DMV 5.25% Title Fee?
Considering relocating to Delaware from out of state to be closer to family. I'm concerned about this fee I'm reading about. I'm a car guy and I own 2 cars that have held their value over the years, and one actually has gone up recently. They're probably worth a total of $160K combined.
Based on this would I have to pay $8400 to have my cars registered in Delaware. Is that correct? I already paid 7% sales tax when I bought them years ago in my state and now, I would have to pay this crazy fee on top of that?
Now I know some of you will tell me, "You have the money to own these cars then you shouldn't complain about this fee". Well, I'm not rich and I'm retiring on a budget, so all of these things add up. I've simply cut corners in other areas of my life to follow my car passion over the years.
Are there any ways to reduce this? I've never lived in a state that charges a fee like this.
I'm also seeing that if I buy a home for let's $500k then I have to pay a Delaware realty transfer tax buyer fee which will run me about 8-10k. Good God, the state really likes to stick to new residents huh?
Thanks!
