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Re: Question for people who know DMV TTL rules
As taxes are already paid on the first unit it works as follows.
Old car was purchased for $5000 + taxes
Old car is worth say $4000 trade in and has a loan for $3900
New car is worth $20,000
Sale price of car is discounted to $16,000 + taxes
Then the $3900 is added to the price of the car
Total car price is $21020 ($16k + 7% tax + $3900 loan payoff).
If taxable value is the same on both assets, taxes shouldn't be due as taxes were already paid on the sale once. I would call the DMV to confirm, but I would imagine this would qualify as a $1 sale.
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My street car runs low 11's and my race car's personal best is a mid 11....
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