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By trading in your car and purchasing a less expensive electric car, you could reduce your gas expenses, receive a tax credit, and better the environment. How to Trade In Your Car
If you still owe money on your car but you're eager to buy a new one, trading in your vehicle might be a good option. However, it doesn't mean you're off the hook for your current loan. Before ...
If you're buying a new car and want to trade in your old vehicle at the dealership, you need to know exactly how trading in a car works to get the best deal.
If you spend $7,000 on a car and an additional $1,000 on improvements, but you sell the car for $7,000, it's considered a capital loss, and you don't need to pay tax on the sale.
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If your current car is still in good condition, there’s a great chance that you can trade it in to help you lower the price on your next car purchase, limiting the amount you will need to finance.
For example, if you trade in a car with a market value of $10,000 and you buy a new car that's valued at $15,000, you'll only have to pay sales tax on the $5,000 difference.
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related to: trading in a car you still owe on taxes todayautotrader.com has been visited by 1M+ users in the past month