Question:
We ordered a car from Toyota and have the option to trade in our Jetta to Toyota. However, we are also considering taking the Jetta to Carmax to sell. Assuming that both places offer the same amount, my question is whether or not there are additional taxes or something on a car that you sell to carmax if you are just going to walk away with the money? Do you save anything by trading in at the dealership?
Answers:
2007 Toyota Camry Question?
If you don't sell the vehicle for more than the dealer is giving you, then it would behoove you to trade it. When trading a vehicle, you are only taxed on the difference. For example, if you have a vehicle that's worth 20000 and you trade it for one that's 30000, then you're only taxed on the 10000 diff. At 5% sales tax, you will actually save $1000 in taxes. I hope this helps and if you have any other questions, just add to the details and I'de be more than happy to reply. I'm a car dealer by the way and I just want to make sure you receive the correct information. I hope this helps and good luck!
If you buy a car that you really don't like but is a good price, can you trade it in within a year?
I don't know anything about Carmax, but usually if you can sell it on your own, as opposed to trading it in, you can get more money out of it. You should see what amount the dealer is offering you, then look on a site such as autotrader.com & see what vehicles like yours are selling for. This should give you an idea on the best way to get the most money.
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