thanks again man!!!!! you saved me a butt load of time and possible problems!!! My idea it seems would only be worth trying on something really high like a F50 or McLaren F1 or something woo!! I owe ya!!
I hope the girls your pick up with the car don't mind meeting your your mom on the way up to your room. And that answers the age old question of why exotic cars are owned by either young athletes/performers or older gentlemen with accumulated assets. Buy a Mustang and a condo.
hahha, no, any girl that has ANY interest in me cause of the car I have NO interest in at all, plus Im sure most will hate it...heck they hate the NSX too...crazy and yes, thats how I can afford it...no home, no rent, no bills, free food, free laundry, ect ...it is kinda like having a butler LOL!
It's been mentioned in the thread several times...but, what does the IRS have to do with states' sales taxes? Seems like completely separate entities to me.
Are you going to pay cash or finance? If you are thinking of financing, you will find it difficult to finance an exotic without home ownership.
It is rumored that they data mine DMV registrations. You live one place, own a Lambo in another and it flags it.
If that was my kid and made that disrespectful comment (then had the audicity to boast about it), he'd find his belongings sitting out on the curb and the locks changed on the house when he got home. I am glad my kids grew up respecting us and making a great life for themselves -> no freebies from anyone. Carol
Yea, verily, Carol! Dan, you may wish to reconsider your Lamborghini purchase. Southerncharm suggested earlier "...a Mustang and a condo..." and I agree with the concept. Buy a Kia and look for your first 3 bed/2bath home. Keith
That only holds true at the time you buy the vehicle ... what he's proposing is buying the vehicle and registering it in a state with no sales tax. Once the car is registered, transfer the car to his home state. He'll have to re-register, but he's not "buying" the vehicle again, just moving with it, so no sales tax the in his home state. If what you were saying held true anytime the registered state changed .. you'd have to pay sales tax every time you moved. Bill in Brooklyn
At what point do you think your parents are going to tire of you wasting every penny you make on cars while they continue to do your laundry?
I agree that paying a sales tax on a car again is BS. Maybe the guy can write you a sales slip that is lower, but not so low it falls out of the minimum range for the DMV or you will be flagged for sure. As far as driving in one state with another states tags, well in NY it seems that every 20th car is registered in NC and there is an illegal driving it and it does not seem to raise any red flags with the PD, they all know what is going on and yet they do nothing.
lol, ya the butler thing was just a joke, I tell them that when they ask why Im still here , but I also laugh at how Im there lil b!tch, cause anytime sometime needs to get done I have to do it. Yesterday I was up on the roof triming back overhanging braches, so Im not some unappreciative little diick. I know I have a good thing here, but I do contribute as well, and I won't be here for much longer, Ive got the hints. And as dumb as you think I am, I really have no desire to own property at all anytime soon. I'd rather enjoy the rest of my life with cars I really enjoy then just sitting in a big empty home doing nothing. A home at 22 means nothing to me, if I was married that whould be an entirely different story then, but till then I like to drive and I will continue collecting cars I enjoy. Thanks for all you're guys help so far
First thing you have to do is find out what the law of your state is. In California, you can take delivery of a vehicle in a different state. It used to be that you had to keep the vehicle in that state for at least 90 days, and use it there. You weren't allowed to bring it into California during that time period. Once you had done that, you could then bring the vehicle into California, and you'd pay no sales tax. That's what I did. California has tightened up on that, changed the requirement to one year. You need to check with tax counsel to make sure that you do this correctly. Failure to abide by the law will cause penalties and those can be as much as the actual tax. Art
Your car will depreciate in value, a residence would provide you a shelter of some of your income as well as tax free appreciation after 24 months of ownership. Had you purchased a condo two years ago you would have experienced a 100% return in many regions on your purchase price. Suppose you purchased a condo for $150,000 in 2002 with $50,000 down. Today that condo could be worth $300,000 and you could have borrowed the $100,000 for the car and wrote off the interest as it would have been a mortgage. Rent = paying your landlord's mortgage and taxes, as well as providing him a profit on his investment with no tax benefits for you. The worst house is better than the best apartment in regards to tax benefits. Also consider that when you do move out insurance on an exotic is difficult to get w/o home ownership and a secure garage. Your Lambo will be like having a dog, in that 98% of all places advertised will not be suitible for your needs. You will have to rent a house that has a garage, which means your rent costs will be at least 50% above those of a garden apartment.
depreciation means nothing to me, plus I have no intentions of ever selling it. I've also checked into apartments/condo/townhomes and buying a home. Here in Indy I wont have any trouble with any. Newer apartments come with garages too , and I already keep my NSX in storage and would do that too with the Diablo, the last thing I need is jealous neighbhors or someone that knows where to steal two nice cars. Also, here in Indy the market is hardly that great to double in 2 years, its rather stable, in fact many nicer homes have been up for sale for 6+ months, some of my clients have had their homes for sale for over 2 years, the market has pretty much peaked, IF I were to get a home it would be in a few years when the prices come down. I appreciate all your insights and advice but I've pretty much thought through and figured out all my options by now, the tax thing was just the final thing to consider, even if I had to leave it somewhere else for 90 days, lol...I'd be fine with that. This is no impluse buy at all. If I end up buying this one in about a month it'll be after much thought and a long search...I'll be fine
In MD he will have to re-register the car AND pay tax on it. Been there done that. Can only speak for MD..
Me too. What a racket. If you move here from another state and own your cars, you get to pay 5% sales tax all over again in Md.
