Sassquash

hello, long time reader first time poster here.

question for those of you who purchased in NJ. if you trade-in a vehicle at the time of purchase of a new honda, is the sales tax assessed on the difference?

eg. purchase price of $31,000 and trade-in is $10,000. do i pay tax on $21,000?

this is applied in most states, not sure if NJ is one of them.

tia!

mister_two

Same as other states, pay tax only on the difference.

acbimmer

yep, just on the difference of the two and then if theres a payoff you add that on on top of whatever the taxed amount is


Sal