Sponsored

Trade-in Tax Credit for a New Car Lease

tritus

Well-Known Member
Joined
Mar 12, 2016
Threads
20
Messages
249
Reaction score
78
Location
Columbus
Vehicle(s)
Challenger Hellcat
I live in a State that allows tax credits when you trade-in a vehicle towards the purchase of a new one. I am not a big fan of leasing my cars but recently came across a very good deal and looks like my Ruby Red GT Premium might be gone this Tuesday.

I checked with the dealer and did a little research to find out that the tax credit can not be applied towards the use portion of my new lease. Just wanted to see if anyone had to go through a similar situation and could confirm that.
Sponsored

 

Martman GT

Well-Known Member
Joined
Oct 25, 2015
Threads
14
Messages
501
Reaction score
166
Location
Reno, NV
First Name
Marty
Vehicle(s)
2015 TY GT Premium
Sounds about right. I traded in a leased vehicle to get my 15 GT and since I was only paying use fee tax monthly, there was no tax credit. Since you don't pay your sales tax up front on a lease, I could see why there wouldn't be a credit as well.
 

pmr2000

Well-Known Member
Joined
Dec 8, 2016
Threads
11
Messages
111
Reaction score
19
Location
NC
Vehicle(s)
2016 Mustang GT Fastback, 1975 Corvette Coupe
As far as I am aware you only get tax credit when trading in against a purchase not a lease.
Sponsored

 
 




Top