Anybody trade in their 2002 yet?
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Joined: Jan 2002
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From: Bloomington
3. Difference in selling price (1-2)= 24000
How does that work on a trade in. I thought you had to pay full tax on a new car whether you traded in or not. Lets say I bought a new car and put 50% down, I would still pay taxes on 100% of the car right. So doesn't the same thing apply with a trade in?
How does that work on a trade in. I thought you had to pay full tax on a new car whether you traded in or not. Lets say I bought a new car and put 50% down, I would still pay taxes on 100% of the car right. So doesn't the same thing apply with a trade in?
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Joined: Apr 2002
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From: xxx
[QUOTE]Originally posted by puremagik
[B]So effectively I am getting 29960 for the S2000, if I trade it.
But if I were to sell the S2000 separately, then I would need to sell for at least 31920, (29960+ 1960) to offset and cover what it would have cost me if I had simply traded it?
[B]So effectively I am getting 29960 for the S2000, if I trade it.
But if I were to sell the S2000 separately, then I would need to sell for at least 31920, (29960+ 1960) to offset and cover what it would have cost me if I had simply traded it?
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From: Havre de Grace, MD
puremagik -
I was considering the same thing (except selling our '00 S2000 outright). After participating in several E46 forums, I was dissuaded from considering the M3 (by existing owners and enthusiasts) because of the engine problems and build quality issues (all E46s, not just M3s).
I was not comfortable hearing about any issues regarding a $60K purchase!
I was considering the same thing (except selling our '00 S2000 outright). After participating in several E46 forums, I was dissuaded from considering the M3 (by existing owners and enthusiasts) because of the engine problems and build quality issues (all E46s, not just M3s).
I was not comfortable hearing about any issues regarding a $60K purchase!
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Joined: Mar 2002
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From: Dallas
Yes- you need to calculate the sales tax savings if you trade it in vs what you'd need to get for it by selling privately- in some cases, that difference can make it a wash. Plus, you have to figure in the hassle factor of selling it yourself, e.g. placing ads, taking calls, doing test drives, etc., though some people like that sort of thing.
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From: New Milford
wow a 54000 M3 a friend of mine got a 330ci convertable for 56000 and a few friends got M3s for the high 60s well if you can get an M3 for 54000 just trade it in good luck 28000 i would take it because on a private matter people would say forget it I would rather get a new one for 32000 with no miles instead of a used one well see what happens..Good luck
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You calculation is correct, but it could be easier:
Tax saving = Trade in value X Tax rate%
Tax saving = $28000 x 7% = $1960
[QUOTE]Originally posted by puremagik
[B]Ok, roughly working out the numbers this is what I understand.
Tax saving = Trade in value X Tax rate%
Tax saving = $28000 x 7% = $1960
[QUOTE]Originally posted by puremagik
[B]Ok, roughly working out the numbers this is what I understand.