2008 at 1:36 PM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: sloopg (Aug 25, 2007 4:27 pm) Keep in mind you will have to get a fair amount MORE from a private buyer to make up for what you would save in taxes with a trade-in. When you trade in a vehicle, you only pay taxes on the amount after your trade in price is deducted. Not on the entire negotiated purchase price of the new vehicle. Basically, if your trade in is worth $20,000 and you live in an area of 9% taxes, you'll have to pay an extra $1,800 in taxes if you don't trade in your vehicle. You'll have to get an extra $1,800 from a private buyer just to break even (not including your time, advertising fees, liability, etc.) Granted the total value of your current car, your locations taxes, etc. will effect this, so it might be worth it, but this is one more part of the total equation to consider. Another factor is the market for your particular used car in your area. In many areas, you won't get anywhere near KBB when selling a used vehicle because there have been such good deals on new for the last few years, the used market is flooded with inventory. Of course, the opposite could be true if your particular vehicle is not as common and in demand.
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Replying to: chadx (Sep 24, 2007 12:02 pm) This may vary by state. It is not true in California: " 9. Are trade-ins taxable? Yes. The value of a trade-in is considered taxable. For example, if you sold a car for $20,000 and accepted a trade-in valued at $4,000 as partial payment, tax would be based on the $20,000 selling price (that is, you would not deduct the value of the trade-in from the sales price of the car being sold when computing sales tax)." CA Sales Tax Rules |
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Recently, my wife and I moved from the State of New York to Florida with our 2007 Lexus RX400h on lease and I have a unfortunate situation that I'd like some advice on. When we leased our car in NY the full tax payment (8.375%) was added to the capitalized cost of the vehicle. When we moved to Florida, Lexus then took the monthly payment and added the FL sales tax even though we'd been in NY with the car for more than 6 months. Since Florida charges tax monthly as opposed to upfront, our monthly lease payment went up by $42. Last month, I sent a letter with copies of our lease agreement, proof of residency in FL to the NY Dept. of Taxation and Finance asking for a rebate of $1,573.23 from the full tax paid of $1,826.98. This represents the amount of time left on the lease that we won't be registered in the State of New York. Today, they denied my rebate claim. However, upon moving to Florida, Lexus told me to contact NY state for a refund of the taxes paid at origination. Help, I'm now paying double tax on a car and this doesn't seem fair. I brought the car into FL after 6 months, which is the minimum time for paying tax on a purchase/lease. How should I proceed? Thanks, Ethan FYI, the reply from the State of NY specifically stated that "there is no provision in the NY State sales and use tax law to allow for a refund of sales tax paid on the lease of a vehicle where the lessee relocates to another state where they may also be required to pay tax."
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Replying to: eshapir (Oct 05, 2007 9:50 am) Unfair, but nothing you can do. regards, kyfdx |
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I'm considering an 07 RX 400h in the DC area. Hoping to get an end of the year deal that will make the extra cost of the hybrid more justifiable. Anyone with recent experience? If so, how much above invoice or below MSRP have you been able to do negotiate? Please say what dealer and salesperson. Thanks John
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Replying to: jkj (Oct 11, 2007 4:59 pm) |
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Replying to: eshapir (Oct 05, 2007 9:50 am) You should try the same strategy in Florida. Good Luck. |
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Hey all, I just bought a 2007 400h with 2500 miles on it. The miles are from Lexus executives driving the vehicle at the US open this year. I bought the car for 42000$ (invoice was 46775$). Does this sound like a good buy to you all? Nik |
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| I am looking to purchase this car in Seattle area. Any recent buyers who can share their price paid and buying experience are appreciated. | |
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