Comments on: Save Time and Money by Trading in Your Car http://cashmoneylife.com/save-time-and-money-by-trading-in-your-car/ Money Management, Small Business, Career Thu, 09 Feb 2012 19:08:34 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Ryan http://cashmoneylife.com/save-time-and-money-by-trading-in-your-car/#comment-22312 Ryan Mon, 15 Mar 2010 03:10:59 +0000 http://cashmoneylife.com/2007/11/12/save-time-and-money-by-trading-in-your-car/#comment-22312 Thanks for sharing these tips, Sandee! Thanks for sharing these tips, Sandee!

]]> By: Sandee http://cashmoneylife.com/save-time-and-money-by-trading-in-your-car/#comment-22301 Sandee Sun, 14 Mar 2010 14:25:50 +0000 http://cashmoneylife.com/2007/11/12/save-time-and-money-by-trading-in-your-car/#comment-22301 Great post. I never realized that you only pay taxes on the difference between the new car and the trade in. Besides the Black Book, there is also another book that many dealers use called the NADA (National Automobile Dealers Association). Sometimes, depending on the situation it makes sense for a person to donate their car instead of selling it or even trading it in. Some charities allow you to write off the full market value of your car on your taxes when you donate it. It won't get you cash in your pocket up front but it might be a good option to consider if you think you will end up having to pay when tax time rolls around... Great post. I never realized that you only pay taxes on the difference between the new car and the trade in. Besides the Black Book, there is also another book that many dealers use called the NADA (National Automobile Dealers Association).

Sometimes, depending on the situation it makes sense for a person to donate their car instead of selling it or even trading it in. Some charities allow you to write off the full market value of your car on your taxes when you donate it. It won’t get you cash in your pocket up front but it might be a good option to consider if you think you will end up having to pay when tax time rolls around…

]]> By: Ryan http://cashmoneylife.com/save-time-and-money-by-trading-in-your-car/#comment-2884 Ryan Sun, 02 Dec 2007 16:53:05 +0000 http://cashmoneylife.com/2007/11/12/save-time-and-money-by-trading-in-your-car/#comment-2884 Hi CFO, I think too many people focus on the final trade-in/sale price of their old car vs. the effective value they receive. I would still do an analysis for each situation, but you may find that the effective value you receive after tax considerations just make it easier to trade the old car in. Hi CFO,

I think too many people focus on the final trade-in/sale price of their old car vs. the effective value they receive.

I would still do an analysis for each situation, but you may find that the effective value you receive after tax considerations just make it easier to trade the old car in.

]]> By: Chief Family Officer http://cashmoneylife.com/save-time-and-money-by-trading-in-your-car/#comment-2881 Chief Family Officer Sun, 02 Dec 2007 05:02:41 +0000 http://cashmoneylife.com/2007/11/12/save-time-and-money-by-trading-in-your-car/#comment-2881 Thanks, Ryan! You make an excellent point that I hadn't even considered - it makes it that much easier for me to go with the trade-in and not feel bad for not wanting to deal with the hassle of a private sale :D Thanks, Ryan! You make an excellent point that I hadn’t even considered – it makes it that much easier for me to go with the trade-in and not feel bad for not wanting to deal with the hassle of a private sale :D

]]> By: Ryan http://cashmoneylife.com/save-time-and-money-by-trading-in-your-car/#comment-2489 Ryan Wed, 14 Nov 2007 12:40:42 +0000 http://cashmoneylife.com/2007/11/12/save-time-and-money-by-trading-in-your-car/#comment-2489 Eric, I agree, it can be a battle to get fair value on your trade-in, but if you can get good value, then the tax implications and less hassle make it well worth your while. A lot of people don't know about it, but the Kelley Blue Book also has a companion, the Black Book, that only dealers have access to. One of my friends who worked at a dealership let me know exactly what I should ask for my trade-in. The dealership I trade my car in didn't want to give me that much, but finally decided to do it. I'll write about the purchase in an upcoming article. <em>Ryan's last blog post..</em><a href='http://cashmoneylife.com/carnivals-festivals-and-cars-oh-my/' rel="nofollow">Carnivals, Festivals, and Cars! Oh My!!!</a> Eric, I agree, it can be a battle to get fair value on your trade-in, but if you can get good value, then the tax implications and less hassle make it well worth your while.

A lot of people don’t know about it, but the Kelley Blue Book also has a companion, the Black Book, that only dealers have access to. One of my friends who worked at a dealership let me know exactly what I should ask for my trade-in. The dealership I trade my car in didn’t want to give me that much, but finally decided to do it.

I’ll write about the purchase in an upcoming article.

Ryan’s last blog post..Carnivals, Festivals, and Cars! Oh My!!!

]]> By: Eric http://cashmoneylife.com/save-time-and-money-by-trading-in-your-car/#comment-2468 Eric Wed, 14 Nov 2007 03:26:19 +0000 http://cashmoneylife.com/2007/11/12/save-time-and-money-by-trading-in-your-car/#comment-2468 We had to fight the dealership to get what we felt was a fair deal on our trade-in. I do believe we could have gotten more if we sold it on our own, but it was easier just to get it taken care of at the dealership. Good point about the tax implications. I hadn't thought about that. Probably best we did trade it in. We had to fight the dealership to get what we felt was a fair deal on our trade-in. I do believe we could have gotten more if we sold it on our own, but it was easier just to get it taken care of at the dealership.

Good point about the tax implications. I hadn’t thought about that. Probably best we did trade it in.

]]>