: Looking for some input..

04-26-08, 05:00 PM
I am in the process of trading in my 06 EXT. Just wondering if anyone has info on the tax advantage point of trading in a vehicle. they are telling me that my trade is worthe 30,000 which I owe 26000. the new truck i am getting is only 20,000. I was wondering if the tax that I save on the trade applies to the new vehicle or just the tax on the new vehicle. Not sure how this works.

04-28-08, 08:37 AM
You would only pay tax on the difference of the trade to the price of the new truck, you have already paid the tax on your old truck, take the 30k and subtract that from the price of the new truck, that is your tax you have to pay. :)