Taking advantage of Chrysler financing brings many benefits, and when you trade in your vehicle to our dealership, you’ll be able to apply your car’s value to your down payment. Let’s explore the tax benefits of trading in your vehicle at Cook Chrysler Dodge RAM.
Lowering Sales Tax
Sales tax can be a big factor in determining which vehicles you can purchase. However, you can reduce the amount of sales tax you’ll pay by trading in your car.
When you trade in your car, you’ll lower the purchase price of the vehicle you’re looking to buy. This, in turn, reduces the sales tax you’re expected to pay on the vehicle. Even if it’s a small trade-in value, you can save money on your next Chrysler car. For example, if you are purchasing a $30,000 vehicle, and your current car’s trade-in value is $10,000, you’ll only have to pay sales tax on $20,000, rather than the original vehicle price.
It’s important to note that you only get this sales tax reduction if you trade your vehicle in. You won’t get the reduced sales tax if you sell the car yourself.
Maryland Sales Tax
Our dealership is beholden to Maryland state laws regarding state tax on vehicle purchases. Currently, Maryland has a six percent sales tax rate, which can affect how much you can save.
We’re happy to look at any vehicle you have as a trade-in. Contact us before scheduling a financing appointment to get a quote on your current model.
Explore Chrysler Financing Options at Cook Chrysler Dodge RAM
When you’re ready to purchase a new Chrysler vehicle, our dealership is ready to help you. Visit Cook Chrysler Dodge RAM today to see what Chrysler financing options are available.
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