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Ho, ho, ho... Green Giant
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Discussion Starter #1
hey-

i'm looking at buying a used car in a year or so. i know with new cars that they say to figure about 10% for final costs (tax, license, etc.). is this true for used as well? if not, how much should i expect?

Mike
 

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it should just be tax and tags..do not fall for the "processing fees" b.s.
 

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well, the tax will obviously vary depending on where you live. In most states, the registration costs decrease over time, so an older car should cost somewhat less. It could add up to 10% or it could be less depending on the price and age of the vehicle.
 

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Ho, ho, ho... Green Giant
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Discussion Starter #5
interest rates are what kills buying a used car.
true, but i've been researching rates through various credit unions and i can get some pretty darn good rates. most range from high 4% to low 6% on a 60 month note. not to brag, but my credit is pretty outstanding so i think i'll have no problem snagging those rates.

used just makes so much more sense for the car i want (new GTO). they're depreciating so much after the first year that i can get a previous-year model of about $6-$8K off the price of a current-year new model, oftentimes the car has less than 10K miles and still has factory warranty left. also, larger used car lots (i.e. carmax) allows a cool-off period, which is always nice back-up.

Mike
 

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$15 title transfer fee
7.75% tax of selling price .. (have the seller put down $100 or something)
heh i tried doing that when i bought my SVT. i put down 5,000 instead of 13,500. It ended up that for vehicles made after 1997 they look up the blue book value. This is in CT though it is prolly different in other states.
 

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$15 title transfer fee
7.75% tax of selling price .. (have the seller put down $100 or something)
heh i tried doing that when i bought my SVT. i put down 5,000 instead of 13,500. It ended up that for vehicles made after 1997 they look up the blue book value. This is in CT though it is prolly different in other states.
bank gives you a loan on the lowest condition blue book value of the used car.. at least they did for me.. ticked me off.
 

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What the bank will loan against on a car depends on your credit. In your case they probably went 80-90% of book.

With stellar credit a bank may go to 110-125%, but the DTI has to be reaaalllyy low.

T,T,L varies, but 10% of the sales price is a good buffer. If you have a trade, your state may rule that you're only responsible for tax on the difference between the new car and the old, in some cases that can eliminate taxes completely at the time of purchase.
 

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7.75% tax of selling price .. (have the seller put down $100 or something)
a.) that percentage depends on county... thats Orange County. LA County is 8.25%.

b.) if the seller doesn't claim the sales tax properly, he could get nailed for it in the end from the IRS... its in no way his interest to fudge the acutal sale price.
 

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7.75% tax of selling price .. (have the seller put down $100 or something)
a.) that percentage depends on county... thats Orange County. LA County is 8.25%.

b.) if the seller doesn't claim the sales tax properly, he could get nailed for it in the end from the IRS... its in no way his interest to fudge the acutal sale price.
well it depends on the car hes buying..
buying an $8000 car and putting down $500.. well yeah...
you could change it a bit and it wouldnt matter..
i just bought a car for $500.. i coulda had him put it down to $100 or so easily but i forgot about the tax
 

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Ho, ho, ho... Green Giant
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Discussion Starter #12
7.75% tax of selling price .. (have the seller put down $100 or something)
a.) that percentage depends on county... thats Orange County. LA County is 8.25%.

b.) if the seller doesn't claim the sales tax properly, he could get nailed for it in the end from the IRS... its in no way his interest to fudge the acutal sale price.
well it depends on the car hes buying..
buying an $8000 car and putting down $500.. well yeah...
you could change it a bit and it wouldnt matter..
i just bought a car for $500.. i coulda had him put it down to $100 or so easily but i forgot about the tax
probably won't do private party anyway, so this is kinda a moot point.

Mike
 
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