What kind of taxes do you pay in your jurisdiction for a LS460?

Also, do you pay an annual luxury tax for expensive cars, similar to boats, motorhomes, etc...?

Here in BC Canada, the taxes break out like this:

BC Sales Tax = 7%
BC Luxury Vehicle Surtax = 3% (cars over $47,000)
BC Battery Levy = $25.00
Federal GST = 6%

No annual luxury tax...

 

That's because you live in the People's Republic of Canada!

Now living in Taxachusetts, I mean Massachusetts, we pay a 5% sales tax and a yearly excise tax on the following schedule -

In the year preceding the model year
(brand new car released before model year)
50%

In the model year
90%

In the second year
60%

In the third year
40%

In the fourth year
25%

In the fifth and succeeding years
10%

 

Does that mean that if you buy a new $50K car you pay $45K in taxes when you buy it, or do you pay taxes on $45K at a certain percentage tax rate (e.g.7%)?

 

Oh yea, sorry ZZZZ. I neglected to explain that the excise tax is $25 per $1000 of valuation.

So for example a 460 LS valued at $70,000 in 2007 would be assessed at $63,000 and the excise tax would be $1575 (70,000 x .9 x .025).

 

OK. Whew. Still Taxachusetts (ex resident, here), but for a minute it was starting to sound like Scandinavia.

 

Oh yea, we're not that crazy ................................ yet!

 

there is no luxury tax here in cali (thank god...). when you buy you pay sales tax according to the registered address. and then every year you just pay the registration which include some sort of tax i guess

 

If I trade in my G35 coupe for the LS460L, a good chunk(I think more than half) of it's value will just go to paying the taxes on the new car

 

LOL, Taxachusetts already mugged me for the first and second
years...

The worst part is that the roads are in ATROCIOUS condition + full
of craters

 

The tax rate in NY is 8.365% of the purchase price. My sales tax was $6,779.98 on the purchase price and then I had some extras which were probably taxable.

After that there is the annual registration.
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Robarapta Quote:
Originally Posted by Burnaby

If I trade in my G35 coupe for the LS460L, a good chunk(I think more than half) of it's value will just go to paying the taxes on the new car

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If you trade it into Lexus, you should only pay taxes on the difference. That's the way it works in NY.

 

That's the way it works in BC Canada too. But as you can see in the first post^^, a LS460 is subjected to a total of 17% of the transaction price of the car minus the trade-in difference in taxes.

Take the LS460L with Exec Package which I am eyeing for example. It is priced at C$122,000

My 2004 G35 coupe was C$47,000 new, but if I trade it in within the next year, I expect to get somewhere in the C$20K+ for it.

That means I still have to pay 17% taxes on close to C$100K (the difference between C$122K & C$20k+), which is around C$15K or more . . ., that's more than 1/2 the value of the old G35 coupe itself

 

You should be able to do better than that. I traded in my 2003 Acura 3.2 CL-S for $20K. I bought it new in '04 for $32K ($10K less than list, with 75Kms on the odometer. JP Lexus in NV still can't sell it; it needed a new battery, tires were at the end of their life, three months to go on the Warranty, and needing a major brake job. So I think you should get at least $30K+; buy your LS at the end of the month. See Leo at JP; he is so easy to deal with.

 

Thanks, I am just trying to be conservative on the expectations on the trade-in , I will check with all 4 dealers when the time comes to try & get the best value, but it will still be at least 1/2 year away, maybe even next spring, so the car will keep depreciating lol, I have low mileage on it though.

I got my SC430 from JP 4 1/2 years ago also, but do maintainence at Open Road port Moody now since it opened, it's only about 10 min.+ from my house.

 

Oh, Oh, we must be neighbours... I learned that OR was owned by some Indonesian billionaire, who is now a naturalized Canadian. Seems he offered to buy Toyota Canada when he first moved here, but was turned down flat, so he settled for a slick retail distribution network instead. I didn't really care who I bought it from, as the car itself, colour and configuration were paramount. As it turned out Jimmy had the only one in stock at the time. If you see an Obsidian in the neighbourhood, give me a wave, it's probably me...

 

in texas everyone pays the same flat registration annual fee doesnt matter if you own a LS600h or a corolla, i think its like $75 bucks + $48 inspection if applicable, 6.5% sales tax on motor vehicles



sorry