Trading in my paid off car for a new lease - need advice

I’m thinking about trading in my car and leasing a Genesis. I think I could get around $8k for my car. I would have a really low monthly payment if I used all $8k as a down payment, but I don’t really like the idea of making any down payment on a lease. If I don’t apply the $8k to the lease and just have the dealership cut me a check, am I going to get killed on taxes? I live in Florida if that makes a difference. Any advice would be much appreciated. Thanks.

Does Florida give you a tax break based off the amount of your trade-in? So if FL tax is 6%, you’d get a tax credit of $480 (6% of 8k) on the new car’s sales tax?

I would definitely not pay $8k down on a lease. If your car gets totaled minutes after driving off the lot, you are out that $8k, as all the insurance money goes to the leasing co.

If I were you, I’d just get the best trade-in value from the dealer that’s willing to give you the most (any dealer like Carmax, etc…), and totally separate the trade-in from the lease deal. Saving $480 but potentially losing my entire $8k down payment doesn’t sound like a good proposition.

Sell the car first or have the dealer cut you a check for what its worth then negotiate the lease. Also, dont put any money down.

I was in a similar situation also in South Florida. I had a jeep that I wanted to get rid off. Only got $1k positive equity. The hyundai dealer gave me a very low quote to buy it, Car max a little bit better and the Jeep dealer a MUCH better offer. So I sold it to the Jeep dealer and got my $1000 check. I did the genesis deal without using the Jeep.