Carmax Appraisal Offer

BroncoAZ

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My buddy from work moved here from Colorado and I was trying to explain excise tax to him and he couldn't comprehend we had to pay taxes every year on top of the taxes we pay at time of purchase. F'n MA.
AZ always had a Vehicle License Tax as long as I can remember. i was very surprised to see it costs less in MA. What sucks in MA is the registration and excise tax on trailers. AZ was one time $70 for up to 10K, MA screws me over every year for $20 per 1K.
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OU812

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One way to avoid sales tax is to lease it and then sell to a dealer. Dealers don't pay sales tax so they'd just pay it off. You can structure a lease with very low drive off, making it beneficial.
That could work. The residual should be good, that’s for sure.
 

tbruz

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Excise tax is effectively a "road use" tax paid annually based on vehicle weight and the vehicles value.
The vehicle value goes down year after year so the excise tax you pay each year is smaller than the previous year.

Sale tax is a one time hit.
 

atonge40

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That could work. The residual should be good, that’s for sure.
It won’t work because Ford Credit only lets the person leasing the vehicle buy it. So you have to buy it, and pay taxes, in order to trade it in. I just bought my leased Ranger. I was hoping on extending the lease and just trading it in when my Bronco showed up.
 

65FB

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My Carmax experience...Getting my build date from Ford meant selling my hold-me-over daily driver, a 2017 BMW 330i, I purchased the BMW a little over a year ago and thought for sure I'd lose money. I shopped it to all the online "buy it now dealers" mainly because I didn't want the hassle of stupid questions, tire kickers and buyers with poor credit. Carmax gave me the best offer, made it a super easy transaction and I managed to break even after driving the car a little over a year. I do realize that the current car bubble had a lot to do with this but I was still honestly impressed how easy Carmax made it...that's my two cents for what it is worth.
 
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OU812

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It won’t work because Ford Credit only lets the person leasing the vehicle buy it. So you have to buy it, and pay taxes, in order to trade it in. I just bought my leased Ranger. I was hoping on extending the lease and just trading it in when my Bronco showed up.
lots of leasing companies out there.
 

OU812

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My Carmax experience...Getting my build date from Ford meant selling my hold-me-over daily driver, a 2017 BMW 330i, I purchased the BMW a little over a year ago and thought for sure I'd lose money. I shopped it to all the online "buy it now dealers" mainly because I didn't want the hassle of stupid questions, tire kickers and buyers with poor credit. Carmax gave me the best offer, made it a super easy transaction and I managed to break even after driving the car a little over a year. I do realize that the current car bubble had a lot to do with this but I was still honestly impressed how easy Carmax made it...that's my two cents for what it is worth.
I sold a car to Carvana after shopping both them and Carmax. Carvana was $500 higher. I asked Carmax if they would match it and was told no way. Guess they must be looking for inventory and willing to pay for it.
 

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My experience.

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'21 Gladiator carvana<carmax<vroom. Strongly considering vroom.
 

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zman1988

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The kids Bronco is a pain in the ass to put together, currently hiding under our garage stairs until Christmas...
 

JonD

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Couldn't care less about value. Your daughter with the mini Bronco is freakin adorable.
Plus they filled out the form wrong. They put down green color.....
 

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Excise tax is effectively a "road use" tax paid annually based on vehicle weight and the vehicles value.
The vehicle value goes down year after year so the excise tax you pay each year is smaller than the previous year.
It's known as "Personal Property Tax" in Virginia, 4% of your vehicle's book value every year.
 

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How is it tax free? You'd need to pay capital gains if you sold a car for a profit....
I never got a 1099 for selling a personal vehicle..... :)

Heck, I haven't even been giving my SS # to people who have bought cars from me on CL or eBay, should I? ... lol
 
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