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Trade It or Sell It: How to Get Rid of Your Old Car

Contributed by mm | June 23, 2004 02:14 PM PST



During my weekend car shopping exercise, I actually learned a couple of new things. For one, I came across this dealer site, which discussed the tax benefits of trade-in your old wheels.

In short, when you trade in your old car and buy a new car at the same time, the sales tax will be only charged on the difference of the two prices. On a $10,000-trade in the 9% sales tax (in the state of Washington), this $900 tax break itself almost make up the difference between the trade-in price and private party sales price reported by Kelly Blue Book and Edmunds.

A quick google search on this topic also led me to this MSN Auto article discussing the pros and cons of trade-in vs selling by yourself. This worthwhile reading also briefly discussion other available options: selling on consignment and donation.

Of course, I was not in the position to trade in my car when I went shopping last weekend, but knowing this tax break will most likely let me seriously consider trade in my car when I upgrade my wheels next time.

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Read More ... 36 Posts In The Same Category

07/19/05 | How Risky Is Your Local Real Estate Market? | (7)
05/20/05 | Home Ownership or 401(k)? | (11)
05/20/05 | J.D. Power 2005 Vehicle Initial Quality Survey | (3)
04/20/05 | Homes of the Billionaires | (3)
03/27/05 | Renting Can Be (Much) Cheaper Than Buying In Many Markets | (7)
02/21/05 | Why a Real Estate Agent May Skip the Extra Mile | (5)
01/29/05 | Average Lifetime Spending On Cars: $240,000 or More | (3)
01/12/05 | 10 Resolutions for Homeowners
12/26/04 | 8 Top Auto Maintenance Myths | (1)
12/03/04 | More Mortgages To Be "Conforming"
11/20/04 | Six-Figure Zip Codes
11/11/04 | Home, The Mother Of All Tax Shelters
11/03/04 | 6 Mortgage Myths That Can Cost You Money | (1)
09/11/04 | Are You Subsidizing Tax Breaks For The Rich?
08/30/04 | A Quick Lesson on Deeds
08/20/04 | Closing Costs: Highs, Lows, Averages
08/19/04 | Rising Fast But Dropping Slow | (1)
08/19/04 | Why Crude Is Up, But Gas Is Down | (1)
08/17/04 | Beware the Hidden Costs of Refinancing
08/12/04 | Are You Irrationally Exuberant?
07/20/04 | Homeowner Material?
06/26/04 | New Home vs Used Home -- Which One Is For You?
06/24/04 | The New Housing Market -- And How to Make the Most of It
06/11/04 | A Glance at Global Gas Prices
06/07/04 | Auto Insurance Facts and Tips From the Industry
06/07/04 | Sell or Donate That Clunker?
05/26/04 | How Shopping Bots Really Work
05/23/04 | Housing Appreciation Isn't All Profit
05/13/04 | Hottest Markets, 2004 Q1
04/29/04 | 14 Ways to Deal With $2-A-Gallon Gas
04/05/04 | No-Money-Down Home Buying
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02/16/04 | House Price Trends, Back and Forward
11/13/03 | Home Price Gains




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