"Forced" to trade

[ralteredstates]

We have a baby coming in a few weeks and the Corvette had to go. (No room for a baby seat and the motorcycle will have to be the only luxury). To avoid a huge tax hit on selling the corvette, I went with trading it in on a Porsche Macan 4S. Traded the Mach E as well since don't need 2 SUV's. I will miss quite a few aspects of the Mach E. One pedal driving will definitely be missed. The stiff ride that slowly became more intolerant over time won't be missed. But that's the price of driving the GT version. Loving the Macan so far. I will be listing the carbon fiber/leather steering wheel soon. Thanks for all the good advice and pointers over the years that I owned both Mach E's.

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[devmach-e]

Good luck with the new baby. You should be able to get sleep again in about 10 years...

 

[grein002]

Curious to know what you meant by "huge tax hit on selling the Corvette"?

 

[ResoluteGreen]

If you already had four door crossover (the Mach E) why did you need to ditch the Corvette for the baby?

 

[celestial_knight]

Did you have Magneride on your GT? It helps a lot

 

[ralteredstates]

Curious to know what you meant by "huge tax hit on selling the Corvette"?

When you trade a car when purchasing another, you don’t pay taxes on the trade in value. If you sell it outright, the state taxes what you sell it for. I would have paid over $7000 in taxes.

If you already had four door crossover (the Mach E) why did you need to ditch the Corvette for the baby?

The corvette costs quite a bit just sitting in the garage. Town taxes alone are over $1000 a year on that car. Then there is insurance, registration etc. financially, it made no sense keeping it when we won’t be using it very often after the baby arrives.

If you already had four door crossover (the Mach E) why did you need to ditch the Corvette for the baby?

See my other responses. Won’t be able to afford the corvette and the baby. My wife decided to opt for the baby. I was on the fence…

Did you have Magneride on your GT? It helps a lot

personally, I didn’t think the magneride was better than the suspension on the 2021 premium I had first.

 

[ralteredstates]

Good luck with the new baby. You should be able to get sleep again in about 10 years...

Not my first rodeo. I have adult children from my first marriage. I know what I’m getting into. Insanity runs in my blood lines.

 

[JohnFoxeSheets]

Enjoy the new baby.....oh and the kid too

(Seriously, congratulations on both)

 

[shutterbug]

When you trade a car when purchasing another, you don’t pay taxes on the trade in value. If you sell it outright, the state taxes what you sell it for. I would have paid over $7000 in taxes.

Wait! What?

This doesn't sound right. Why would you pay taxes on selling? Unless you selling it for more than you paid to buy. You do pay sales tax on buying and in most states can offset it by trading in.

 

[ralteredstates]

Wait! What?

This doesn't sound right. Why would you pay taxes on selling? Unless you selling it for more than you paid to buy. You do pay sales tax on buying and in most states can offset it by trading in.

I agree, it’s not right, but it’s Connecticut’s tax law. If you sell a car outright, you need to pay taxes on it. If you trade it in, it reduces your tax burden on your “new” car purchase.

 

[Teslaeata]

We have a baby coming in a few weeks and the Corvette had to go. (No room for a baby seat and the motorcycle will have to be the only luxury). To avoid a huge tax hit on selling the corvette, I went with trading it in on a Porsche Macan 4S. Traded the Mach E as well since don't need 2 SUV's. I will miss quite a few aspects of the Mach E. One pedal driving will definitely be missed. The stiff ride that slowly became more intolerant over time won't be missed. But that's the price of driving the GT version. Loving the Macan so far. I will be listing the carbon fiber/leather steering wheel soon. Thanks for all the good advice and pointers over the years that I owned both Mach E's.

Wow!

Congratulations on the prospect of your new arrival, hope everything goes well.

Another one on the payroll

And sorry for your loss - the passing of the Mach-e

I keep joking with my 9 year old granddaughter that I’m saving Stangy for her though it’ll probably be a GT Rally by then or some latest incarnation of the Mach-e if still available then.

Wifey promises 11 year old grandson her 2013 Vauxhall Mokka often when he politely forces a grateful smile clearly thinking something like “not a chance I’ll be seen in that!”

 

[jetermeyer]

do others feel that magna ride is no better then the premium. I have a 2021 premium and was considering a gt with magna ride. I was hoping magna ride would be better then my 2021 premium.

 

[dan_meh]

Good luck with your next round! Enjoy the ride!

 

[dalola]

do others feel that magna ride is no better then the premium. I have a 2021 premium and was considering a gt with magna ride. I was hoping magna ride would be better then my 2021 premium.

First time in the history of the world I've ever heard that. He either has a numb ass, or some mechanical problem with the sus...

 

[TNGreenMachE]

I agree, it’s not right, but it’s Connecticut’s tax law. If you sell a car outright, you need to pay taxes on it. If you trade it in, it reduces your tax burden on your “new” car purchase.

Still sounds off. Assuming you own the car, you already paid the state tax. When you trade it in to a dealer, you get a credit of the trade in value tax towards the new car, reducing your tax on the new one. BUT when selling, any tax due the state comes from the BUYER not the Seller. This is how it works in any state I have been in. If I buy a car, I have to show proof of tax payment at registration, new or used. If the tax hasn't been paid, you can't register the car.

It makes no sense that you get a tax credit if you trade in a car, but owe more if you sell it. Just saying.

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