Used Car Trade In Tax Credit at Clyde Revord Motors near Seattle
Thinking of purchasing a new car in the Snohomish County area and unsure of what to do with your current pre-owned vehicle? Here at Clyde Revord Motors, you can get tax credit for trading in your used car!
*On Washington state purchases only
THE ADVANTAGE OF TRADING IN Your Used CAR AT A DEALERSHIP VS SELLING IT PRIVATELY?
Washginton state requires sales tax to be paid only on the on the net difference of the transaction between the price of your trade-in and the vehicle you're buying, not the full price of the next car. But this tax benefit doesn't apply if you sell your old vehicle yourself. So for example, if you are buying a vehicle that is $20,000 and you have a trade worth $15,000 you would only pay sales tax on the $5,000 difference.
Time and convenience. If you trade in, you don't have to supply a safety certificate or emissions test or go through all the work of advertising it online and negotiating with potential buyers. All you have to do is get your car appraised.
If your plan is to purchase a new car, you'll lose any tax credit you receive with the replacement vehicle.
You put yourself at risk of having to meet unknown people and having to advertise at your own cost, including; cleaning up and repairing the car so it looks more appealing and creating listings and advertisements so people know about it.
Typically, selling privately allows the customer to ask more for the vehicle.