Tesla Motors Club
Trying to decide on whether I trade in my 2012 ModelS (when I take delivery of the Y) or just sell it to Carmax or something.
I've also seen the discussions on Tesla potentially matching Carmax offers for trade-in value so I'll be attempting that.
But wanted to make sure I understand the tax implications (in CA) for doing a trade-in of the old car to Tesla. It basically changes the tax you pay on the transaction to be (CA Tax %)*(NewCarPrice-TradeInPrice) yes? And what's the CA tax number? Just the regular 7.5%? Do you also potentially get hit with any city/local taxes? (I'll be pickiing up in Marina Del Rey, CA).
I've also seen the discussions on Tesla potentially matching Carmax offers for trade-in value so I'll be attempting that.
But wanted to make sure I understand the tax implications (in CA) for doing a trade-in of the old car to Tesla. It basically changes the tax you pay on the transaction to be (CA Tax %)*(NewCarPrice-TradeInPrice) yes? And what's the CA tax number? Just the regular 7.5%? Do you also potentially get hit with any city/local taxes? (I'll be pickiing up in Marina Del Rey, CA).