info on trading cars
 

does anyone have any info on how to trade cars. me and another member are talking about trading cars and i have been ****ed in the past with taxes when trading.

i did a search and found nothing, so maybe this could be a helpful resource for others.

wouldnt the taxes be how u guys valued the cars? i would agree on the "value" before hand. i know when i sold my car i said i sold it for 2grand so the guy payed less. and my dad has always done that when he sells his

go to the notary, make sure it's a good notary, not some small hole in the wall place.

be VERY clear that your are doing an even trade and that no cash is exchanging hands.

they'll ask you to place a value on the cars, this is not for tax reasons. they just need a value to write on the forms.

They'll do either a gift or trade in form and you won't pay anything but title and tag fees.

yeah just tell them your gifting it and you will be just fine.

Sell it to him for $200..he sells you his for $200. Ive done it...2 times. no problems.

it throws a red flag when you sell an 03' mini cooper for $200....

follow my directions and pm me with any in depth questions.

i've done this more times than i can remember right now (at least five) and I have had no issues, and paid no tax.

i've done that once, except for $100

That will defiantly not work with the Mini. A friend of mine tried saying he paid $200 for a 1999 integra. He got a call about a month later saying they expected him to pay 330$ for sales tax. They use the fair market value of the vehicle to establish it's value.

i did that before with my audi... i just paid 800 in taxes on it last week (i had the car over a year ago) with something where the value is clearly not a few hundred dollars (mini cooper, audi, etc.) i dont think the 200 dollar thing would work.

and thank you, im going to call the notary tomorrow and see if they have heard of that.

As with everyone here, be careful in stating the value of your car. I "paid" $15K for my Supra.... :wink: