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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 ...
According to a recent Edmunds used vehicle report, demand for used cars is dropping and so are their values as the new-car market rebounds from pandemic-induced shortages. This is especially true ...
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 ]
But buying a used Tesla isn’t as straightforward as buying a used Toyota, especially if you’ve never owned one. The car experts at Edmunds outline five general tips for car shoppers who are in the market for a used Tesla. PICK THE RIGHT TESLA FOR YOU. Most shoppers looking for a used Tesla choose between the brand’s two sedans and two SUVs.
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 ...
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 ...
In the United States, a car dealership is a business that sells cars. A car dealership can either be a franchised dealership selling new and used cars, or a used car dealership, selling only used cars. In most cases, dealerships provide car maintenance and repair services as well as trade-in, leasing, and financing options for customers.