No house, but a new car

[San Diego RE Bear]

Always be aware of tax advice used to sell you something. Yes, you can deduct sales tax. OR you can deduct the CA income tax you paid. However, you cannot deduct both and most people in California spend a lot more on income tax than they do on sales tax. Also, it only matters if you itemize and many people who do not have a home, and thus no mortgage interest and property tax deductions, do not.

Call your tax preparer – it should take them about 30 seconds to tell you if you will take the sales tax deduction on a large purchase over the income tax paid deduction on all your income tax or if you even want deductions at all. My guess is 90% of the time it won’t help you and should not be part of your buying decision.

Hope this helps!

[Coronita]

[quote=San Diego RE Bear]Always be aware of tax advice used to sell you something. Yes, you can deduct sales tax. OR you can deduct the CA income tax you paid. However, you cannot deduct both and most people in California spend a lot more on income tax than they do on sales tax. Also, it only matters if you itemize and many people who do not have a home, and thus no mortgage interest and property tax deductions, do not.

Call your tax preparer – it should take them about 30 seconds to tell you if you will take the sales tax deduction on a large purchase over the income tax paid deduction on all your income tax or if you even want deductions at all. My guess is 90% of the time it won’t help you and should not be part of your buying decision.

Hope this helps![/quote]

I think he is refering to the Obama’s stimulus bill to allowing sales tax of new car purchases in 2009 to be “tax deductible”. You can read about it in the bailout bill…Of course it doesn’t say you have to buy a car from a company the U.S. government is bailing out.

[Coronita]

[quote=San Diego RE Bear]Always be aware of tax advice used to sell you something. Yes, you can deduct sales tax. OR you can deduct the CA income tax you paid. However, you cannot deduct both and most people in California spend a lot more on income tax than they do on sales tax. Also, it only matters if you itemize and many people who do not have a home, and thus no mortgage interest and property tax deductions, do not.

Call your tax preparer – it should take them about 30 seconds to tell you if you will take the sales tax deduction on a large purchase over the income tax paid deduction on all your income tax or if you even want deductions at all. My guess is 90% of the time it won’t help you and should not be part of your buying decision.

Hope this helps![/quote]

I think he is refering to the Obama’s stimulus bill to allowing sales tax of new car purchases in 2009 to be “tax deductible”. You can read about it in the bailout bill…Of course it doesn’t say you have to buy a car from a company the U.S. government is bailing out.

[Coronita]

[quote=San Diego RE Bear]Always be aware of tax advice used to sell you something. Yes, you can deduct sales tax. OR you can deduct the CA income tax you paid. However, you cannot deduct both and most people in California spend a lot more on income tax than they do on sales tax. Also, it only matters if you itemize and many people who do not have a home, and thus no mortgage interest and property tax deductions, do not.

Call your tax preparer – it should take them about 30 seconds to tell you if you will take the sales tax deduction on a large purchase over the income tax paid deduction on all your income tax or if you even want deductions at all. My guess is 90% of the time it won’t help you and should not be part of your buying decision.

Hope this helps![/quote]

I think he is refering to the Obama’s stimulus bill to allowing sales tax of new car purchases in 2009 to be “tax deductible”. You can read about it in the bailout bill…Of course it doesn’t say you have to buy a car from a company the U.S. government is bailing out.

[Coronita]

[quote=San Diego RE Bear]Always be aware of tax advice used to sell you something. Yes, you can deduct sales tax. OR you can deduct the CA income tax you paid. However, you cannot deduct both and most people in California spend a lot more on income tax than they do on sales tax. Also, it only matters if you itemize and many people who do not have a home, and thus no mortgage interest and property tax deductions, do not.

Call your tax preparer – it should take them about 30 seconds to tell you if you will take the sales tax deduction on a large purchase over the income tax paid deduction on all your income tax or if you even want deductions at all. My guess is 90% of the time it won’t help you and should not be part of your buying decision.

Hope this helps![/quote]

I think he is refering to the Obama’s stimulus bill to allowing sales tax of new car purchases in 2009 to be “tax deductible”. You can read about it in the bailout bill…Of course it doesn’t say you have to buy a car from a company the U.S. government is bailing out.

[Coronita]

[quote=San Diego RE Bear]Always be aware of tax advice used to sell you something. Yes, you can deduct sales tax. OR you can deduct the CA income tax you paid. However, you cannot deduct both and most people in California spend a lot more on income tax than they do on sales tax. Also, it only matters if you itemize and many people who do not have a home, and thus no mortgage interest and property tax deductions, do not.

Call your tax preparer – it should take them about 30 seconds to tell you if you will take the sales tax deduction on a large purchase over the income tax paid deduction on all your income tax or if you even want deductions at all. My guess is 90% of the time it won’t help you and should not be part of your buying decision.

Hope this helps![/quote]

I think he is refering to the Obama’s stimulus bill to allowing sales tax of new car purchases in 2009 to be “tax deductible”. You can read about it in the bailout bill…Of course it doesn’t say you have to buy a car from a company the U.S. government is bailing out.

[Coronita]

[quote=as]I am open to get a 2008 model, as long as it is new. I will pay cash, too which may put me in a better bargain position.[/quote]

Looks like the the 2010 models are coming around the corner. 2010 will be identical in MSRP pricing to 2009, with the exception that VSC is standard now in the 2010 model (so actually the MSRP price went down)

That said, Toyota has an holdback allowance of 2%. With an incentive or $1500. Supposedly there is a $400 rebate if you are a college grad within the past 2 years.

Someone posted at edmunds that an LE with MSRP $18,315 (with options group CL ,KE,CF,CK) was sold at $13.8. That seems like a pretty good deal because pricing that out with a rebate, invoice is $14.4k for that equipment package. Subtract a $300 holdback, that’s $14.1k. The guy who posted he purchased at $13.8 mentioned it was an advertised special. I wonder if this was a loss lead car. (me thinks it was)…Or…the dealers are so flooded with 09’s they need to clear it out for 2010.

Anyway, the dealer you talked to that offered you $14k. Was this with the same equipment package. Also, was this for an all cash purchase or using their financing?

BTW: toyota loves to nickel and dime you on options you don’t need.

[Coronita]

[quote=as]I am open to get a 2008 model, as long as it is new. I will pay cash, too which may put me in a better bargain position.[/quote]

Looks like the the 2010 models are coming around the corner. 2010 will be identical in MSRP pricing to 2009, with the exception that VSC is standard now in the 2010 model (so actually the MSRP price went down)

That said, Toyota has an holdback allowance of 2%. With an incentive or $1500. Supposedly there is a $400 rebate if you are a college grad within the past 2 years.

Someone posted at edmunds that an LE with MSRP $18,315 (with options group CL ,KE,CF,CK) was sold at $13.8. That seems like a pretty good deal because pricing that out with a rebate, invoice is $14.4k for that equipment package. Subtract a $300 holdback, that’s $14.1k. The guy who posted he purchased at $13.8 mentioned it was an advertised special. I wonder if this was a loss lead car. (me thinks it was)…Or…the dealers are so flooded with 09’s they need to clear it out for 2010.

Anyway, the dealer you talked to that offered you $14k. Was this with the same equipment package. Also, was this for an all cash purchase or using their financing?

BTW: toyota loves to nickel and dime you on options you don’t need.

[Coronita]

[quote=as]I am open to get a 2008 model, as long as it is new. I will pay cash, too which may put me in a better bargain position.[/quote]

Looks like the the 2010 models are coming around the corner. 2010 will be identical in MSRP pricing to 2009, with the exception that VSC is standard now in the 2010 model (so actually the MSRP price went down)

That said, Toyota has an holdback allowance of 2%. With an incentive or $1500. Supposedly there is a $400 rebate if you are a college grad within the past 2 years.

Someone posted at edmunds that an LE with MSRP $18,315 (with options group CL ,KE,CF,CK) was sold at $13.8. That seems like a pretty good deal because pricing that out with a rebate, invoice is $14.4k for that equipment package. Subtract a $300 holdback, that’s $14.1k. The guy who posted he purchased at $13.8 mentioned it was an advertised special. I wonder if this was a loss lead car. (me thinks it was)…Or…the dealers are so flooded with 09’s they need to clear it out for 2010.

Anyway, the dealer you talked to that offered you $14k. Was this with the same equipment package. Also, was this for an all cash purchase or using their financing?

BTW: toyota loves to nickel and dime you on options you don’t need.

[Coronita]

[quote=as]I am open to get a 2008 model, as long as it is new. I will pay cash, too which may put me in a better bargain position.[/quote]

Looks like the the 2010 models are coming around the corner. 2010 will be identical in MSRP pricing to 2009, with the exception that VSC is standard now in the 2010 model (so actually the MSRP price went down)

That said, Toyota has an holdback allowance of 2%. With an incentive or $1500. Supposedly there is a $400 rebate if you are a college grad within the past 2 years.

Someone posted at edmunds that an LE with MSRP $18,315 (with options group CL ,KE,CF,CK) was sold at $13.8. That seems like a pretty good deal because pricing that out with a rebate, invoice is $14.4k for that equipment package. Subtract a $300 holdback, that’s $14.1k. The guy who posted he purchased at $13.8 mentioned it was an advertised special. I wonder if this was a loss lead car. (me thinks it was)…Or…the dealers are so flooded with 09’s they need to clear it out for 2010.

Anyway, the dealer you talked to that offered you $14k. Was this with the same equipment package. Also, was this for an all cash purchase or using their financing?

BTW: toyota loves to nickel and dime you on options you don’t need.

[Coronita]

[quote=as]I am open to get a 2008 model, as long as it is new. I will pay cash, too which may put me in a better bargain position.[/quote]

Looks like the the 2010 models are coming around the corner. 2010 will be identical in MSRP pricing to 2009, with the exception that VSC is standard now in the 2010 model (so actually the MSRP price went down)

That said, Toyota has an holdback allowance of 2%. With an incentive or $1500. Supposedly there is a $400 rebate if you are a college grad within the past 2 years.

Someone posted at edmunds that an LE with MSRP $18,315 (with options group CL ,KE,CF,CK) was sold at $13.8. That seems like a pretty good deal because pricing that out with a rebate, invoice is $14.4k for that equipment package. Subtract a $300 holdback, that’s $14.1k. The guy who posted he purchased at $13.8 mentioned it was an advertised special. I wonder if this was a loss lead car. (me thinks it was)…Or…the dealers are so flooded with 09’s they need to clear it out for 2010.

Anyway, the dealer you talked to that offered you $14k. Was this with the same equipment package. Also, was this for an all cash purchase or using their financing?

BTW: toyota loves to nickel and dime you on options you don’t need.

[paramount]

The Long Beach Port is overflowing with mothballed Toyota’s, Nissan’s, Mercedes – you name it.

http://www.iht.com/articles/2008/11/19/business/19ports.php

And yet, I don’t know of many good deals being made on any cars these days.

[paramount]

The Long Beach Port is overflowing with mothballed Toyota’s, Nissan’s, Mercedes – you name it.

http://www.iht.com/articles/2008/11/19/business/19ports.php

And yet, I don’t know of many good deals being made on any cars these days.

[paramount]

The Long Beach Port is overflowing with mothballed Toyota’s, Nissan’s, Mercedes – you name it.

http://www.iht.com/articles/2008/11/19/business/19ports.php

And yet, I don’t know of many good deals being made on any cars these days.

[paramount]

The Long Beach Port is overflowing with mothballed Toyota’s, Nissan’s, Mercedes – you name it.

http://www.iht.com/articles/2008/11/19/business/19ports.php

And yet, I don’t know of many good deals being made on any cars these days.

[Author]

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