"Forced" to trade

[higgidy]

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...

Magnaride definitely reduces the bounciness of the regular Mach e suspension. It’s still a performance suspension so it’s going to be stiff. Bounciness is the feeling of being on a trampoline in the back seat. Mag ride cuts this effect out.

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[Westcoast]

Legal Requirements For Private Car Sales In Connecticut

In Connecticut, a private sale involves transferring title and registering the vehicle in the buyer’s name. The seller must provide a signed title, a bill of sale, and any necessary disclosures. The buyer is typically responsible for paying taxes, registration fees, and obtaining insurance. Removing the seller’s license plates and surrendering them to the DMV is advised, while the buyer obtains new plates and completes the registration. The sale should include a clear odometer disclosure if the vehicle is 10 years old or newer.

https://thelegalguide.org/sell-car-privately-connecticut-requirements-step-step/

 

[GreaseMonkey]

There is something called the internet (you know, the thing that Al Gore invented) that can provide DEFINITIVE ANSWERS to many of our questions.

@ralteredstates , Op is confused about sales tax law in his state. His info is all wrong and very confusing. There is no tax liability for selling a car in CT (or anywhere else for that matter). CT requires buyers (not sellers) to pay sales tax on the purchase of a vehicle. CT (like many states) offers a break on sales tax in cases where you trade a car to a licensed dealer, effectively eliminating (not instituting) double taxation. That benefit does not extend to selling your vehicle to a private party. It also would not extend if you sell to one dealer and buy from another.

Now, where CT law is wonky is in that some localities consider cars as properties (okay, technically they are) and that some taxing authorities institute “property taxes” on cars. This is why it would have been expensive for our friend to keep his vette. He’d have to pay plate fees AND property taxes on his car while not using it as much due to having 2 seats and 3 pax. Many of us pay some sort of local tax on cars (eg, Chicago levies a tax via city sticker while next door Evanston levies wheels tax). CT probably charges marginally more, but has a pretty reasonable sales tax worth 7 something percent vs almost 10 percent where I live.

 

[ralteredstates]

There is something called the internet (you know, the thing that Al Gore invented) that can provide DEFINITIVE ANSWERS to many of our questions.

@ralteredstates , Op is confused about sales tax law in his state. His info is all wrong and very confusing. There is no tax liability for selling a car in CT (or anywhere else for that matter). CT requires buyers (not sellers) to pay sales tax on the purchase of a vehicle. CT (like many states) offers a break on sales tax in cases where you trade a car to a licensed dealer, effectively eliminating (not instituting) double taxation. That benefit does not extend to selling your vehicle to a private party. It also would not extend if you sell to one dealer and buy from another.

Now, where CT law is wonky is in that some localities consider cars as properties (okay, technically they are) and that some taxing authorities institute “property taxes” on cars. This is why it would have been expensive for our friend to keep his vette. He’d have to pay plate fees AND property taxes on his car while not using it as much due to having 2 seats and 3 pax. Many of us pay some sort of local tax on cars (eg, Chicago levies a tax via city sticker while next door Evanston levies wheels tax). CT probably charges marginally more, but has a pretty reasonable sales tax worth 7 something percent vs almost 10 percent where I live.

Already said that. How about reading my posts??

 

[grein002]

I think he "uncomplicated it" it a few posts back. Basically, if he buys a new car and sells the old one(s) separately, he pays CT sales tax on the entire purchase price of the new car (which appears to be over 7%). If he trades one or more vehicles in at purchase, he only pays sales tax on the difference between purchase price and trade-in(s) price. In his case, his trade-ins were of substantial value and reduced his sales tax hit by some $7K.

BTW, many states have similar laws regarding car sales tax and trade-ins, I know NC does. But our sales tax is "only" 3% (I remember when it was only 2% and capped at $300...)

 

[GreaseMonkey]

Already said that. How about reading my posts??

I’m glad you finally figured out after 4 pages of meaningless posts.

But just so you how it works, for next time you are “forced to sell your car”:

When you sell privately, you are doing a DYI retail which commands a serious premium over trade ins. At 7% sales tax, you will fare better doing retail vs trade in. Even in my situation at 10% tax, I’m barely breakeven doing a trade.

 

[GreaseMonkey]

I think he "uncomplicated it" it a few posts back. Basically, if he buys a new car and sells the old one(s) separately, he pays CT sales tax on the entire purchase price of the new car (which appears to be over 7%). If he trades one or more vehicles in at purchase, he only pays sales tax on the difference between purchase price and trade-in(s) price. In his case, his trade-ins were of substantial value and reduced his sales tax hit by some $7K.

BTW, many states have similar laws regarding car sales tax and trade-ins, I know NC does. But our sales tax is "only" 3% (I remember when it was only 2% and capped at $300...)

You guys are so polite with “uncomplicated” and such.

Agree on the similarity of rules in most states. In Illinois, it works the same way. But between state, county and city sales tax we are just under 10%. Even with 10% it’s a marginal call whether to go private sale vs trade in. I always try both and see which one works first.

 

[DennisD]

Already said that. How about reading my posts??

Well in fairness, you may need to go back and edit the post (and title) that was factually incorrect on your part.

 

[ralteredstates]

Well in fairness, you may need to go back and edit the post (and title) that was factually incorrect on your part.

Well, in fairness, how about reading all the posts before putting an inappropriate post on the site. Done with you.

 

[ralteredstates]

I’m glad you finally figured out after 4 pages of meaningless posts.

But just so you how it works, for next time you are “forced to sell your car”:

When you sell privately, you are doing a DYI retail which commands a serious premium over trade ins. At 7% sales tax, you will fare better doing retail vs trade in. Even in my situation at 10% tax, I’m barely breakeven doing a trade.

I didn't post 4 pages of meaningless posts. And have you tried to sell a $85,000 car privately?? Very few people will be able to buy one. I also didn't have the title and that would be necessary for a private sale. The trade in was very close to what I paid originally for the corvette. The corvette is in high demand around here. Not the Mach E. So, enough.

 

[NY_Cade69]

You do understand how air quotes work?

Well in fairness, you may need to go back and edit the post (and title) that was factually incorrect on your part.

 

[DennisD]

Well, in fairness, how about reading all the posts before putting an inappropriate post on the site. Done with you.

Well that is fresh coming from someone that didn't read/know the law in regard to taxes in their own State before posting an incorrect interpretation of said law for all to see and leaving it as is?

I did read all of the posts and noticed that you were wrong at the beginning but I was simply pointing out to the defense of some posters that are reading your posts, (now knowing that is was wrong in the beginning) and not editing the fact that most of this thread was useless because of your leading post being untrue.

It is your thread and I would simply change/edit the posts that was incorrect. People do it all of the time.

 

[ralteredstates]

Well that is fresh coming from someone that didn't read/know the law in regard to taxes in their own State before posting an incorrect interpretation of said law for all to see and leaving it as is?

I did read all of the posts and noticed that you were wrong at the beginning but I was simply pointing out to the defense of some posters that are reading your posts, (now knowing that is was wrong in the beginning) and not editing the fact that most of this thread was useless because of your leading post being untrue.

It is your thread and I would simply change/edit the posts that was incorrect. People do it all of the time.

ByeBye. You have become annoying. Have a great 4th.

 

[DennisD]

ByeBye. You have become annoying. Have a great 4th.

Now I am understanding the meaning behind your avatar.

Maybe you were/are in an "altered" state of mind when you write these posts and have no clue what your are saying/suggesting.

Too funny.

Happy 4th. to you as well!!

 

[NY_Cade69]

Now I am understanding the meaning behind your avatar.

Gotta love people that complain about others, yet don't even understand their own errors...

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