I just found out that we have to pay taxes to DMV even when purchasing a used car from an individual?
Say 5% tax rate and $100,000 car.
Original buyer pays $5000 tax. Sells the car for $105,000 to even out. New buyer pays $5,250 on taxes. Am I understanding this correctly?!
Anywho, $122k for a used GT is good!
Say 5% tax rate and $100,000 car.
Original buyer pays $5000 tax. Sells the car for $105,000 to even out. New buyer pays $5,250 on taxes. Am I understanding this correctly?!
Anywho, $122k for a used GT is good!