Difficulty trading in M coupe for a reasonable price

[Pheonix]

Not sure if all states offer tax credit for trade in. Basically, you dont have to pay tax on trade-in portion. For instance, we will save $635 for every $10k of trade-in value (with 6.35% sale tax In Connecticut).

[SD ///M4]

Originally Posted by Pheonix

Not sure if all states offer tax credit for trade in. Basically, you dont have to pay tax on trade-in portion. For instance, we will save $635 for every $10k of trade-in value (with 6.35% sale tax In Connecticut).

Lived in Michigan and California, never heard of that. Different strokes for different states I guess. Of course, I've never traded in a car either. In my experience I've gotten more for selling my used cars than I would have from any tax savings.

[KevinC]

Originally Posted by Pheonix

Not sure if all states offer tax credit for trade in. Basically, you dont have to pay tax on trade-in portion. For instance, we will save $635 for every $10k of trade-in value (with 6.35% sale tax In Connecticut).

California definitely doesn't. Arizona does offer this credit - I've saved a crapload of cash trading in a couple of cars here, enough to offset the difference between trading & selling myself. It's a freaking bonanza.

[usaz4mcr8cr]

Originally Posted by KevinC

California definitely doesn't. Arizona does offer this credit - I've saved a crapload of cash trading in a couple of cars here, enough to offset the difference between trading & selling myself. It's a freaking bonanza.

California does have this tax advantage. If you were buying a $40k car and traded in your M for $30k, you would only have to pay taxes on $10k.

[03BeastCharmer]

Originally Posted by usaz4mcr8cr

California does have this tax advantage. If you were buying a $40k car and traded in your M for $30k, you would only have to pay taxes on $10k.

Same in Texas. Helped offset the lower price I accepted for the trade-in.

BTW - I sold my Coupe privately last November as I wasn't ready to buy my new car yet, and the price offered by the dealer versus what I sold it for was too great.

[pmmjarrett]

Originally Posted by chickdr

NADA lists trade in for a 2008 M Coupe with 36K on the clock at 25K for rough trade in up to 29K for clean Trade in(assuming you have navigation and premium packages- if not about $1K less). If I was a dealer I would start at the low end as well. Did you just walk out at 25K or try to negotiate?

KBB and NADA BB prices are usually several months out of date as they are only published quarterly IIRC. Also differences between the dealer books and the one the average consumer can look at for free.

Most dealers use a different book called the Black book which is dealer auction pricing and published weekly.


Me personally, when I trade. I will only allow one set of book prices and not allow them to jump all over the place with the worst book for me and the best one for them. If I can get KBB trade in for mine, I'll only pay KBB private party value for theirs including any "snake oil" processing and advertising fees and BS dealer add ons like paint protection, scotchgard and "machine polishing" they use to artificially jack up prices.

I won't pay retail or retail+++. I have no problem with a dealer making a profit but refuse to be raped in the process.

That's what I consider a fair deal at a dealer so I don't get buried in the new car.

[pmmjarrett]

Originally Posted by usaz4mcr8cr

California does have this tax advantage. If you were buying a $40k car and traded in your M for $30k, you would only have to pay taxes on $10k.

North Carolina does too. Both new and used. In the example above, it would save you $900 in NC if trading at a dealer.

NC it isn't a "sales" tax on cars but calls it a highway use tax.

[JasonH]

In Delaware there is a 3.75% tax (which the DMV calls a "document fee" since we don't really have sales taxes here) for cars, whether you buy new or used. If trading in your car it works as others stated above. However, if you buy a new car and don't trade in your old one you can get a credit for the difference if you sell the car within 60 days. People in other states might want to check and see if you can do something similar.

[Deep Z4]

Originally Posted by SD Z4MR

Lived in Michigan and California, never heard of that. Different strokes for different states I guess. Of course, I've never traded in a car either. In my experience I've gotten more for selling my used cars than I would have from any tax savings.

Canada def. does. Except here - we pay 13% 8-)

So a 25k trade in gives you $28.25k credit in Ontario. I thought that was the case everywhere, but I guess not!

[gcochard]

I have a similar experience. I was just offered 18,000 at carmax for my 06 roadster with 32k on the clock.

KBB says the "Fair" condition book for a trade is 21,688. My car is in "Very Good" condition which should be 24,438.

Needless to say, I won't be selling my car to carmax.

[Nikki]

Take the $28,500 and run. That's a great trade-in price.

[mgwatson48]

Originally Posted by Nikki

Take the $28,500 and run. That's a great trade-in price.

+1

[fatmatt0116]

sold my loaded 07 coupe with a few dings and scratches and 64k on the clock for 26 thousand to a private seller. fair price as I bought it new in 08 for 46k with a 57k sticker price. You can set your expectations appropriately by thinking about the values of the original z3mc. They were cool looking, same engines as ours (s54), but lost value over time. this car was built to be enjoyed, not used as an investment instrument.

Oh, for reference, the bmw dealer where I bought my x5 5.0 offered me 22k trade in value sight unseen as the car was in cali. The private sale price was enough to offset the tax benefit of trading in the car.

[Pheonix]

Originally Posted by Nikki

Take the $28,500 and run. That's a great trade-in price.

Yeah, take it and run (or drive away with your new car).
To OP- you are from GA correct? A quick search showed these (hopefully they are still valid)
http://www.fatwallet.com/forums/finance/1042876/
http://www.yoursmartmoneymoves.com/2...-or-next-year/
Basically, you are getting $30,210 (for the trade-in plus 6% tax credit). That is a great price for the car, got my 2007 MCoupe, fully loaded (except ext. leather) in 2009 with 18k miles, over a year of warranty left on for $30.5k (from a dealer). Sometime, it is too much hassle selling the car privately (too many dreamers out there). If i remember correctly, Nikki's beautiful Sepang Coupe took more than a year to sale.

[David70]

Originally Posted by Nikki

Take the $28,500 and run. That's a great trade-in price.

Maybe, depends on the price of the car he is buying and how it compares to the other dealers. Overall deal may not be as good.

[chickdr]

Originally Posted by Pheonix

Yeah, take it and run (or drive away with your new car).
To OP- you are from GA correct? A quick search showed these (hopefully they are still valid)
http://www.fatwallet.com/forums/finance/1042876/
http://www.yoursmartmoneymoves.com/2...-or-next-year/
Basically, you are getting $30,210 (for the trade-in plus 6% tax credit). That is a great price for the car, got my 2007 MCoupe, fully loaded (except ext. leather) in 2009 with 18k miles, over a year of warranty left on for $30.5k (from a dealer). Sometime, it is too much hassle selling the car privately (too many dreamers out there). If i remember correctly, Nikki's beautiful Sepang Coupe took more than a year to sale.

Excellent point- you have factor in the tax advantage. Depending on where he lives it could be 7 or 8%(some counties have higher tax rates.) he really is getting at least a 30K offer for the car.

[epbrown]

Originally Posted by fatmatt0116

You can set your expectations appropriately by thinking about the values of the original z3mc. They were cool looking, same engines as ours (s54), but lost value over time. this car was built to be enjoyed, not used as an investment instrument.

Have you priced a Z3 M Coupe with S54 (2001-2002 model years) lately? Average asking price on Autotrader is $31k. They're holding their value well for cars over a decade old.

[Chamberlin]

Originally Posted by epbrown

[fatmatt0116;12551505]You can set your expectations appropriately by thinking about the values of the original z3mc. They were cool looking, same engines as ours (s54), but lost value over time. this car was built to be enjoyed, not used as an investment instrument.

Have you priced a Z3 M Coupe with S54 (2001-2002 model years) lately? Average asking price on Autotrader is $31k. They're holding their value well for cars over a decade old.

And since I am currently in the market for a '00 M coupe: in doing research, I have found that the S52 cars are also pulling in $5k-$15k more than they did just a few years ago. So much so, that KBB was alerted by this from the E36/7 community and they have updated their price guide accordingly.

[mousitch]

Here in Missouri, Missouri titles have a “Notice of sale” portion of the title that is filled out and torn off when you transfer a title or sell outright to private party. The sales price is on this section and I just took this in to the DMV when I titled the new car. They calculated the sales tax based on the purchase price of the new car less the sales price of the trade/sale. You can submit the notice of sale and get a voucher for the sales tax discount as well. There is a 6 month limit on the separation of the transactions.

[Hybrid]

OP: I'm in Atlanta and in the market for an M Coupe. If you still have it and would like to see it go to a fellow enthusiast rather than sit on a lot please let me know. I'm working to get into another vehicle in the next week or two.

I'm still new on these boards (from a post count perspective at least) but you can email me at ash (dot) stan (at) gmail (dot) com

Thanks!

[jophish17]

^yay for another mc in Atlanta! I haven't seen one in a while. I have seen 3 si's in the past week though (all different) - quite odd since I had only seen an si coupe a couple times in the past year.

I'd be happy with 28.5 too. Have you contacted enthusiast auto in Cincy?

[chickdr]

Originally Posted by jophish17

^yay for another mc in Atlanta! I haven't seen one in a while. I have seen 3 si's in the past week though (all different) - quite odd since I had only seen an si coupe a couple times in the past year.

I'd be happy with 28.5 too. Have you contacted enthusiast auto in Cincy?

I just saw a silver/red Z4M coupe yesterday on the I-85 Access road near Clairmont Rd. There are quite a few here. As I drove up 85 a few weeks ago in my red MR, a twin whizzed on by(it had a carbon fiber diffuser in back, but the car was quite dirty IMHO).