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

[DaveMave]

Quote from Popeye - classic!

J. Wellington Wimpy

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[gte105u]

J. Wellington Wimpy

Now Wimpy, there's a capitalist ahead of his time. Buy you some burgers on credit, figure out how to make the numbers work later. Too bad they didn't have social media then. He could have banged out some Tik Tok videos, become an influencer, and been rolling in burgers.

I guarantee you Wimpy would have flipped a Maverick if he could have.

 

[LSchicago]

Ok. I really need your Maverick!

Me too, but I'm willing to pay for it!

 

[James D]

Greed is what drives our economy- and if no one was greedy for anything, no one would work and we'd all starve.

I have no issues at all with people buying and selling stuff. It's "SCALPING" I hate.

Dealerships serve a purpose- delivering vehicles and servicing them. Private parties who buy and drive a vehicle and decide they don't like it and want to sell? Fine by me. Carmax does well because people like to see a price, test drive, and buy a car without all the shenanigans. The fact that Mavs are $10k over-priced there is just the market, if people didn't buy them at that price, they wouldn't be able to sell them for that price. So I blame customers there..

Someone who buys hard-to-get trucks just to flip them to make a profit? They're not adding any value to the economy at large- hurting customers and dealers, for only their own profit. I realize it's usually legal (unless they are breaking dealer laws) and not really "that immoral".

Buying stock or a house and selling for a profit is not considered greed. Not sure why anyone would think it is greedy to buy a car and sell for profit.

 

[Jakb]

I once had a discussion with a family member who didn't want to make more money because they would have to pay more taxes. It took some explaining to get that person to realize the stupidity of that line of thinking.

I've ran departments of engineers, tech, IT, actuarial, analysts and other professional folks.

It's depressing how often I've had to explain this to folks. I've even had to break out a spreadsheet to explain it because they didn't believe me.

Always makes me question if I've made a grave mistake giving them that raise/promo.

 

[Austun316]

Fun paying capital gain tax on that $11,925 next Spring.


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There's always a John.. Capital blah blah.. I think people like you get upset about not having the balls to flip one

 

[Decayed]

Greed is what drives our economy- and if no one was greedy for anything, no one would work and we'd all starve.

I have no issues at all with people buying and selling stuff. It's "SCALPING" I hate.

Dealerships serve a purpose- delivering vehicles and servicing them. Private parties who buy and drive a vehicle and decide they don't like it and want to sell? Fine by me. Carmax does well because people like to see a price, test drive, and buy a car without all the shenanigans. The fact that Mavs are $10k over-priced there is just the market, if people didn't buy them at that price, they wouldn't be able to sell them for that price. So I blame customers there..

Someone who buys hard-to-get trucks just to flip them to make a profit? They're not adding any value to the economy at large- hurting customers and dealers, for only their own profit. I realize it's usually legal (unless they are breaking dealer laws) and not really "that immoral".

You couldn't be more wrong. First off, what drives our economy isn't greed, it's survival and the desire to improve your lot. Neither of those are greed. Greed is excessive.

Also flippers, gougers and scalpers serve a very important and even valuable role in the economy. I knew a guy who drove a box truck from PA to VA in a raging blizzard, loaded the truck with sacks of snow melt salt and went back to PA in the blizzard to sell salt from the truck at $40 a bag. People bitched, called him a gouger but they still bought it because there was none available locally.

All he said to them was "Go rent a box truck!". There was plenty of money to be made for someone with hustle willing to risk the drive (and getting stuck with a truckload of salt). And you know what? People really, really needed that salt. His price was eminently fair.

Your carmax example just shows that what's needed is more freedom in the market, not less. They found a niche and exploited it and I can guarantee there are some greedy bastards invested in that company.

 

[JsnMrd]

How can I flip it if I'm financing it?

 

[Mav as heck]

How can I flip it if I'm financing it?

If you want to be a capitalist you need capital.... or at least a line of credit that exists only on spreadsheets to gamble with.

 

[Johnkn]

There's always a John.. Capital blah blah.. I think people like you get upset about not having the balls to flip one

I stated it as many here are not aware of CGT implications as evidenced by some of the responses.

1) why do you believe I’m upset?, and B) one of us in this dialog had the misfortune to pay CGT on the ~$150k ‘profit’ one the sale of one of our cars, and I’m betting it isn’t you....

And what “balls” does it take to sell a $30 truck? LOL




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[Johnkn]

How can I flip it if I'm financing it?

Pay off the loan or Sell it to one of the vehicle-buying businesses like Carvana, they will satisfy the loan and cut you a net check....


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[TheSEARCH]

While its very American to buy something and sell it for a profit I still think in this case its wrong. Yes people do it with homes BUT typically fix them up quite a lot then sell for a profit. We are in a very unique time and for those that have money to buy cars meaning more than one then sell them ALL off for profit a large profit is the richer preying on the poorer in a very strange time . Yes its the richer foolish guy buying them used for big dollars but it stops the poorer guy from ever getting one in the first place for himself, . I say foolish as the Mav is nice for its PRICE RANGE but not so great at the super high price they go for used.

 

[JsnMrd]

Pay off the loan or Sell it to one of the vehicle-buying businesses like Carvana, they will satisfy the loan and cut you a net check....


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Carvana's offer so low right now. How can I get a leverage to show it to dealerships

 

[adamgrattan]

I don’t know if I consider taxes “fun” but even after accounting for all taxes/fees, I still clear ~$8,000 profit. I have never understood the comments about capital gains taxes - are you implying that because it is $8,000 and not $12,000 that it wasn’t worth selling? Would you turn down a salary increase because it was extra taxes?

I didn’t think so.

People can never be happy for each other. Congratulations. I also think it's a shame that there is capital gains tax.

 

[Johnkn]

Carvana's offer so low right now. How can I get a leverage to show it to dealerships

There are 3-4 major vehicle buyer/resellers (Carvana, givemethevin, Carmax, etc.) , get pricing from all. Quick and easy


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