Michael Chuang from Motor Envy explains how subscription avoids the full sales tax hit of buying. You only pay tax on the monthly fee, not the car's full price, so a 12-month subscription might cost about one-third the sales tax of a purchase. Tax rules vary by state.
As an added bonus here, let me just share with you why some of the reasons my savviest clients use subscription instead of buying their next luxury car. And the reason is because of tax savings. Getting a Motor Envy vehicle subscription is the most tax efficient way to enjoy your luxury vehicle because you only pay sales tax for the duration of the time that you have the car. Traditionally, if you buy a car in most states, you must pay the sales tax on that vehicle for the full value of the car, no matter if you keep it for a month or if you keep it for 10 years. At motor Envy, you only pay sales tax for three months, six months, 12 months, however long you keep the vehicle. So you only pay taxes on the total payments that you make on the vehicle, which is usually. Let's assume if your time horizon for most people is 12 months, you only end up paying 1/3 of the sales tax. In other words, the 2/3 that most people pay in addition is just wasted money. In addition, in some high tax states like in California, where you do not get a trading credit when you buy a luxury luxury car, every single time you buy a luxury car, you must pay the full value of that sales tax. Obviously, each and every single person will have a different tax situation, but if you give us a call, one of our sales representatives will walk through your personal situation and make sure we find the most optimal scenario for you.
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