Quote:
Originally Posted by BEM-S4
Keep in mind if you go separate transactions vs trade there's a tax impact. Say your new car is $50k and your trade is $20k just to use round numbers. You'd pay tax on $30k. Which is what you're saying. Sell to private party you pay tax on $50k. Carmax I'm not 100% sure you'd have to talk to your dealer to see if they can work with carmax to link the deals, but you may be in the same situation where you have to pay full tax. So if carmax offer is much better than dealer for whatever reason you still may be able to make it work to sell them the car.
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Agreed and I am aware of the tax implications. I doubt there could be any kind of linking a sale to CarMax with the dealer to get the tax break. Once I get that CarMax offer I will have to break out a spreadsheet to make sure I know what the best option is. I definitely do not want to deal with the alternatives to not trading in but I am going to try to be prepared for all scenarios. Prepare for the worst hope for the best?