I posted last week that I was selling my 2009 CB Grey ZR1--I had some serious interest at close to what I asked---BUT Both Buyers wanted the Car ASAP---I can't deliver until Early August because mine won't be built to end of July..".Can't blame the Buyers" but I have more then a $8000.00 Sales tax credit I get on the Buy Sell. So I guess I jumped the Gun......Win some -lose some. Harvey....
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The sales tax in NY is 8.25%..So for Example you buy a car for 50,000 from a dealer and you sell him yours for $40,000..You only pay a sales tax on the $10,000 not the $50,000....So on a car above $100,000 its a Substantial savings........ The dealer in turn in my case sells the car I to my Buyer and I receive the credit.....If you register the car in NY you can't escape the sales tax...Harvey
Not to sound condascending (sp?), but for a guy who goes through high dollar vettes like you everytime you turn around, are you really worried about 8k in tax savings??
What you mean Harvey,is you pay tax on the TRADE DIFFERENCE AMOUNT.A little simpler term for ease of understanding.
Good luck w/the sale and the new car!
Not to sound condascending (sp?), but for a guy who goes through high dollar vettes like you everytime you turn around, are you really worried about 8k in tax savings??
People don't get wealthy by spending all of their money, but they can spend some... 8k is a lot no matter what tax bracket you are in. Watch the pennies and the dollars watch themselves.
You can always trade the car in early to the dealer so your buyer can buy it now and you get the credit on your ordered car when it comes in. I have done that here before and it works out fine
You can always trade the car in early to the dealer so your buyer can buy it now and you get the credit on your ordered car when it comes in. I have done that here before and it works out fine
When I was trying to work a similar 'trade' arrangement, the dealer told me that I couldn't 'trade' my car in on a new one until they had a VIN for the new car. That's the earliest that the 'trade' could be concluded. So no-go on your idea.
Harvey, your prob gonna get 8k less for the car having it sit for 2 more months, let it go!!!
You guys think it'll tank more than 8K in two months?
If so, I see your point but that thought wouldn't have even crossed my mind. Worst case I would think a couple grand depreciation...Harvey's still up at least 6K...
Hey, if you've got a few bucks you have to manage it wisely to hold on to it...it's not just a free for all willy nilly toss it into the wind deal. If so I'd like to be downwind...
Just to answer a few Questions....I have the vin # for the 2010 Already......but with Busness Condtions the way they are now I would not let any DEALER hold my money for 5 Weeks...
Also I want to be able to enjoy the 2009 for another month or so--so YES I am gambleling on the market a little but I certainly can't see a $8000.00 drop in Market Value...If that does happen we ALL have big Problems because there would be other Causes effecting Market Value...
At least My Corvette Doings help me put aside for a While my Wifes Condition which is not Great......Take care...Harvey
I did an "in and out" on an Audi yet to be built a few years ago . "Traded" two cars against the Audi without the VIN being available. Up side was saving probable depreciation on the trades while waiting for delivery and the offset on the sales tax. Downside, of course, was loss of use of the "trades."
Doesn't NY have a grace period on the sell/buy tax difference? In Missouri you can sell a car and have 6 months to apply the difference on a new purchase.
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Outsmarted myself on 2009 zr1 sale
