How to trade my car for dad's truck for 1 year?
How do I trade my car for my dads truck for 1 year? I have a 2009 Toyota Yaris. My dad has a Chevy S10. I want to use a truck for work purposes and my dad was thinking of getting a car anyway. Just wondering how we can trade (in California) with the least fees etc possible.
The laws vary from state to state and I don't know what they are in the Peoples' Republic West. Some states will allow immediate family members to sell a vehicle to each other for a nominal amount involving minimal sales tax. On the other hand some insist you pay tax on book value no matter what, even if the actual sale price was $1. You'd have to look up the applicable law in your state or contact your DMV to see what applies in your case.
If this is a temporary arrangement it might wind up being simpler and less expensive to add each other to your insurance policies and just let each other use the appropriate vehicle.