The deals on the Plus models in my area are tempting. I've been talking to a local dealership about trading in my 2019 Leaf SV (with All-Weather Package) for a 2019 Leaf SV Plus (with All-Weather Package). This is where the deal stands right now:
Sale price: $36,748
Dealer fees: $1,690 (I know)
Trade-in: $17,500 (KBB value says $20,100 for 'very good condition')
Sales tax: (($36,748 + $1,690 - $17,500) x.08875) = $1,858.25
Doc/DMV fees: $362.50
Cash Back for 2019 Leaf purchase: $5,000
Leaf Loyalty Cash Back: $1,000
New York State Drive Clean Rebate: $2,000
Total Cost Before Federal Tax Credit: $40,658.75 - $8,000 = $32,658.75
Total Cost After Federal Tax Credit: $32,658.75 - $7,500 = $25,158.75
Does this sound like a good deal? I bought my SV almost a year ago for about $21,700 after factoring in the federal tax credit. The dealer is offering me about $2500 less than the KBB trade-in value for my current Leaf SV, but this is offset by the fact that the trade-in value reduces the total sales taxable amount and therefore the amount of sales tax. Because of this, if I were to do the work of trading my car into Carmax or some place like that for the actual trade-in value, I would only save about $500 net because I'd be paying significantly more sales tax at 8.875% if I buy a new car with no trade-in.
Most importantly, if I trade in my 2019 Leaf SV, will I have to give back the federal tax credit that I received for purchasing it last year? I can't find anything on the internet saying that I would have to pay it back, but if I did, then that would effectively make this current deal $7500 more expensive.
2019 Leaf SV (silver) with All-Weather Package