Newbie trying to see if I come out ahead selling to carvana instead of turning in. Already got a new lease from a different manufacture for my replacement vehicle.
Carvana’s offer from just an hour ago for my 2018 Infinity QX60 is $31,751 but right below that it says “Trade in and save $1,905 in Florida sales tax” which I did not have on my radar. That’s $1,905 I don’t have to pay if I simply turn the vehicle in to Infinity. Although I will most likely have to pay a disposition fee and about $280 for wear and tear BS if I turn in to Infinity.
I called in the other day and if I understood correctly, my payoff amount with them keeping my $2800 in MSD’s is $24,890
I guess (would like your feedback) that I still come out winning if I sell to Carvana even if I have to pay state taxes. The only problem is that they cannot buy out my lease (Nissan does not allow) so I will have to payoff myself and then sell to Carvana (which I can do) however by the time they mail me the title in my name, Carvana’s offer will have expired.
IIRC Florida makes things harder, where you need to pay the dealer the state tax (like you said buy it yourself)
People who know Florida more will chime in, but that $2800 may be hit by $1,905, so after buying it out at the Infiniti dealer, paying sales tax, etc. you may be have around 1k left.
Florida gives a sales tax credit on a purchase when you trade in, so if you buy out your current lease, pay sales tax on it, and then trade it in to carvana and purchase a new vehicle from carvana, you will save $1900 on the sales tax on the purchase of the new vehicle.
As for this case, it all comes down to how long nmac takes to get you the title and you get everything I to your name. You very well could get stuck holding the bag if used car prices pop while they’re getting you the title.
Carvana’s current offer will expire. You can easily resubmit for a new appraisal which can be higher or lower. Should the used car market burst, I don’t know that you’ll go from $31K value to less than the $27K immediately If you do, then you’ll lose so it’s a gamble you’ll be taking.
I suspect that’s just fancy marketing to say “buy a car from us and save on tax equivalent to your trade-in.” Ignore.
Anyway your best bet is probably calling Nissan and Infiniti dealers to see if they will buy the car and give you some equity. NMAC won’t sell their cars to anyone else and buying it out leaves you with the risk of holding the bag should they used car bubble pop.
Just called a local Infinity dealer and he said the way it works is that the dealer buys the vehicle and then I buy it from the dealer.
He also mentioned that there is a $995 dealer fee, a $495 electronic sign fee and a $250 tag transfer (lease to purchase) that I would pay. All in addition to a 6% florida sales tax.
This part is pure BS and dealer profit. Welcome to Florida. There was a guy from an Infiniti dealer here before. His username was Cullen something maybe. Check how much his dealer charges.
