Buy 'em, flip 'em, make $$$$

[MLowe05]

The other day I was talking with a group of guys and telling them about the First Edition Rapid Red Maverick I was waiting to get built. OTD price with taxes, fees and everything is $35,400 and was given an offer of $60,000 when it comes in. Guy said he would put it in writing and get it notarized.

You’d be crazy not to take that.

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[MLowe05]

Point proves itself

You didn’t really answer how, in your opinion, it should be handled? Say John Doe gets his Maverick after waiting 13 months. He’s never driven one, and he hates it after 2 weeks. He can’t get comfortable in the seat, and the ride is stiffer than he wanted.

What’s John to do?

 

[rlhdweman]

In Canada we are signing a contract with Ford, before taking possession of the new Maverick, that we WON’T flip it…..especially not across the border. Go figure…

My paperwork here in Wisconsin that I had to sign stated I wouldn't sell/flip it for 6 months, no problem for me, I have told a couple people that inquired that it is NOT for sale, wait like the majority of us had to. Now if someone wants to pay alot for one of my older vehicles I may bite, in fact I have an offer of $5K for my 04 Taurus, I am going to take that, even though I would rather keep it.

 

[yb98]

if i buy 4 mavs and sell 3 to pay for the 4th wont the balance sheet be even and i wouldnt pay any capital gains?

 

[Stevo]

I was offered 46k for my first edition hybrid...too bad I dont have it yet or else I would have taken the money and ran with it. We'll see what happens when I get it, then if I sell it, i have to wait another year and pay 10% more for the next factory order. Plus, I am getting 18mpg off my current ford, so not really sure if it is worth to sell if after all.

 

[Bbot]

If you have money buy one with not left on the loan.. sure you can make some money. It will come down more. Wait them out.

And remember if you pay more than MSRP and total the truck the insurance company will Not pay you the difference and if you finance it you will still owe the Complete amount.

 

[Johnkn]

if i buy 4 mavs and sell 3 to pay for the 4th wont the balance sheet be even and i wouldnt pay any capital gains?

LOL, I'm afraid it doesn't work that way......


.

 

[Pacman]

You didn’t really answer how, in your opinion, it should be handled? Say John Doe gets his Maverick after waiting 13 months. He’s never driven one, and he hates it after 2 weeks. He can’t get comfortable in the seat, and the ride is stiffer than he wanted.

What’s John to do?

Earlier you pointed out that I don’t know this guy’s situation (the actual person who posted the FB Marketplace ad). That’s true. Maybe there’s some extenuating circumstances that are putting him in a position where he needs money. If so—fine.
In the John Doe scenario—okay, he doesn’t like the truck. Sell it. He can decide how much more to sell it for.
Same with your dad’s truck. I get it. If someone offered you that, only a fool wouldn’t take it.

All that said, when dealerships are marking up unwanted Mavericks a few grand, most of us agree that’s reasonable. But when dealerships mark them up an exorbitant amount because they figure someone will pay, it seems like most of us on this forum are calling it greed—taking advantage of a situation of extreme shortage in supply. I just think the same thing applies to individuals, too.

 

[gte105u]

You can not like something, but not be asking for someone to step in and stop it. I don't like the flipping, big mark ups, and used cars costing more than new. That's private party and dealers. But I am not asking someone to step in. It's the current market it'll correct eventually.

 

[Jmav2152]

And remember if you pay more than MSRP and total the truck the insurance company will Not pay you the difference and if you finance it you will still owe the Complete amount.

This is proven to be false on many accounts. And even if so, that's what GAP insurance is for.

 

[MLowe05]

And remember if you pay more than MSRP and total the truck the insurance company will Not pay you the difference and if you finance it you will still owe the Complete amount.

Where did you get that info? My dad totaled his 2021 Kia Forte GT in March. He paid $24,500 for it in April 2021. Insurance paid him $28,000 in the settlement.

Insurance pays you a value they calculate based on what they call "comps" - as in comparable vehicles for sale in your area. In that case, you'd be looking at way over MSRP everywhere.

 

[Edge Haley]

Paying that kind of markup will take a couple of years to recover the Markup. Especially when you want to sell it.

 

[MLowe05]

if i buy 4 mavs and sell 3 to pay for the 4th wont the balance sheet be even and i wouldnt pay any capital gains?

Autos are not eligible for capital losses, so no.

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