State: New Mexico

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How are car loans in New Mexico calculated with tax?

New Mexico excludes the trade-in value from the taxable amount of an auto loan but includes the sale price and the dealer document fee.

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New Mexico car buyers get a tax break on trade-in vehicles.

Principal vs Interest

Tax vs Tags

Verbal Equation

See credit union interest rates for APR.

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Principal vs Interest

Tax vs Tags

Cost Breakdown

Tax
New Mexico car tax is $ at % based on an amount of $. This taxable value is combined from the price of $ plus the doc fee of $ minus the trade-in value of $.

Tags
New Mexico MVD title and license fees are about $ on a $ vehicle based on a flat fee that varies by vehicle weight and age.

View the New Mexico tag fee estimator to verify your registration cost, and use the MVD Override to adjust the calculator.

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All data based on your calculation.

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Verbal Equation

A car payment with New Mexico tax, title, and license included is $ at % APR for months on a loan amount of $.

The payment is based on a net vehicle price of $, plus New Mexico state fees, plus extended warranties. The net price comes from the sale price of $ minus the rebate of $.

The payment of tax and tags combined is $, but this may vary depending on vehicle type and intended usage.

The trade vehicle value is $, and after a trade loan payoff of $, the equity of $ applies to the vehicle purchase.

The documentation fee is $.

Adjust numbers in calculator.

Notes

Prepaid maintenance plans, extended warranties, and GAP insurance are not taxed in New Mexico and provide considerable savings over paying down the road.

Include maintenance on the warranty line of the calculator for accurate handling.

The documentation fee is set by the dealer, but is not negotiable so clarify upfront what the dealer charges. The customary doc fee is $349 in New Mexico but may differ as there is no maximum set by the state.

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