NEW 2021 GTS Coupe Order - Other options?
10-14-2021, 04:21 PM
#31
Racer
That is funny because the rich wont suffer with this luxury tax. Its regular folks who save up for years to buy their dream car that will suffer. I remember when I got my first good car in my mid 20s. I paid off my student loans and saved up for more than 2 years to buy the car as that was more important to me than spending on fancy vacations and dinners. A 20% tax would have priced me out of the market then.
10-14-2021, 08:31 PM
#32
Drifting
That is funny because the rich wont suffer with this luxury tax. Its regular folks who save up for years to buy their dream car that will suffer. I remember when I got my first good car in my mid 20s. I paid off my student loans and saved up for more than 2 years to buy the car as that was more important to me than spending on fancy vacations and dinners. A 20% tax would have priced me out of the market then.
10-14-2021, 09:31 PM
#33
Racer
I don't think a student saving up for a $125,000 car is Porsche's target market or the demographic likely to be affected by the new tax. Porsche sells $150,000 cars to households with $400,000+ income and I can't speak for them but having to pay a $10,000 luxury will bother me. I din't get to the position to being able to afford a $150,000 car by dismissing $10,000 bills.
10-16-2021, 08:59 AM
#34
In Virginia you pay a personal property tax on vehicles. It’s like paying sales tax for your car EVERY DAMN year. I paid tax when I bought the car and just received my annual personal property tax bill of an additional $6k and can expect something similar each year….albeit slightly decreased each year as the car depreciates.
10-16-2021, 09:54 AM
#35
Drifting
In Virginia you pay a personal property tax on vehicles. It’s like paying sales tax for your car EVERY DAMN year. I paid tax when I bought the car and just received my annual personal property tax bill of an additional $6k and can expect something similar each year….albeit slightly decreased each year as the car depreciates.
Actually, there is a Virginia Beach online calculator. You pay $4.00/$100 of value, so on a $150,000 car your tax would be $5,625 in year 1, $4,425 in year 2 and $3,705 in year 3 (assuming 30%, 20%, 15% depreciation rates). That is actually more than the proposed Canadian Lux tax, which only applies to the original sale of the car, not a resale and in this example would be $10,000. Crazy taxes.
You must have cars valued at $160,000 sitting in your garage. How do they determine value? If you have 2 year old 911 bought for $160,000 that was in a $40,000 accident, can you diminish the repaired value?
Last edited by kayjh; 10-16-2021 at 10:21 AM.
10-16-2021, 10:29 AM
#36
Rennlist Member
Thread Starter
In Virginia you pay a personal property tax on vehicles. It’s like paying sales tax for your car EVERY DAMN year. I paid tax when I bought the car and just received my annual personal property tax bill of an additional $6k and can expect something similar each year….albeit slightly decreased each year as the car depreciates.
10-16-2021, 03:09 PM
#37
What is the percentage rate of the personal property tax?
Actually, there is a Virginia Beach online calculator. You pay $4.00/$100 of value, so on a $150,000 car your tax would be $5,625 in year 1, $4,425 in year 2 and $3,705 in year 3 (assuming 30%, 20%, 15% depreciation rates). That is actually more than the proposed Canadian Lux tax, which only applies to the original sale of the car, not a resale and in this example would be $10,000. Crazy taxes.
You must have cars valued at $160,000 sitting in your garage. How do they determine value? If you have 2 year old 911 bought for $160,000 that was in a $40,000 accident, can you diminish the repaired value?
Actually, there is a Virginia Beach online calculator. You pay $4.00/$100 of value, so on a $150,000 car your tax would be $5,625 in year 1, $4,425 in year 2 and $3,705 in year 3 (assuming 30%, 20%, 15% depreciation rates). That is actually more than the proposed Canadian Lux tax, which only applies to the original sale of the car, not a resale and in this example would be $10,000. Crazy taxes.
You must have cars valued at $160,000 sitting in your garage. How do they determine value? If you have 2 year old 911 bought for $160,000 that was in a $40,000 accident, can you diminish the repaired value?
10-16-2021, 03:31 PM
#38
Drifting
10-16-2021, 03:33 PM
#39
Drifting
But some states have no income tax, state sales taxes and the USA doesn't have a VAT (like our GST) so overall, might still be less expensive in the USA from a taxation perspective.