Quote:
Originally Posted by LeonardS
That might work, but with no trade-in, you will be paying tax on the entire purchase price. That can make quite a difference on a $50-60-70,000 car. Our tax is 5% on vehicles, so on my ZL1 it will be $3,500-$4,000.
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Yep. Understood and agreed.
6.35% is the "regular" tax level with a higher rate (7.5%?) for over 50k. And the luxury tax is against the ENTIRE price, not just the portion over 50k.
Interest rates are on the rise, so putting the money in the bank for what could be months will be seen as income. Plus, I will give up the storage unit rental for whatever period of time I'm without a car. Not income, but still a reduction in expenses. No insurance costs over that period as well, so again the costs go down.
Hard to guess what the "my car plus how much" cost would be against a guess off of MSRP for an outright purchase...