Hyundai Finance Tips: Tax Benefits of Trading in Your Car

If you’re ready for an upgrade on your used Hyundai car, it might be a good idea to consider a trade-in at Sansone Hyundai. Trade-ins help take the old car off your hands and get you a newer model at a reduced price. They can also offer some useful tax benefits in the state of New Jersey. Here’s why trade-ins are a great Hyundai finance option.

Trade-Ins Help You Get a New Car For Less

Let’s say you have an older Hyundai vehicle and you’ve decided you’re ready for a new one. A trade-in might be for you! You can bring your old car to Sansone Hyundai, and we’ll take it off your hands in exchange for a new vehicle of your choosing.

Rather than paying for the full value of the new car, you’ll get to subtract the cost of your old car. So if you have an old Hyundai car that you’re ready to part with, a trade-in is a great option.

Trade-Ins Help Reduce Sales Tax

In the state of New Jersey, a trade-in can also reduce the amount of sales tax you owe. New Jersey collects a 6.625-percent sales tax on all cars sold within the state, plus any local sales taxes. This may not seem like a lot, but when it comes to newer cars, it can add up to a hefty final cost.

However, if you choose to trade in your car, the sales tax will be calculated based on the reduced price rather than the original full price, so you’ll get to lower both the retail price and the cost of the sales tax. At the end of the day, you get the full value of a new car for a much lower cost.

Trade in Your Used Hyundai Car at Sansone Hyundai

If you’re looking to trade in your used Hyundai car, visit Sansone Hyundai today. Once we’ve taken your used vehicle off your hands, you’ll have access to our full inventory of new Hyundai cars without breaking your budget. Make sure to stop by our finance center for more options. We can’t wait to see you behind the wheel of your dream car!

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