Does anyone know if I purchase my EV lease in NJ, do I have to pay sales tax on the payoff Amt? I know leases don’t have the sales tax except for the 0.4% lux tax. Didn’t know if it carried over to buyout out my lease too
NJ doesn’t tax EV on purchases either.
no luxury tax either
Oh didn’t know that. I have a dealer stating lux tax applies, is that BS?
Thanks. I’m thinking I lease a car, use the $7500 lease cash, then buy it after two months to avoid the interest. Just don’t want to pay sales tax on the $80k payoff amount
What’s the situation for MD - same ting - lease a car, use the $7500 lease cash - then buy it 2 months to avoid the interest - is the sales tax then on the payoff amount or on something else?
It’s a “title surcharge” … yes another name for a tax but since it’s not itemized as a tax IIRC it doesn’t fall under the tax exemption.
But hey paying 0.4% is way better than 7.025% on a purchase