Buying VS Leasing A New Vehicle In Hinesville, GA
Buying VS Leasing A New Vehicle In Hinesville, GA
Are you considering leasing or buying a new Chrysler, Dodge, Jeep, or Ram and trying to figure out what situation makes sense for your budget? You may not realize it, but the tax for leasing a vehicle in Georgia has recently changed and is now a bit different than in most other states.
Liberty Chrysler Dodge Jeep Ram strives to keep you in the loop regarding your ability to buy or lease a new vehicle. We want to make the car leasing or buying process as easy as possible! Read on to learn about Georgia’s recent change in lease laws to weigh your leasing options in Hinesville.
How have Georgia’s Auto Lease Laws Changed?
Since March 1, 2013, Georgia has a new Title Ad Valorem Tax, also known as the TAVT, which applies to all new car purchases and leases, as well as used car purchases. This tax is paid up-front, or rolled into financing. The TAVT can be 7.0% of the fair market value of the vehicle, as determined by the Georgia Department of Revenue, OR the vehicle selling price — whichever is greater.
As of January 1, 2018, law HB 340, the alternative ad valorem tax has changed. Now, the TAVT on leased vehicles will be calculated based on the total of lease payments, rather than the full value of the vehicle.
What does Georgia’s new Lease Laws Mean for You?
Georgia’s new auto lease laws can mean significant savings for our customers in Hinesville!
Previously, if you bought a $30,000 vehicle, you will be assessed $2,100 in TAVT (7% of the vehicle’s full price). You would either need to pay this tax up front, or built it into your lease — a hefty fee for simply leasing a vehicle! Under the new tax laws, Georgia consumers will only have to pay $1,050 in taxes for leasing their vehicle – a savings of 50%! This is making it much more affordable for Georgia car shoppers to lease a car, truck, or SUV with Liberty Chrysler Dodge Jeep Ram!
Lease vs. Buy in Georgia? Visit Liberty Chrysler Dodge Jeep Ram in Hinesville!
If you are considering leasing or buying a new car, truck, or SUV in Hinesville, GA, leasing is more affordable than ever thanks to the revised HB 340 law! Liberty Chrysler Dodge Jeep Ram would be happy to review your buying or leasing options with you, so you can find a car, truck, or SUV that best fits your needs.
Contact our team at Liberty Chrysler Dodge Jeep Ram in Hinesville, GA, near Savannah and Brunswick to review your leasing and buying options in Georgia and see how you can save money thanks to the newly revised HB 340 law!