Hi guys

My friend wants to sell his q7 to me

Ive got a question to ask

the wholesale value for this car (trade in value ) is 60k

now I wish to know that if he sells this car to me , I gotta pay this amount to him plus 13% HST to the gov right ?

If he trade in this car to the original dealer where he bought this car, will he get the tax difference ?

BTW **** HST

 

The simplest thing to do is tell your friend to speak to the dealer/salesperson, tell them that you will be buying the car. They will then just put what you are paying him ($60k) as his trade-in value against the new car he is buying, you will pay the dealer HST on the $60K as well.

If he sells it to your privately and not through the dealer, it will cost you HST still when you register for a plate and your friend will not get the trade-in offset. So it's best to do it through the dealer at the same time. Most dealer would do it because they don't have to worry about inventory and it drives a sale.

 

good question W

I was wondering how they were going to handle this too. It used to be that PST on the new car could be offset by the PST value of the trade in...but with HST, who the heck knows.