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Discussion Starter · #41 · (Edited)
Bro there are only 5 states that dont pay sales tax on cars so u pay sales tax everywhere its common. And most over $50k pay a higher rate. It comes down to the taxes u save from the trade in vs. the money ur losing from selling it privately.

If ur willing to lose thousands then trade it in....... Otherwise put it up for sale. Why do u think all these car sites are giving what u think is decent money for ur car?

Their not being generous bro! They are selling it for WAY more than what the KBB is claiming they are worth so get off the KBB kick and what they are telling u they will give u. Its worth a lot MORE.
I’d be super surprised if a private buyer would pay me what Carmax is offering for almost a 5 year old low mile Camaro SS. There’s a lot of newer ones out there too. Including ZL1s. I know those are a lot more expensive too.

How am I gonna lose thousands if I trade it in? For a new Hellcat.
KBB offered 500 more than Carmax. And Carmax appraisals are spot on. I sold a ‘19 Scat Pack Charger last summer for exactly the amount of the email online appraisal

Almost forgot to mention, I got a really good deal when I bought the 18 Camaro 2SS in December 2017. With rebates.

Edit: I know how the business works. Basic business. I know the amount KBB and Carmax are saying the car is worth, is substantially less than what they’re gonna sell it for. Lol. Who doesn’t know that.
 

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What would you guys do? Trade in a 2018 Camaro 2SS 5600 miles. Excellent condition. For my ‘22 Hellcat when it arrives. My salesman sent me a link for online referral with kbb and it’s 500 more than Carmax online appraisal.
‘My salesman said I’ll get a tax credit too trading the car in. Only tax I would pay is on trade difference. Does he mean the cost of the car after the trade in value?
you usually get the most $$$ from private party but yet again thats a lot more work and sometimes have to deal with shady people.
 

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Discussion Starter · #43 ·
you usually get the most $$$ from private party but yet again thats a lot more work and sometimes have to deal with shady people.
I agree. Fu*k that. Dealing with shady people trying to lowball.

Over 20 years ago I sold a 1997 Mustang GT to a private party. Some kid. The kid came over to my house to test drive it and then his Dad had to test drive it too a few days later. Finally, I had to meet them at their bank to close the deal. I’m not going through that inconvenience again. Lol.

And like I mentioned, I’m getting most if not breaking even (I have to look up the paperwork) of my money back out of my 18 Camaro. And getting a tax break.
 

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Ur right u would be surprised....... So u think Carmax is gonna give u X amount of dollars and they are gonna sell it on their site for the same price? No bro, their gonna sell it for $5-7k MORE. U can sell it for $5-7k MORE urself.....

Bottom line is ppl like u just dont want to go thru the hassle of selling privately. That's the truth. It has very little to do with money savings and thats fine as long as ur willing to accept the fact that u just gave the dealer several thousand dollars.

I’d be super surprised if a private buyer would pay me what Carmax is offering for almost a 5 year old low mile Camaro SS. There’s a lot of newer ones out there too. Including ZL1s. I know those are a lot more expensive too.

How am I gonna lose thousands if I trade it in? For a new Hellcat.
KBB offered 500 more than Carmax. And Carmax appraisals are spot on. I sold a ‘19 Scat Pack Charger last summer for exactly the amount of the email online appraisal

Almost forgot to mention, I got a really good deal when I bought the 18 Camaro 2SS in December 2017. With rebates.

Edit: I know how the business works. Basic business. I know the amount KBB and Carmax are saying the car is worth, is substantially less than what they’re gonna sell it for. Lol. Who doesn’t know that.
 

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You might want to check your local tax laws. In MO if you trade your vehicle in you will get that tax credit towards your new vehicle as many have said already. However if you sell privately you can still use the sale as a tax credit towards the new vehicle but there is a time limit. Which I believe is 30days from the sale. Basically you have the same time limit to use the tax credit as you do to title the new car.

Just depends on what it is the best financial decision for you. Private sale can run you into a timing issue with the whole tax credit deal. That’s why allot of people just trade it in because they don’t want to hassle with the paperwork. But selling privately usually will net you thousands more then trading.
Everyone keeps saying you lose the tax incentive if you sell privately. Is Missouri the only state that lets you pay the net difference for taxes in a given window after selling? Missouri allows both situations. And why wouldn't they?
 

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Everyone keeps saying you lose the tax incentive if you sell privately. Is Missouri the only state that lets you pay the net difference for taxes in a given window after selling? Missouri allows both situations. And why wouldn't they?
Yes it’s one of the few. The vast majority dont allow that.
 

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I think that is unusual. Most states dont seem to offer that via private sales. Only dealer.

Everyone keeps saying you lose the tax incentive if you sell privately. Is Missouri the only state that lets you pay the net difference for taxes in a given window after selling? Missouri allows both situations. And why wouldn't they?
 

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I'm just saying in the example if the car you buy is $80 and they give you $20k for your trade in you pay taxes on the $60k if your trade in is paid off. If you still owe $10k on that trade in then you pay taxes on $70k.
Close but not quite... You don't pay taxes again on any amount that is still financed in the trade in. You get a tax credit on what the car is traded in for, regardless of what you have financed.

Case in point....I paid $77k out the door for my 2018 Trackhawk brand new. Two years later, I found a widebody hellcat Challenger I liked and traded in the Trackhawk at $91k. I owed $45k on the Trackhawk and did not pay any taxes on the purchase of the Challenger. Challenger was purchased for $74k out the door and the dealer cut me a check for the remainder from the Trackhawk. $20k check to me and I put $26k down on the Challenger and financed the remaining balance of the Challenger ($48k) at a really low rate to get the added money saving from the dealer for getting a loan (they make a cut on loans). Then paid the loan off within 6 months.
 
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I'm just saying in the example if the car you buy is $80 and they give you $20k for your trade in you pay taxes on the $60k if your trade in is paid off. If you still owe $10k on that trade in then you pay taxes on $70k.
Doesnt work that way. You already paid tax on the full price of your trade when you first bought it. They cant tax you again. You get the tax break for the full amount of whatever they give you in trade.
 

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Discussion Starter · #51 ·
Ur right u would be surprised....... So u think Carmax is gonna give u X amount of dollars and they are gonna sell it on their site for the same price? No bro, their gonna sell it for $5-7k MORE. U can sell it for $5-7k MORE urself.....

Bottom line is ppl like u just dont want to go thru the hassle of selling privately. That's the truth. It has very little to do with money savings and thats fine as long as ur willing to accept the fact that u just gave the dealer several thousand dollars.
I know how the business works. It’s not rocket science. Lol. Everyone knows dealerships and these other companies (like Carmax and many others) sell cars for more than they purchased it for. Duh.

Didn’t you read my post when I sold a ‘97 GT 20 years ago. Post #43. It was a real pita. And everyone knows for the last couple years we can get most of our money back for 2-5 year old used car with low miles. Selling it to Carmax or trading it on a new car at a dealership And getting tax credit.
 

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KBB offer is a little on the BS side. I’ve seen many stories of KBB saying one amount but they are just a middle man between you and a car dealer. Then you get to the dealer and low ball based on various reasons why their earl offer is different than what KBB said.

carmax is straight up. And same with Carvana from my experience. GiveMeTheVin was pretty straight up with a couple caveats but their offer is typically higher than the others making it worth while. All based solely on my personal educated opinion of course.
 

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Discussion Starter · #53 ·
KBB offer is a little on the BS side. I’ve seen many stories of KBB saying one amount but they are just a middle man between you and a car dealer. Then you get to the dealer and low ball based on various reasons why their earl offer is different than what KBB said.

carmax is straight up. And same with Carvana from my experience. GiveMeTheVin was pretty straight up with a couple caveats but their offer is typically higher than the others making it worth while. All based solely on my personal educated opinion of course.
I thought so. Just using common sense. I know how dealerships are. They’re even worse now since the new car shortages and used car high prices.
 

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Discussion Starter · #54 ·
Carmax gave me exactly the amount they emailed me. Online appraisal last year for a ‘19 Scat Charger.

All I had to do when I got to Carmax was show them the email they sent me. And it only took an hour to write me a check.
 

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What would you guys do? Trade in a 2018 Camaro 2SS 5600 miles. Excellent condition. For my ‘22 Hellcat when it arrives. My salesman sent me a link for online referral with kbb and it’s 500 more than Carmax online appraisal.
‘My salesman said I’ll get a tax credit too trading the car in. Only tax I would pay is on trade difference. Does he mean the cost of the car after the trade in value?
Check your state, most states allow you to file tax refunds via the dmv if bought and sold within a certain period of time i.e 15 days, 30 days, etc etc

You submit paperwork stating you sold X car for this and bought Y car for that. The dmv will then refund the difference. Most states do this but just to be sure double check.

You can still get the tax savings in 2 transactions as opposed to one and on top of that make make more money by shopping around.
 

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Discussion Starter · #56 ·
Check your state, most states allow you to file tax refunds via the dmv if bought and sold within a certain period of time i.e 15 days, 30 days, etc etc

You submit paperwork stating you sold X car for this and bought Y car for that. The dmv will then refund the difference. Most states do this but just to be sure double check.

You can still get the tax savings in 2 transactions as opposed to one and on top of that make make more money by shopping around.
Thanks man. I’ll look that up.
 

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With GMTV it all depends on the buyer sold one car to them it was great thought about another car and their buyer was a complete flake.
 
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