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“Trading in a $5,000 car toward a $20,000 car, you will only pay taxes on $15,000,” she stated. ... a 4-year-old car at about 40,000miles will still command decent trade offers from dealers ...
“For example, say you still owe $30,000 on a car that you’d like to sell or trade in, but the most you’ve been offered is $20,000. That’s $10,000 in negative equity you’ll have to deal ...
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CarGurus shares answers to the most important questions about taxes when buying and selling a car.
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Time your trade-in: Try to time your trade-in for when your remaining loan balance is less than the value of the car. This gives you positive equity to put toward a new vehicle purchase.
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Taxpayers are gearing up to file for the past year. Like each tax season, 2024 will consist of a lot of variables that might work for or against you in terms of getting a refund. You might ...
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