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Smart Shopper Buying used cars from out of state
116 messages, Last post on Sep 29, 2009 at 3:07 PM
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Doesn't seem anyone has posted this question before, so here goes. I am an NJ resident. Here, when we trade in a car, we get a credit towards the tax of the car we are buying. So, in other words, if you are buying a $12k car and trading in a $12k car, you pay no tax. Now I'm looking to buy a car in Maryland and trade in my current vehicle. As above, if I did this in NJ, I'd pay no tax because my trade is worth more than the car we are purchasing. But how does this work with an out of state purchase? I'll get a bill of sale and have to register in NJ, at which time they'll want to charge me tax. Do I get some sort of "receipt" for the car I'm trading to use for the tax credit? Or does the fact I'm trading it in at an out-of-state dealership negate my credit? any info would be appreciated. |
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Replying to: qbrozen (Sep 21, 2009 2:34 pm) I will say though that I was quite surprised when, as an Ohio resident trading a car at a Kentucky dealership, I still got the Ohio sales tax credit on trade worth 16 and a new car price of 25. Paid tax only on the 9 grand difference. I just had the dealer handle all the paperwork. They inititally balked (wanting to give me the MSO) until I pointed out that it's their responsibility to deliver a title to me. |
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Replying to: qbrozen (Sep 21, 2009 2:34 pm) We do out of state deals for Mass all the time and I am doing one for NY right now. Guy is trading in a G35X worth about 10,000 more then the Volvo he is buying and so is paying no tax. Keep in mind that we usually do the out of state reg for the customer unless the customer is paying cash then we let the customer do the reg on their own.
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Replying to: british_rover (Sep 25, 2009 1:17 pm) |
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Replying to: british_rover (Sep 25, 2009 1:17 pm) |
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Replying to: british_rover (Sep 25, 2009 1:17 pm) Lordy, them New Yorkers is dumb. Who would trade a G35 for a Volvo? Besides, if he wanted a Volvo I just saw one going into Manheim with "slight" body damage the other day. Should be on a local lot soon. 
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Replying to: oldfarmer50 (Sep 26, 2009 7:36 pm)
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Replying to: qbrozen (Sep 27, 2009 11:23 am) That is what happen when their are job changes in a family and a 650 dollar a month payment just doesn't make sense anymore. With only 500 bucks out of pocket he more then cut his payment in half and got into a CPO Turbo AWD S40 with about two years and 35,000 miles of warranty.
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Replying to: british_rover (Sep 28, 2009 7:21 am) Our situation is another baby on the way. So I'm cutting our payments from 805/mo (G35X and XC90) to $325/mo (Mazda 5 and a to-be-named POS cash car). Fortunately, my wife gets a 4-year younger car with 30k fewer miles out of the deal, so it at least seems like a smart move. And we did manage to keep the deal in state, so I only paid tax on the $2k difference.
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Replying to: qbrozen (Sep 28, 2009 8:02 pm) |
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Smart Shopper Buying used cars from out of state
