When people are leasing these i8 are they paying sales tax of 4 to 5 % on these 150 k cars that is 6 to 8k at time of the deal?
Depends on the state. Some states only tax on the monthly payment, not on the entire vehicle value up front.
A vast majority of states charge tax monthly on the payment. Not the entire car upfront.
What about maine?
So if my lease payment is 1k I would be paying 5.5 % of 1000 or do I pay 5.5 % of 150 k?
I know I am a little dumb
3 Likes
It was great for them to do a lgmtfy when the answer is not completely clear. It appears in Maine that you are taxed 5% on the total of the lease payments. You can either choose to pay this upfront or roll it into your lease and pay interest on it.
I’d guess most people do the latter as interest rates are so low right now.
1 Like
Thank you dallastx
Please stop making duplicate tax question threads. Your question was answered days ago and I don’t understand why you posted it again.
1 Like