If you buy your car off-lease, do you have to pay taxes on it?
04-24-2003, 05:49 PM
#2
Most likely yes, given that you haven't paid the taxes up front. However....
In some States like Texas you actually pay the sales tax for the entire car up front even if you lease it. Then you end up paying the sales tax again at the end of the lease if you decide to buy the car paying sales tax twice in essence.
Check with your dealer or your DMV office, I'm sure they can tell you.
Check with your dealer or your DMV office, I'm sure they can tell you.
04-24-2003, 06:29 PM
#3
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In BC (Canada) you have to pay tax on the buy-out, however,
if you sell the car within 7 days of the buy-out, you get the provincial sales tax back from the government (7.5%). I guess they consider it as a transfer of ownership, rather than you buying it. That's what I did with my last vehicle. I lined up a buyer before I bought out the car and saved myself a couple of grand (the new buyer paid the tax on the amount that I sold it to him for).
Don't know how it works elsewhere, but it saved me some $$
Don't know how it works elsewhere, but it saved me some $$
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