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Trade in your used car: Trade in your used car to lower your new car's final price and tax obligations. Buy through a private seller: Buying through a private seller can help you avoid some fees.
The yearly depreciation of a car is the amount its value decreases every year. Normally a car's value is correlated with the price it has on the market, but on average a car has a depreciation around 15–20% per year. [12] [13] Depending on market conditions, cars may depreciate 10–30% the first year. [14]
Dealer retail value: A dealer retail value is the price a dealer will sell your car for after any repairs or modifications have been made. This value will also include a profit margin for the dealer.
When buying an automobile, if one trades in a car, the state deducts the price of the trade when calculating the sales tax to be paid on the automobile (e.g., purchasing a $40,000 car, and trading a $10,000 car, a person would be taxed on the difference of $30,000 only, not the full amount of the new vehicle).
The lowest tax band is under 1500 cc, then the tax band changes at 2500 cc, 3500 cc and 4500 cc. Due to this system of license fee, most of 1600 cc to 1800 cc car models do not sell well. Most people prefer 1500 cc for compact cars.
For example, a $40,000 car financed over 72 months at a 6% interest rate will cost nearly $52,000 — including sales tax, registration and other costs — by the time the loan is paid off.
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