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Old 02-04-2012, 10:39 AM
 
Location: Gainesville, VA
1,261 posts, read 5,052,214 times
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I'm thinking about getting a new car. I was wondering since the title to my car was issued by New Mexico but I live in Virginia, is there something I need to do paperwork wise before selling the car to an individual or dealership?

What are things I'm going to be hit up for in the money department when buying a new car other than the purchase price? Sales Tax - 3%? Title? Registration? My current car's tag expires this month. I'm guessing I should just renew the tag and then transfer it to the new car? I haven't bought a new car for myself in over 10 years, so I'm iffy on some things. Thanks!
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Old 02-04-2012, 11:17 AM
 
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If the car you are trading is registered in New Mexico, ie still has a New Mexico tag, then don't renew it because you'll have to buy a Virginia tag for the new car. Then you can just throw out the old one.
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Old 02-04-2012, 11:20 AM
 
Location: Gainesville, VA
1,261 posts, read 5,052,214 times
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Sorry, I have a VA tag.
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Old 02-04-2012, 11:33 AM
 
3,557 posts, read 3,460,297 times
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Quote:
Originally Posted by HEATHER72 View Post
Sorry, I have a VA tag.
In that case, you can renew it before or after, it really won't matter. No matter what state you bought it in, you shouldn't have anything else to do. If you have the title in hand, you'll just hand it over to the dealer, or if you are still paying then they'll payoff the loan and get the title directly from the bank.
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Old 02-04-2012, 01:29 PM
 
4,711 posts, read 10,894,613 times
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Quote:
Originally Posted by HEATHER72 View Post
I'm thinking about getting a new car. I was wondering since the title to my car was issued by New Mexico but I live in Virginia, is there something I need to do paperwork wise before selling the car to an individual or dealership?

What are things I'm going to be hit up for in the money department when buying a new car other than the purchase price? Sales Tax - 3%? Title? Registration? My current car's tag expires this month. I'm guessing I should just renew the tag and then transfer it to the new car? I haven't bought a new car for myself in over 10 years, so I'm iffy on some things. Thanks!

When you first registered your current car in VA, you applied, and paid for a VA title. However, if you didn't turn in the NM title at the time, VA wouldn't have actually issued the VA title. They would have put a "title held for NM title" notation on your vehicle record. It's unnecessary to obtain the VA title now...you can sell or trade the car on the NM title. Note: if you sell the car to an individual...stress to them NOT to lose the NM title. If they do, a duplicate can only be obtained from New Mexico.

Money dept: State fees are 3% sales tax, title fee ($10), and registration/transfer fee. Unless your current expiring tags are of a special series and/or are personalized or you have some other reason for wanting to keep them (you can remember the number, etc) it's cheaper to get new plates for the new car. If you keep your old tags, you have to renew them AND transfer them. New plates cost the same as renewing the old ones....thus you save the transfer fee.

Then you have dealer fees like "gross receipts tax" which the dealer owes the State/locality but will pass on to you. Fortunately, it's not much...just a small fraction of a percent. Then there's the bogus "processing fee" which is strictly added profit for the dealer. This can range from like 99 bucks on up into the hundreds of dollars. Although they'll insist otherwise, the dealer processing fee is negotiable and if you're a tough negotiator, you might be able to beat them down on that.

Last edited by car54; 02-04-2012 at 01:37 PM..
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Old 02-05-2012, 04:32 PM
 
Location: Gainesville, VA
1,261 posts, read 5,052,214 times
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Thanks for the info Car54. Last time I bought a car, I bought it overseas and simply picked it up with everything taken care of by the dealership. Now I just have to figure out what car I want and if I want/need to pursue selling my car to an individual rather than trading it in.
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Old 02-05-2012, 05:11 PM
 
4,711 posts, read 10,894,613 times
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Quote:
Originally Posted by HEATHER72 View Post
Thanks for the info Car54. Last time I bought a car, I bought it overseas and simply picked it up with everything taken care of by the dealership. Now I just have to figure out what car I want and if I want/need to pursue selling my car to an individual rather than trading it in.
Anytime.

The dealer will take care of the titling and registration of the new vehicle this time also. But you have to tell them what you want done ie...transfer vs. new plates, etc.
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Old 02-08-2012, 07:28 PM
 
Location: Gainesville, VA
1,261 posts, read 5,052,214 times
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I bought a new car yesterday. I hadn't planned on buying anything yesterday, but after having my car at the shop for a brake flush (at least I had a coupon which made it almost free), I found out my car wouldn't pass the yearly inspection due at the end of the month without more $$ dumped into it. So that bumped up my timeline a bit. I just wound up trading my car in at the dealership. Paperwork was easy.
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Old 02-08-2012, 09:26 PM
 
Location: NoVa
26 posts, read 82,065 times
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Congrats, Heather72. Must say the dealer is an easier option with much less headaches, even if you could have eked out a few more dollars in a private sale.

To add to Car's excellent post, depending on where you live, you will be paying an annual car tax on the vehicle. VADMV will notify the county where the car is registered, so one more thing to expect in the mail in the next few weeks.
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Old 02-09-2012, 06:14 AM
 
Location: Gainesville, VA
1,261 posts, read 5,052,214 times
Reputation: 719
NYer - I totally agree that selling it back to the dealer was way easier. I think I could have gotten a bit more from a private sale, but I really didn't want to deal with strangers and having them drive the car and then me explaining to them why the car has a NM title (ie I hate the DMV... I got some good stories about both in NM and VA). We possibly considered having CarMax look at the car since they were next door, but after calling them on the phone where they were quite pushy about selling us a used car. "No. Really we don't want a used car. If I wanted a used car, I'd just keep the car I have!" LOL

I was surprised to see the dealership has already put my car up for sale. I thought they would have sold it off for auction since it was 10 years old, but it has low miles, no accidents and just the one owner.

The annual car tax... will that be due in a few weeks or later in the year when the car tax bill typically comes out? If it is in a few weeks, is that prorated and then I owe again in I think October?

I was pleasantly surprised that my car insurance only went up $93 for 6 months. I had her confirm she did not mean $93 more every month! I thought I was going to get zinged for a new 290 hp car (never had one this fast, passing is sooooo easy). I guess getting old does have its perks!
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