Is there a trade in tax benefit in NJ?

[ryunited]

Apologies if this is a dumb question!

Given that EVs are exempt from sales tax in NJ is there any tax benefit (outside of convenience) to trading in vs. selling a car separately?

I have a four year old Ascent that we will be upgrading to the R1S and am seeing that Rivian will offer me about 15% less than KBB/Carvana for it.

I've read on these forums often that there are tax implications/benefits to trading in and wanted to double check I'm not missing anything.

Thanks in advance!

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[JayinNJ]

No. No advantage that I can think of. No tax, no inspections.

 

[beyondgravity]

Apologies if this is a dumb question!

Given that EVs are exempt from sales tax in NJ is there any tax benefit (outside of convenience) to trading in vs. selling a car separately?

I have a four year old Ascent that we will be upgrading to the R1S and am seeing that Rivian will offer me about 15% less than KBB/Carvana for it.

I've read on these forums often that there are tax implications/benefits to trading in and wanted to double check I'm not missing anything.

Thanks in advance!

Nope. Nothing at all when I was researching before getting delivery of my R1S in 2023.

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