Is there any strategy to take a 2018 Toyota Highlander XLE, 30,000 miles, decent shape, that I currently own outright and turn it into two leases on something similar? I don’t even know where to start.
Start by getting offers on vroom, carvana, etc for an outright purchase of your vehicle.
Then if you are happy with that. Sell.
Leasing kinda sucks right now but deals are out there.
Expect to do a lot of homework and research.
I guess I don’t know how to come out on top with the situation I am in. I have this Highlander I paid off with COVID money(long story) and then another car that is a miracle it still runs. I really like the Highlander but maybe its better to unload it for the equity and just lease something? I guess if the leases are inflated then I wouldn’t be getting into a better situation.
Do you get a sales tax benefit for trading in one or both in Oklahoma?
Not sure what you mean by that. In Oklahoma you pay tax one time at purchase. I paid the $800 or whatever it was on $30,000 in 2018. Every year its just $100 tags which get lower every year.
In some states if you get a new $30k car and trade in a $20k car, you pay sales tax on $10k.
In other states you still pay tax on $30k, even with the $20k trade-in.
Which way does it work in OK?
I guess its a brand new law as of 2020 that you do get a credit.
If that’s the case, get valuations/offers for your current vehicles.
Negotiate one lease at a time, keeping the trade out of the deal until you’ve settled on all of the lease terms.
Get a trade-in offer for both vehicles. At that point, you know if it’ll make more sense to trade/take the tax credit, or just sign the new lease and sell the car separately.
Repeat with lease 2 and the existing car you have left.