[nomoracin]

Due to recent personal property tax bills, I'm contemplating selling my M2C.

What has been the used market been like for these? Is it even worth selling it?

I really love the car, but I just absolutely can't stand the "free money" I'm giving to the government. (Roughly been $2k in a 8 months time)

Or is it stupid to sell now since I've already paid the bulk of the taxes already? (meaning...it's only going to depreciate in value from here, so the PPT will get lower and lower)

Advice/thoughts/comments?

[infinitekidM2C]

Originally Posted by nomoracin

Due to recent personal property tax bills, I'm contemplating selling my M2C.

What has been the used market been like for these? Is it even worth selling it?

I really love the car, but I just absolutely can't stand the "free money" I'm giving to the government. (Roughly been $2k in a 8 months time)

Or is it stupid to sell now since I've already paid the bulk of the taxes already? (meaning...it's only going to depreciate in value from here, so the PPT will get lower and lower)

Advice/thoughts/comments?

Move to California. JK. Man on some tax shit though we had to shell out a nice chunk because my wife's an indy contractor

[detroitm2]

Originally Posted by infinitekidM2C

Move to California. JK. Man on some tax shit though we had to shell out a nice chunk because my wife's an indy contractor

Unrelated, but have your wife look into forming an S-Corp. There's some ways to save in self employment tax by paying yourself a salary. It doesn't make sense an all cases but might be worth looking into.

[infinitekidM2C]

Originally Posted by detroitm2

Unrelated, but have your wife look into forming an S-Corp. There's some ways to save in self employment tax by paying yourself a salary. It doesn't make sense an all cases but might be worth looking into.

i know what you're talking about. it was a close call last year but going forward we may have to

[Thescout13]

Two things:

1. You already paid the taxes, not worth selling. Sell before the next taxes are due.

2. You should have probably looked into the taxes before you bought it. I'm not trying to be snobby and say "if you cannot afford the taxes you shouldn't by the car in the first place", but you should always do your research on what your actual yearly running costs will be.

I can see how this may have put a bad taste in your mouth, but don't take it out on the car, take it out on yourself and/or your ancestors for living in the state and tying you down (kidding).

[bri1042]

Wouldn't any other car in the same price range cost you the same in taxes? If your aim is to not pay so much in tax, doesn't that basically limit you to cheaper cars?

[Poochie]

Originally Posted by bri1042

Wouldn't any other car in the same price range cost you the same in taxes? If your aim is to not pay so much in tax, doesn't that basically limit you to cheaper cars?

You have to pay to play and taxes is a necessary evil.. Only a few can escape Uncle Sam from taking his cut.

My neighbor who is a Pastor told me that he doesn't pay any sales tax on any of his many vehicles purchases because he has a religious exemption.

I got envious; I almost ran up in a costume story, put on 'the collar' and rolled up into a showrooms for that holy tax exempt. My money is just as green as Jesus'

[chris719]

If you sell it and take a 5k hit, that's a few years of property tax.

If you can't really *responsibly* afford the car, then yes, absolutely sell it ASAP before more of them hit the used market.

[chris719]

Originally Posted by Poochie

You have to pay to play and taxes is a necessary evil.. Only a few can escape Uncle Sam from taking his cut.

My neighbor who is a Pastor told me that he doesn't pay any sales tax on any of his many vehicles purchases because he has a religious exemption.

I got jealous. I almost ran up in a costume story, put on 'the collar' and rolled up into a showrooms for that holy tax exempt. My money is just as green as Jesus'

What if you started an M car religion. I mean, it's no crazier than scientology. You could be Reverend Poochie and get that sweet tax break.

[nomoracin]

I mean, I can afford it, but I just don't want to give the government free money. (like that much of it)

BUT, you're right...I did not do the math to forecast how much this will run me each 1/2 year. This is the most expensive car I've owned and it's my 2nd toy car, so it all just added up making me bitter.

Originally Posted by Thescout13

Two things:

1. You already paid the taxes, not worth selling. Sell before the next taxes are due.

2. You should have probably looked into the taxes before you bought it. I'm not trying to be snobby and say "if you cannot afford the taxes you shouldn't by the car in the first place", but you should always do your research on what your actual yearly running costs will be.

I can see how this may have put a bad taste in your mouth, but don't take it out on the car, take it out on yourself and/or your ancestors for living in the state and tying you down (kidding).

[nomoracin]

I think this makes a lot of sense.

...it definitely helps me justify keeping it for another few years at least!

Originally Posted by chris719

If you sell it and take a 5k hit, that's a few years of property tax.

If you can't really *responsibly* afford the car, then yes, absolutely sell it ASAP before more of them hit the used market.

[Proctor750]

Originally Posted by nomoracin

I mean, I can afford it, but I just don't want to give the government free money. (like that much of it)

They rob your savings every day by diluting it's value. Thank goodness we export most of our debt or else you would see the consequences of fiat paper. But nothing to see here..


Keep the car.

[bri1042]

Every state has it's own tax issues and way of dealing with the issues, for good or ill. Here in Oregon we get into fist fights over a thing called PERS which pays state retired folk way more than it should n stuff (according to some...according to the people getting paid by PERS, it was what the State negotiated way back then and signed into a contract so it's exactly what it is supposed to be...big ball of fist-fight material), which caused some stupid tax limitation laws to be passed, and our tax drama causes us to not have enough money to fix roads while also having a relatively high overall tax burden (though not as high as some states). Other states have to pay a ton to fix roads every couple of years when those same roads would last 25 years in states with less annoying climates.

Virginia is saddled with the offsetting the costs of DC's existence (I studied the effects 25+ years ago in a Econ class in college...that was a pretty busy year and I can't say that I remember much other than DC causes a lot of complications for Virginia). I'm not sure where else Virginia is spending money that perhaps it doesn't have to, but every state wastes some here and there.

Other than waste, taxes build roads. I like roads. If you can convince yourself that every penny YOU pay goes to roads, it might be easier (that's mostly a joke). There are many things that taxes pay for that we all need, and all of us paying for something with taxes that we'd rather not.

[AlpsRider]

Originally Posted by bri1042

Every state has it's own tax issues and way of dealing with the issues, for good or ill. Here in Oregon we get into fist fights over a thing called PERS which pays state retired folk way more than it should n stuff (according to some...according to the people getting paid by PERS, it was what the State negotiated way back then and signed into a contract so it's exactly what it is supposed to be...big ball of fist-fight material), which caused some stupid tax limitation laws to be passed, and our tax drama causes us to not have enough money to fix roads while also having a relatively high overall tax burden (though not as high as some states). Other states have to pay a ton to fix roads every couple of years when those same roads would last 25 years in states with less annoying climates.

Virginia is saddled with the offsetting the costs of DC's existence (I studied the effects 25+ years ago in a Econ class in college...that was a pretty busy year and I can't say that I remember much other than DC causes a lot of complications for Virginia). I'm not sure where else Virginia is spending money that perhaps it doesn't have to, but every state wastes some here and there.

Other than waste, taxes build roads. I like roads. If you can convince yourself that every penny YOU pay goes to roads, it might be easier (that's mostly a joke). There are many things that taxes pay for that we all need, and all of us paying for something with taxes that we'd rather not.

In CA many cities have roads that are falling apart and the weather there is not harsh. It is a ridiculous situation for a state that according to some has the 6th largest economy in the world and some of the most expensive real estate.

[Project_F87]

Originally Posted by AlpsRider

In CA many cities have roads that are falling apart and the weather there is not harsh. It is a ridiculous situation for a state that according to some has the 6th largest economy in the world and some of the most expensive real estate.

I live here and I agree 100% with everything you said. It's infuriating

[bri1042]

Originally Posted by Project_F87

I live here and I agree 100% with everything you said. It's infuriating

The little town in between two larger suburbs that I live in has a really wonky tax base and is responsible for paying for most of the road repairs in town. Because of the wonky tax base (a lot of farm workers live here but not in the large neighboring towns/suburbs), our little town is broke and can't fix anything. They sold off some land to developers to have a ton of really expensive houses built so that property tax (paid to the county, but towns get some of it) going forward will support road repairs and other necessities.

It's all pretty complicated. I took a look at their little budget online, and they really are broke. The county gave them a sweetheart deal to take over local Police work, which helped.

...the point being that sometimes when you look into it, the economics of pot holes make sense.

[nomoracin]

I mostly hate that there are no incentives to spend money (which keeps the economy going). Now, with me owing $5k in taxes, I'm not going to spend that $5k (or more) on other things that could potentially help the economy.

Like, what if I just saved (or invested) all my didposable income? What if more and more people do that? How would the economy be then?

More rant...

Why do we have to pay personol property tax on something that we don't own yet? (Financed car). Technically, the banks own it so shouldn't they be the ones paying?

[bri1042]

Originally Posted by nomoracin

Technically, the banks own it so shouldn't they be the ones paying?

I think that's a great idea. They can pay the Property Tax on our house, too. We've only lived there for 2 years, so they still own 28 years of it (sort of...amortization schedules and down payment not withstanding). Knowing how banks work, though, they'd get their money back and then some by raising interest rates to more than cover the extra expense.

Really just a no-win scenario for us, I think. Taxes are the Kobayashi Maru of social contracts. Darn it.

[AlpsRider]

Often there are funds to repair roads. Then politicians find ways to "appropriate" the money for other projects. I think I remember something about a gasoline tax scandal in CA.

[nomoracin]

The Tax Man alway wins. haha

Originally Posted by bri1042

I think that's a great idea. They can pay the Property Tax on our house, too. We've only lived there for 2 years, so they still own 28 years of it (sort of...amortization schedules and down payment not withstanding). Knowing how banks work, though, they'd get their money back and then some by raising interest rates to more than cover the extra expense.

Really just a no-win scenario for us, I think. Taxes are the Kobayashi Maru of social contracts. Darn it.

[akkando]

Originally Posted by Project_F87

I live here and I agree 100% with everything you said. It's infuriating

Gas is terrible quality and some of the most expensive in the nation too.

[AlpsRider]

Originally Posted by akkando

Gas is terrible quality and some of the most expensive in the nation too.

Ha Ha, yeah and the main reason for the high price of gas is the added tax to pay for roads....that don't get fixed.