New Protege Owner
#16
protetype
congrats both of you, and welcome to the board. any plans for the pro's in the near future?
congrats both of you, and welcome to the board. any plans for the pro's in the near future?
#17
Pinellas county,Clearwater,Fl. If close enough i may come if not working
-Jason
of Intense Performance
-Jason
of Intense Performance
Invincibleredp5//// hey shadowtree, congrats on the car. exactly where in florida are you? i'm a member of a south florida protege club and i guess this is an offical invite to meet, we get together every friday night, let me know.
#19
Originally posted by PJStyles
ProFan,
Already tried the dealership, they are trying to stiff me big time. They offered me $15,000 for a car that is listed as $16,200 Black Book! At any rate, the dealership told me if I'm able to find a buyer for my car that is willing to pay both PST & GST (taxes here in Canada for vehicles), that he'll allow me to count it as a trade-in.
So....... Now I still have to find a buyer. I had it listed in the autotrader about 3 weeks ago at $18,900 but have dropped it this week to $17,900 or B.O. Even if I get $17,000 I'll take it eventhough the car is in mint condition.
PJStyles
ProFan,
Already tried the dealership, they are trying to stiff me big time. They offered me $15,000 for a car that is listed as $16,200 Black Book! At any rate, the dealership told me if I'm able to find a buyer for my car that is willing to pay both PST & GST (taxes here in Canada for vehicles), that he'll allow me to count it as a trade-in.
So....... Now I still have to find a buyer. I had it listed in the autotrader about 3 weeks ago at $18,900 but have dropped it this week to $17,900 or B.O. Even if I get $17,000 I'll take it eventhough the car is in mint condition.
PJStyles
When you trade in a vehicle toward the purchase of another, the value of the trade in is NOT TAXABLE - meaning that the $15,000 your dealer is offering is worth $16,200 to YOU, assuming an 8% sales tax rate - you only pay sales tax on the portion of the car you actually BUY with MONEY. If you sell your car privately, you will pay sales tax on the entire cost of the new car - an extra $1200 according to the assumed figures I just used.
I found this out when buying my P5 - I had a guy who was VERY interested in my '93 Miata. The dealer offered me $3600 - dead-on blue book value. My Miata had some minor damge - a small crack in the bumper, a crack in the windshield, and the standard hazy plastic rear window. But it was WELL below average mileage for a '93 (only 80k) and was in MINT mechanical condition, so they were qutoing me a fair price. I sold it myself for $4000, because that's what the trade in of $3600 PLUS tax savings was equal to - would have netted me $4000 if I traded it in.
Just something to consider when talking to the dealer about trade ins - the tax savings can be significant - don't get wrapped up in the exact offer, look at the net dollar amount with the tax savings included.
#20
When my dad just traded in his old MPV (minivan) for his new CR-V, what the dealer did is applied the value of the trade in to the deal BEFORE applying taxes. So, the vehicle he bought was something like $28 000. The trade was worth $3500.
So, $28 000-3500=24500 BEFORE taxes.
Now, applying the 7% GST (sales tax) onto that, it's $26215.
IF he'd applied the GST before:
7% on 28000=$29960
Then Trade-in value=$29960-3500=26400.
The difference is close to $200. Now it's not a HUGE savings, but where you live, you have GST AND PST. That could add up to some huge coin. Maybe this is what hihoslva was saying...but I think the example I show helps to clarify.
So, $28 000-3500=24500 BEFORE taxes.
Now, applying the 7% GST (sales tax) onto that, it's $26215.
IF he'd applied the GST before:
7% on 28000=$29960
Then Trade-in value=$29960-3500=26400.
The difference is close to $200. Now it's not a HUGE savings, but where you live, you have GST AND PST. That could add up to some huge coin. Maybe this is what hihoslva was saying...but I think the example I show helps to clarify.
#21
I realize that... but if I sell my car privately, I'm still going to make the guy buying my car to pay both taxes and get an invoice from the dealership so that I can count it as a trade-in and pay less in tax as you indicated. THe dealer has agreed to do this for me.. so it's just a matter of finding a buyer that is willing to give me more than what the dealer was offering me and also willing to pay both taxes.
PJStyles
PJStyles
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