I currently have 12 months left on my lease and perhaps looking to buy instead of lease my next vehicle. I’m in Florida and I thought I read where someone else had their deal structured in a way where the “trade-in” was used to offset the tax burden of the new vehicle even though it was a lease buyout. The dealer I inquired with said that it is not possible. Is this true or should I look elsewhere?
Are you trying to trade in another vehicle you already own to apply towards this? Or are you talking about the leased vehicle being the trade in?
It’s the leased vehicle. (I’ll assume I must have read this wrong in someone else’s post. I wish I could recall where I thought I read this.)
Ignoring trading it in on itself, in FL, you don’t get a tax credit for trading in a leased vehicle anyway.
If you owned a vehicle outright, you could probably trade it in as part of your lease buyout to get a sales tax credit, but that would be a 2nd vehicle in the mix.
I am in the same situation, I think you don’t pay tax if you trade in otherwise you pay taxes. Does anyone how much? Like on a state website (or something official)?
Depends upon the state you live in. Some states you pay the tax up front if buying the car out of a lease (6-9% roughly). Some states you pay a yearly property tax on the worth of the vehicle which obviously depreciates with age.