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Originally Posted by stealth.pilot
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Originally Posted by ///M5ForWin
Wow. This is ridiculous. I suspect it's just another way for state governments to try and recoup shortfalls that have resulted from lower federal government subsidies. This, of course, in addition to writing more speeding tickets! Hopefully, someday politicians will wake up and realize the successful, working and/or financially secure cannot continue to carry the every increasing majority who are not.
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The whole thing is a fucking racket. It also forces you to do dealer trades which is partly what allows dealers to totally gouge you. I normally find a $10k spread between what dealer offers on trade and what I sell my cars for privately.
But here is what is most egregious:
If I buy a car for $100k and register it in GA, I pay $7000 sales tax.
Then I sell it a year later for $85k privately. So the cost of that car for the year is $15k, however I have paid $7000k tax for the privilege of owning it for a year. So the 7% tax rate is an effective tax rate of 45% in my case. That is insane! And if I do a trade to limit my tax exposure, it doesn't help because the money goes to the dealer.
This is why I created an LLC to buy and sell cars via the state of Montana. It literally halfs the TCO of the car and I am happy to pay the annual tag fee of ~$300 to Montana. |
So the. LLC in Montana may be an option. Do you have a Montana drivers license as well? I am thinking of registering it Florida (family beach house there) so I have homestead requirements