Anyone here ever "trade" a car?

[scottmandue]

Some guy posted a nice little VW bug for sale on facebook... I half jokingly posted "trade for a 1995 Miata?"
Pretty sure he wants money and not a trade, but what if he did... how would that work?
You just exchange pink slips? I believe the DMV paperwork requires you put in a dollar amount when you sell a car?
Inquiring minds want to know.
TIA

[aschen]

i did a partial trade several years ago but we both still had to pay full tax value at the dmv

unfair tax loophole for dealers, where customers onlt have to pay tax on the difference. they use it to screw people further on trades

[scottmandue]

But other than the tax thing, what did you write in for the price of the car?

[AFC-911]

"Gift?" lol

[Dantilla]

I've traded a couple times.

Simply sign over the title like a sale, exchange keys.

For sale price, I just entered what we both thought was a fair market value.

[stomachmonkey]

If you want to be completly transparent fill in the value of your car.

It's effectively what you paid.

[onewhippedpuppy]

Originally Posted by stomachmonkey

If you want to be completly transparent fill in the value of your car.

It's effectively what you paid.

Yup. I traded a 2009 Cayenne GTS for a 2007 911S, we signed titles, did a quick bill of sale for each, and away we went.

[yetibone]

'87 Toyota MR2 for a '82 sand rail. Traded straight across, no money, no declared value, no extra tax. Signed and traded titles, and the keys.

This was back in '94 though.

[Racerbvd]

Yep, just put even trade in the dollar amount area.

[ossiblue]

In California, here's the regulation:

(From the California DMV site)

Reclassification of Vehicle Upon Transfer

Upon change of ownership, the department reestablishes the vehicle value and determines the appropriate Vehicle License Fee based on the purchase price or current market value of the vehicle. Gifts are not exempt from the reclassification and are reclassified based on the current market value of the vehicle.

If you are not suggesting it's a gift, you need to declare a value for use tax purposes. If DMV thinks the value is too low, they will assign a value and asses the tax unless you can prove the lesser value.

[scottmandue]

Thanks! I love the little Miata but it is not the best commuter DD in the world. Wife always wanted a beetle and I was thinking I could take over the Hyundai for freeway duty.

I doubt the guy with the bug will be interested, pretty sure he wants cash... I am tempted to throw an ad on Samba fishing for a trade.

[Arizona 911]

Years ago I traded a 1978 Ford F150 for a 1978 VW Scirocco. We just exchanged notarized titles and a bill of sale. Now I have a 1986 Ford E-350 diesel Econoline van that I would love to trade for a 4 cyl. commuter.

[fred cook]

Back many years ago, I swapped a 1952 Ford w/289 engine for a 1964 Triumph Spitfire. The other party wanted something with a bit of horsepower and I wanted a sports car. Back then, all we had to do was sign over the titles and (just in case) I wrote out a bill of sale. I kept the Spitfire for a little over a year and then sold it just before going into the Navy in 1969.

[Tervuren]

Its going to vary by state.

[fastfredracing]

Have done it a few times, signed the titles and away we went. No taxes were due on the transaction here in Pa, but this was 10 years ago , or better. Not sure if that has changed or not.
Swapped an Beater Autocross z 28 , for a really clean daily driver z 28, traded a caravan for a CRX Si, traded back when my kid was born, and I have taken vehicles in on trade in recent times. I believe that I paid tax on the trade ins.

[GH85Carrera]

A buddy of mine has several motorcycles and buys and sells them all time. One day he went for a ride and pulled up next to another rider. They both admired each others motorcycle. They agreed on a an even swap. He drove or to the other guys house and the guy retrieved his title. They drove over to my buddies house and swapped titles.

He left for a ride on one motorcycle and drove home on a different one on the same day. My friends wife asked him if something was different and he said of course not, that is the same blue one I have always had. She never knew the difference. She does not care about the costs of his hobbies.

To answer the OP, not me but I do know it happens.

[Brando]

I have traded vehicles in CA - about 4 years ago. Did a "Bill of Sale" for each, we put the same value - $1500" on each, stated the same on the release of liability/change of ownership part of the pink slips. Went to the DMV and everything was good.

Just make sure the values are the same and 'fair' to market. Otherwise the DMV assesses the value and you won't want that.

[Noah930]

Its going to vary by state.

^^^ Other than those who have posted about recent personal experiences trading vehicles (and ossi looking up the CA rules), isn't this the most important post in this thread?

Brando: Did you have to pay tax on that $1500 valuation? Or just titling fees?

[Brando]

Originally Posted by Noah930

Brando: Did you have to pay tax on that $1500 valuation? Or just titling fees?

Miniscule tax and registration fees. I think total was about $59. Registration on that bike was $35 the next year.