Sales tax in ny

Off-Ramp
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61

I read this entire thread and now my head is spinning! :laughing: I just want to know where in the metro NY area I should lease my car to save the most amount in taxes. I live in Manhattan and that’s where the car will be registered. :man_shrugging:

Also, where can I find out more about “MSD’s”???

62

It doesn’t matter. Taxes are based off your registration address.

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63

You should also know that aside from a few exceptions, most leases are terrible these days. And often at a higher effective payment than buying

64

You want to save money on automotive purchase/lease? Move to NJ and get yourself an electric car and you’ll pay 0% tax. But as a fellow New Yorker, I can confirm your tax rate is 8.875% and you have two options: roll the taxes into your lease; or pay it upfront.

65

Thanks Lucas for the typical New Yawker response :wink: :joy: “move to Jersey this fuckin guys says :rofl: :rofl: :rofl:” :crazy_face: I’ve never rolled my taxes into the monthlies under the assumption that I would be paying interest on taxes. Is that right?

66

You’d pay interest on the taxes, and in good NYS budget helping fashion, you actually have to pay sales tax on the rolled taxes (a grossed up tax on the tax for the convenience of you financing the sales tax…).

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67

Does anyone know how sales tax would work in NY if you are buying a vehicle and trading in a lease? Since the lease is only taxed on depreciation, if trading in a car reduces taxable amount by trade in value, it would mean you paid less tax overall so that’s where im hesitant to believe that’s how it works.

68

Why not, if you’d choose to sell the car in a separate transaction to the dealer they wouldn’t pay sales tax. It shouldn’t matter how they are writing you the check for said trade in.

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