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01-12-2012, 08:06 PM | #1 |
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confused on some things, buying used m3 from private party
I live in GA and I am close to buying a e92 m3 from a private party in NJ. I have several questions which I have googled but to no concrete answers.
1) Do I have to pay any sales tax when buying from a private party out of state (buying in NJ and trying to register it in GA) 2) What is the legal method of being able to drive the car back from NJ to GA after the sale, as in how/would i have to obtain a temp tag, etc. I am sure someone in here has bought a used m3 from private party across state lines and can help me. Thanks in advance |
01-12-2012, 08:11 PM | #2 |
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1. yes, you only pay your local taxes. When you register your car at your local buearu of motor vehicles, get you check book ready you have to write a big check for the tax all at once. They will ask for current title (filled out to transfer to you), and a bill of sale, they calculate this off the bill of sale.
2. you don't, you risk it, just have your bill of sale with you with the date. But when you do buy it, call the VIN in to your insurance right away to get insured |
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01-12-2012, 11:44 PM | #5 |
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I believe thats true. Thats also what I heard.
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01-13-2012, 06:12 AM | #6 |
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In MD you can get a 30-day temp tag/registration when buying a private-party used car. I'd check with the GA dept of motor vehicles to see if they offer a temp tag.
Also, you only pay sales tax in the state where you register it. However, I have no idea if GA does/doesn't require you to pay a sales tax when you register the car. |
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01-13-2012, 11:29 AM | #7 |
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dont know, i don't live in GA, go talk to the motor vehicles buearu, if no sales tax in GA, good for all GA residence. Taxes add around a good $4k on our cars.
Last edited by mdosu; 01-13-2012 at 12:14 PM.. |
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01-13-2012, 12:52 PM | #8 |
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Avoid sales tax by going through an Auto Trust. The owner of the F40 in Va has his car titled in Montana. Another exotic owner has his car titled in Alaska. You will pay a fee, but will avoid taxes on a $70k sports car.
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01-13-2012, 02:00 PM | #9 |
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really...hmm, I saw that F40 guy at Cars and Coffee here, was wondering about the Montana plate. I checked out the idea, there are lawyers out there willing to do all the paperwork for you. The catch is, most require you to pay a maintenance fee of around $100 a year. unless you have the time and energy to set it all up yourself.
Last edited by mdosu; 01-13-2012 at 02:14 PM.. |
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01-23-2012, 07:26 PM | #10 | |
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So what is the deal with the Auto Trust - how do they work? Is it tax evasion in VA? Can it be your daily driver or does it have to be a collector car? |
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01-24-2012, 09:00 AM | #11 |
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01-24-2012, 09:18 AM | #12 | |
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I think it'll be easier if you have a second state of residence and just register the car there. (IE, a friend's house, parent's house) If you do this, remember to keep you local DC area insurance, and notify them your car is located in the DC area. They won't ask about registeration, but it doesn't hurt to ask them regarding disclaimer, if any, of cars registered out of state, and a out of state driver's license. This is just in case something happens, they can't come back and get you on "insurance fraud" and deny a claim. |
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05-15-2012, 07:39 AM | #13 |
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I am in GA, if you buy a vehicle from a private party seller, there is no sales tax. You still have to pay to register the vehicle, but this is not the same as a 7% tax on the sale price.
As stated earlier, buy the car, keep the bill of sale on hand, and insure it immediately, and you can drive it home free. I am hoping to buy a car at distance as well... |
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