I couldve sworn Im doing this right, but after doing my math and double checking it with a few online calculators, my numbers are off.
Its been a while since Ive traded anything in on a new car purchase, but I *thought* it went like this
(New car - trade value) * sales tax (+ title and reg) = out the door price
basically when trading in, you only are taxed on the new car MINUS the trade in. So on a $30k car, with a $15k trade, you are only taxed on the $15k difference.
This is different than having no trade and paying cash down. That being
(New car * sales tax) - DP = out the door
Those two equations differ about ~$700 in my case.
After plugging in these numbers onto a few online calcs, that doesnt seem to be. Is this a state by state thing?
Where am I buggering my numbers up? Its been a good 10 years since Ive traded anything in, so its a bit fuzzy to me....