Fees and Taxes to Anticipate When Buying a Used Car
Purchasing a used car can appear overwhelming given the myriad of options and unfamiliar terms. While used car dealers can guide you toward an affordable vehicle, it's essential to understand that the quoted price might differ from the final cost due to added taxes and fees.
At Next Mile, we aim to demystify this process and assist you every step of the way.
After you’ve decided which used car is perfect for your lifestyle and budget, the first step in the purchasing process is to apply for financing. Doing so will give you a better idea of what kind of auto loans you qualify for and the best payment plan for your unique financial situation. Next is a matter of understanding the additional costs that may arise when you get your final receipt.
- Title Transfer Fee: This fee encompasses the administrative cost associated with transferring the vehicle's title from the previous owner to you upon purchase.
- Registration Fees: Ensuring the registration aligns with your name is imperative. This fee might encompass the cost of license plate transfer from your previous vehicle or acquiring new plates. In some instances, a separate license plate fee may apply.
- Sales Tax: While the exact percentage varies across states, used cars are subject to sales tax upon purchase. For those seeking added savings, explore our special offers on used cars to maximize discounts.
- Documentation Fee: Often referred to as a "doc fee," this charge covers the dealership's administrative tasks, streamlining the paperwork process and expediting your ownership transition. For a preliminary understanding of your potential monthly payments, utilize our used car payment calculator. While it provides a general estimate, it serves as an invaluable tool to initiate your budgeting process.
Reach out to Next Mile for any additional inquiries regarding used car purchases. We're committed to sharing our knowledge and assisting you in making informed decisions.