Trading or selling

wik1982

Hi all. I've done a great deal of research into cars and leasing over the past 3 months. I have heard about exploring selling my car to various places like Carvana, CarMax etc to optimize your sale. But I have also heard about if you trade in your vehicle when you lease/purchase you save tax? Or something to that extent. I live in Ohio, just in case it's a state by state basis. Can any one advise? I tried to do some Googling but wasn't getting accurate info for this specific situation. Just trying to figure out what option may suit me best.

Any help is greatly appreciated. Thanks!

kyfdx

wik1982 said:

Hi all. I've done a great deal of research into cars and leasing over the past 3 months. I have heard about exploring selling my car to various places like Carvana, CarMax etc to optimize your sale. But I have also heard about if you trade in your vehicle when you lease/purchase you save tax? Or something to that extent. I live in Ohio, just in case it's a state by state basis. Can any one advise? I tried to do some Googling but wasn't getting accurate info for this specific situation. Just trying to figure out what option may suit me best.

Any help is greatly appreciated. Thanks!

It is state by state... I'm not sure about Ohio, but in KY, you don't get the credit if you sell to a different party. I would imagine that's typical of most states.