03-10-2015, 05:09 PM | #1 |
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Virginia lease taxes
Anyone explain to me how the taxes work in Virginia on a lease? Is there the normal 4.05% tax and a retail sales tax on the monthly payment too?
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03-10-2015, 07:29 PM | #2 | |
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Some people chose to pay the tax up front, others roll the tax into the lease. As far as I know, there is no monthly retail sales tax on top of this.
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03-10-2015, 08:16 PM | #3 | ||
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03-11-2015, 09:20 AM | #5 |
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agreed. VA is the absolute worst. you should get the app Leasematic for your phone and plug in all the numbers to see what the lease price should be.
for reference, when I got my car back in September, I put nothing down other than the MSD's and with tax I am at $866 a month. The MSRP was ~$76k and I did 12k miles a year.
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03-11-2015, 09:39 AM | #6 |
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I've got an excel spreadsheet setup now. They marked up the MF to .00205 and the lease fee to 925. With the standard 795 charge, MF of .0016 and $1k deposit down the payment would be around 824. Negotiated price is $66.3 on about a 74k msrp.
Edit: correction 850 with taxes down.
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03-11-2015, 10:19 AM | #7 |
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What dealers are you working with? All the dealers I've been to won't budge on the MSRP at all.
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03-11-2015, 11:11 AM | #8 | |
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03-11-2015, 11:23 AM | #10 | |
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03-16-2015, 12:02 PM | #11 |
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I just ordered my M3 last week for a June ED. I still haven't heard back about my date choices yet but I'm told it takes about a week.
The yearly private property tax for my 335i and my wife's X3 are both around $1,400-1,500. I moved up here from NC where my property tax on my 335i was around $300
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03-16-2015, 12:08 PM | #12 | |
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No kidding. I plan to budget 250 a month for the tax man.
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03-16-2015, 12:18 PM | #14 | |
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I was debating waiting on a 2016 since I am so close but I really wanted to do ED this time around and June was the perfect time for me. I went through first round of production for a new model year with my 335i, order went in in July but I didn't receive the car until October so I opted out of ED because of the weather starts to get iffy around that time. I'm playing it safe this time around although the rumored LED taillights would definitely be a nice addition. Which dealer did you go through?
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03-16-2015, 11:07 PM | #15 | ||
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03-16-2015, 11:11 PM | #16 | |
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03-17-2015, 10:09 AM | #17 |
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That's the understatement of the year....
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03-17-2015, 12:39 PM | #18 | |
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03-17-2015, 04:29 PM | #19 |
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My estimate is about $3800/yr for my M3. I currently pay ~$1,500 for the 335i...stings more when just 2 years ago I was paying $300 for the same car living in a different state.
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03-17-2015, 05:09 PM | #20 |
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Do you lease? In Arlington I don't believe you get any of the tax subsidy when you lease.
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03-17-2015, 05:21 PM | #21 |
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yeah, I lease. I think its around 5% property tax here not counting the $33/year for an Arlington Country sticker that says you own a car here
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03-17-2015, 05:56 PM | #22 |
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Yes. If you own its no tax on the first 3k, then 71% of the next 5% value up to 20k, and after that you are on the hook for the full 5%. That is why someone was talking about Owners Choice since it is like you own the car on paper but have the option to turn it in like a lease. Appears to be like having a balloon payment at the end. It should be about 3100 (3500 total, but subsidy of 400) on a 70k value. From what I read they use the lowest published price. Though I have never had to deal with VA yet. As others have probably said before income tax in lower in VA and you can conceal carry or open carry for that matter. Freedom isn't free.
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