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If you spend $7,000 on a car and an additional $1,000 on improvements, but you sell the car for $7,000, it's considered a capital loss, and you don't need to pay tax on the sale.
If you spend $20,000 on a used car, you’re paying $1,900 in sales tax. However, if you buy a car in Michigan or Idaho, they both have a flat state rate of 6%. $20,000 on a car there results in ...
Car buyers have more tools than ever to get the right vehicle at the right price. According to a recent Edmunds report, nearly one in four consumers who financed a new vehicle purchase with a ...
Tax rates vary widely by jurisdiction from less than 1% to over 10%. Sales tax is collected by the seller at the time of sale. Use tax is self assessed by a buyer who has not paid sales tax on a taxable purchase. Unlike value added tax, sales tax is imposed only once, at the retail level, on any particular goods. Nearly all jurisdictions ...
North Carolina has a state-levied sales tax of 4.75%, effective July 1, 2011, with most counties adding a 2% tax, for a total tax of 6.75% in 51 of the 100 counties. Mecklenburg and Wake counties levy an additional 0.5% tax, which is directed towards funding the light rail system , for a total of 7.25% and the total sales tax in 45 other ...
Edmunds.com Inc. (stylized as edmunds) is an American online resource for automotive inventory and information, including expert car reviews based on testing at the company's private facility. The company is headquartered in Santa Monica, California , and maintains an office in downtown Detroit , Michigan . [ 1 ]
At $28,381, the average transaction price in Q1 is considerably higher than the $19,657 level five years ago. Even more troubling for buyers looking for used cars is that the available pool of ...
Taxes are indexed to wages and profits and therefore areas of high taxation are correlated with areas of higher per capita income and more economic activity. Spending is largely focused on areas of poverty, the elderly, and centers of federal employment such as military bases.