NBR Help? TT&L with a trade in?

SaraLouiseBride08

I know this is totally random, but I can't remember to save my life and apparently forgot how to Google search, cause I can't find a straight answer.

If I trade in my car, don't I get some credit towads TT&L on the new (to me) car? How can I figure out how much TT&L I'll be paying?

mlf625

Call the dealership (or any dealership, if you don't have one already) and ask to speak to the finance manager.  He/she should be able to answer that question for you.

Emer

You pay tax on the difference between the price of the car and your trade in.  So, if you buy a $10,000 car with no trade in, you pay tax on the full amount.  If you buy the same car, but trade in a $4,000 car, you only pay tax on $6,000.

SaraLouiseBride08

Hmmm interesting. Now to make things more complicated ... I'm trading in my non-mom car for a mom car. I.E. a cheaper car. The car I'm trading in is worth $3000 more than the car I'm buying. LOL, do I get money back?

Emer

That is interesting.  You will get the $3000 and the dealership will have to pay taxes on that money.  You will not have to pay tax on the car you are buying, but you will still have to pay the title and licensing fees.

SaraLouiseBride08

Thank you SO much!!