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“Trading in a $5,000 car toward a $20,000 car, you will only pay taxes on $15,000,” she stated. “That savings has to be more to make trade a better deal. Do your research to find out the ...
With a trade-in, you simply bring your vehicle to a dealership and drive away with a different car. Plus, the money you get for the trade-in can be put towards the purchase of your next car.
By trading in your car and purchasing a less expensive electric car, you could reduce your gas expenses, receive a tax credit, and better the environment. How to Trade In Your Car
A used car, a pre-owned vehicle, or a secondhand car, is a vehicle that has previously had one or more retail owners. Used cars are sold through a variety of outlets, including franchise and independent car dealers , rental car companies, buy here pay here dealerships, leasing offices, auctions, and private party sales.
Since January 2009, all new vehicles sold in California have been required to be labeled with a California Air Resources Board window sticker showing both a Smog Score and a Global Warming Score. The scores are on a 1–10 scale, with 5 being average and with 10 being the best (i.e., emitting the least carbon dioxide).
Both the Nissan Leaf electric vehicle and the Chevrolet Volt plug-in hybrid, launched in December 2010, are eligible for the maximum $7,500 tax credit. The Toyota Prius Plug-in Hybrid, released in January 2012, is eligible for a $2,500 tax credit due to its smaller battery capacity of 5.2 kWh.