Used Bikes & Taxes - Chicagoland Sportbikes
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post #1 of 20 (permalink) Old 03-06-2006, 12:32 PM Thread Starter
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Used Bikes & Taxes

Do you have to pay a full sales tax (9% for cook county) when buying a used bike? If so, isn't that double-taxing for the sale of the same bike??
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post #2 of 20 (permalink) Old 03-06-2006, 12:34 PM
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I believe it a $20 flat fee for motorcycles.
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post #3 of 20 (permalink) Old 03-06-2006, 12:36 PM
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Quote:
Originally Posted by Kruz
I believe it a $20 flat fee for motorcycles.
If you buy used from a private party, it's $25. If you buy used from a dealer, you're paying sales tax.

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post #4 of 20 (permalink) Old 03-06-2006, 12:55 PM
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It's 150 bucks when you buy a used bike, to go transfer the title and get the plate/sticker to. Just a FYO.

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post #5 of 20 (permalink) Old 03-06-2006, 12:58 PM
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Quote:
Originally Posted by Grasshopper
It's 150 bucks when you buy a used bike, to go transfer the title and get the plate/sticker to. Just a FYO.
The tax part is just $25 though. I think it's $80 for the title transfer, I forget what the plate fee is.

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post #6 of 20 (permalink) Old 03-06-2006, 01:06 PM
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Yes, if you buy from an out of state dealer than you pay taxes at the time of title transfer. It's much better to buy from a private party out of state.

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post #7 of 20 (permalink) Old 03-06-2006, 01:08 PM
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103 Title Transfer and New Plates.

Some States are collecting tax for out of state buyers. IN and MI being two quick examples.

Dealership must collect tax on used bike sales.
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post #8 of 20 (permalink) Old 03-06-2006, 01:19 PM Thread Starter
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Thanks for all the replies. The bike I want to buy is used, from a dealer. In the past, when I've purchased from a private party, I only had to pay $25. So, you're all saying if I purchase a used bike from a dealer, I have to pay the full 9%? That just blows. Anyone know the rationale behind this?
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post #9 of 20 (permalink) Old 03-06-2006, 02:00 PM
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Quote:
Originally Posted by poops
Thanks for all the replies. The bike I want to buy is used, from a dealer. In the past, when I've purchased from a private party, I only had to pay $25. So, you're all saying if I purchase a used bike from a dealer, I have to pay the full 9%? That just blows. Anyone know the rationale behind this?
They can regulate them and collect the tax from dealers a lot easier than private parties. In Wisconsin, a private party has to state the selling price so the state can collect taxes on it. If the seller is nice, that part is left blank when they sign the title over.

It's a way they can get SOME money instead of NO money. This is another thing I'm sure Blago will catch onto sometime and jack the price on.

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post #10 of 20 (permalink) Old 03-06-2006, 03:54 PM
 
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It would seem that the state is better off with the $25 tax. Though there really should be no tax. The tax on the motorcycle has already been paid by the first person to purchase it.
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post #11 of 20 (permalink) Old 03-06-2006, 04:36 PM
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I think the flat rate tax goes up once you break a certain threshold. $15k or $20k if memory serves me right...
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post #12 of 20 (permalink) Old 03-06-2006, 05:12 PM
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Why would you buy a used bike from a dealership? Thats what you need to think about instead of what taxes you have to pay.

This is gonna hurt!
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post #13 of 20 (permalink) Old 03-09-2006, 08:25 AM
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I'm kind of in the market for a used bike myself...just can't justify the payments yet, haha.

How willing to negotiate the price of used bikes are dealers? Some of the asking prices are outrageous.

I'm looking at a dealer because from what I've tried it's semi-difficult to get approved for a motorcycle loan from my bank or credit union. In the long run, I'm probably better off buying a new bike.
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post #14 of 20 (permalink) Old 03-09-2006, 08:42 AM
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Quote:
Originally Posted by Keyhole
I'm kind of in the market for a used bike myself...just can't justify the payments yet, haha.

How willing to negotiate the price of used bikes are dealers? Some of the asking prices are outrageous.

I'm looking at a dealer because from what I've tried it's semi-difficult to get approved for a motorcycle loan from my bank or credit union. In the long run, I'm probably better off buying a new bike.

I've financed a used bike before. It's usually a small loan so it shouldn't be that tough. You do need vehicle information before the loan goes through, so you have to get the VIN from the previous owner. Do some work with the bank to see how much you can borrow. Also, you'll still need a down payment. One advantage of using a dealership is that they'll set up the loan for you, even on used bikes.

As for asking prices on used bikes..it depends on the dealership, how much in demand the bike is, and how much they paid in the first place. If they KNOW they can sell the bike in a week at that price, you won't deal. If it's been there a month or two and is a nitch, unique bike, you'll have some haggle room. Also, HOW you act can effect the price. If you've bought a couple from them and they know you buy one once every couple years..they might haggle.

In general, the used private seller is cheaper, but you don't have any recourse if the bike is a complete lemon. With dealers..you MIGHT have some.

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post #15 of 20 (permalink) Old 03-09-2006, 08:52 AM
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Quote:
Originally Posted by Keyhole
I'm kind of in the market for a used bike myself...just can't justify the payments yet, haha.

How willing to negotiate the price of used bikes are dealers? Some of the asking prices are outrageous.

I'm looking at a dealer because from what I've tried it's semi-difficult to get approved for a motorcycle loan from my bank or credit union. In the long run, I'm probably better off buying a new bike.

Atleast from my experience, I started out trying to get a used bike, but the banks were very stingy with loaning me 6k for a quote on quote luxury item. You may be better off asking the banks for a personal loan for the price of the bike instead of telling them you are buying a motorcycle with the money. Also, I found that it was much easier to negotiate price with the newer bikes than with the used bikes, but similar to what Grover said it could have just been a supply or demand thing, or just how things were during that time of the year. So if you are buying used, I would suggest trying to get a personal loan from the credit union and looking for a deal from a private seller.

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"Ride it like you have 30 monthly remaining payments" should keep most people out of trouble.
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post #16 of 20 (permalink) Old 03-09-2006, 09:06 AM
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I would rather get my butthole waxed by an angry brazillian woman than buy a used bike from a dealer. Privateer sellers is the way to go but you have to do your homework. It also helps, that I carry a wad of cash with me.

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post #17 of 20 (permalink) Old 03-09-2006, 09:11 AM
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Quote:
Originally Posted by ChiefBD
So if you are buying used, I would suggest trying to get a personal loan from the credit union and looking for a deal from a private seller.
that might have been what I did..it was years ago that I did it. I had a car financed through them and years of prompt payment on that. On top of that, I had almost all the loan amount in savings (working on a house down payment). I now have a "personal line of credit", whichis pretty much a credit card account that I can write checks with. I haven't used it since the Triumph though.

Personal loan might work, but would they do it with no collateral?

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post #18 of 20 (permalink) Old 03-09-2006, 09:14 AM
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Thanks for the info guys...I've already been rejected for a motorcycle loan from my bank, I am still going to try from my credit union.

This is the wrong time of the year to be looking for deals anyways...it's just sometimes you just get that itch for something new
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post #19 of 20 (permalink) Old 03-09-2006, 09:15 AM
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Quote:
Originally Posted by Grover
that might have been what I did..it was years ago that I did it. I had a car financed through them and years of prompt payment on that. On top of that, I had almost all the loan amount in savings (working on a house down payment). I now have a "personal line of credit", whichis pretty much a credit card account that I can write checks with. I haven't used it since the Triumph though.

Personal loan might work, but would they do it with no collateral?

I have bought several bikes through my credit union. They write the check directly to the person I am buying the bike off of and I bring the title to the bike into them for collateral.

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post #20 of 20 (permalink) Old 03-09-2006, 09:20 AM
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Quote:
Originally Posted by Keyhole
Thanks for the info guys...I've already been rejected for a motorcycle loan from my bank, I am still going to try from my credit union.

This is the wrong time of the year to be looking for deals anyways...it's just sometimes you just get that itch for something new
Yeah, sorry about that, I had the same problem. They don't want to shell out the money for a luxury item . I bet if you asked them for the money for a cage, they would have forked it over, this is why it may have been better to try for a personal loan instead of a motorcycle loan from the bank.

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Quote:
Originally Posted by Kegger View Post
"Ride it like you have 30 monthly remaining payments" should keep most people out of trouble.
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