Flipper Confessions 2023

[DavidLs]

Sad to say the Flipping a Mav is a No Brain er.. It is insanely tough to get 10 to 13 K over what you just paid for any vehicle and even a little crazy to turn it down when the opportunity Knocks. Just asking if any Flipper would share any data. I know the Gains TX takes a bit out of it. Lets here it. Please dont be a hater responding Keep it civil Please.

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[Deleted member 14823]

My confession: I used to steal fish from the trainer's bucket in between takes when nobody was looking.

 

[bearsfan647]

Sad to say the Flipping a Mav is a No Brain er.. It is insanely tough to get 10 to 13 K over what you just paid for any vehicle and even a little crazy to turn it down when the opportunity Knocks. Just asking if any Flipper would share any data. I know the Gains TX takes a bit out of it. Lets here it. Please dont be a hater responding Keep it civil Please.

share what data?

 

[DavidLs]

Well Heck I started the Thread and here Goes. 1st Mav 2022 XL. Got it Held it 5 Months. Sold it 11500.00 over what I paid for It. Bamm Second Mav 2023 XL 11 K over . 3rd Mav is in route it a XL Base no frills. ( Keep or Sell??) Since the market is cooled off ( and it is Basically a Free Truck at this point)
I will have to make a decision to sell or keep. Yep a 2024 in on order Not a base. I love the free market. That is my confession.

 

[KrayzieMav]

I think the flipping days are coming to an end. Vroom offered me $32000 for my lariat Tremor ($40k MSRP), my local dealer has a bunch of used Mavs they keep dropping the price $1000 on every week. one has been there almost 3 months now and is $10,000 less than when I first saw it (still overpriced). I even see new hybrids with $5k markups collecting dust here. So, if no one will pay $5k over for new, I don't see why they'd pay any $$$ over for used.

 

[Montana]

Good luck with this one.

Private sales in certain areas you might still be good but the online offers are normalizing rapidly.

 

[OB1e]

There was a lot to be made flipping 2022s and 2023s. With carvana/CarMax being bloated and the higher ford prices for the 2024s, it's not really worth it anymore

 

[skadizzle]

XL does seem to be the sweet spot for any profit nowadays. As the previous post said I have a fully loaded 2023 Lariat hybrid and was offered $5k below sticker price for it. I had my second truck come in and I was going to sell the first and then take the second one but since I couldn't even get what I put into it, I let the second one go. Good luck. It's definitely coming to an end. The fact that the 2024 order banks are still open shows that.

 

[dags1207]

Well Heck I started the Thread and here Goes. 1st Mav 2022 XL. Got it Held it 5 Months. Sold it 11500.00 over what I paid for It. Bamm Second Mav 2023 XL 11 K over . 3rd Mav is in route it a XL Base no frills. ( Keep or Sell??) Since the market is cooled off ( and it is Basically a Free Truck at this point)
I will have to make a decision to sell or keep. Yep a 2024 in on order Not a base. I love the free market. That is my confession.

Food for thought in case you have not thought/prepared about it. You might owe from capital gain tax from selling these Mavericks.

"If you sell a vehicle for more than what you paid, you may be subject to capital gains tax. In this case, the profit can be considered taxable income. Liability varies depending on your income level and other factors. The tax rate on most net capital gain is no higher than 15% for most individuals"

EDIT: OP did address this. I misread "Gains TX" as Gaines, Texas (location) hahaha

 

[Montana]

Food for thought in case you have not thought/prepared about it. You might owe from capital gain tax from selling these Mavericks.

"If you sell a vehicle for more than what you paid, you may be subject to capital gains tax. In this case, the profit can be considered taxable income. Liability varies depending on your income level and other factors. The tax rate on most net capital gain is no higher than 15% for most individuals"

That would mean reporting it though? Or reporting as income? Doesn't it ask you if you bought a vehicle etc etc? But I think maybe that is for if you report it as income or a business?

 

[pa-outdoorsman]

Food for thought in case you have not thought/prepared about it. You might owe from capital gain tax from selling these Mavericks.

"If you sell a vehicle for more than what you paid, you may be subject to capital gains tax. In this case, the profit can be considered taxable income. Liability varies depending on your income level and other factors. The tax rate on most net capital gain is no higher than 15% for most individuals"

I'm sure everyone who made money on a Maverick is rushing to drop a check to the government...

 

[dags1207]

That would mean reporting it though? Or reporting as income? Doesn't it ask you if you bought a vehicle etc etc? But I think maybe that is for if you report it as income or a business?

Correct, you would have to report it. I am no expert in tax law or anything, but I always report honestly and truthfully. $20k is a pretty substantial profit (at least to me), I couldn't sleep at night if I was hiding that lol

 

[Mav_RICK]

Food for thought in case you have not thought/prepared about it. You might owe from capital gain tax from selling these Mavericks.

"If you sell a vehicle for more than what you paid, you may be subject to capital gains tax. In this case, the profit can be considered taxable income. Liability varies depending on your income level and other factors. The tax rate on most net capital gain is no higher than 15% for most individuals"

Well OP did mention capital gains tax in his first post. But hey some people seem to forget to report millions and get away with it so why should anyone worry about a few paltry thousands? How would these gains even get reported other than self reporting?

 

[pa-outdoorsman]

Well OP did mention capital gains tax in his first post. But hey some people seem to forget to report millions and get away with it so why should anyone worry about a few paltry thousands? How would these gains even get reported other than self reporting?

Who would forget to report millions?

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