SCORE ! The Maverick will darn near be paid for ;)

[skadizzle]

Haven't gotten my Maverick yet, but I've been doing the trade-in prices. I paid $22k plus tax for my 2018 Rav 4 almost 4 years ago. It has 60k miles on it now, and I am getting between $22k-24k offers on Carvana, Vroom, etc. I only owe about $10k on it still, so when I get rid of my car, my payment for my Lariat Lux Hybrid will be lower than my current payment and will only be for 4 years instead of 6. Can't beat it.

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[Old Ranchero]

Invest your money and you might lose it. Fair.
Dump it into a new car and you will lose it. Debt is something to be managed, not avoided.

I'm comfortable using all forms of traditional transacting based on circumstances and situation. I have bought multiple vehicles on payments when that was my best (or only) choice, have traded them car for car, bought and sold them with cash, etc. Have had multiple mortgages and still have a small 1- though I'd prefer to pay it off being retired and having means to do so but wife not on board (yet). I have a couple credit cards and prefer to pay in full monthly, but other times run a balance if warranted based on a specific situation, etc.

I don't view purchasing a car like other debts in my current life stage. Cars are a necessity for mobility and freedom of movement. "dumping" $16k on a car to pay it off is the safest move and I won't lose it overnight like possible investing it elsewhere. Yes, it depreciates (except in this crazy market), but it's still mine regardless and serves the stated purpose of ownership which is the mobility/freedom of movement.

 

[UpNorthBuckeye]

My understanding is, yes, that is either a long term (owned the vehicle longer than 1 year) or a short term (less than 1 year) capital gain subject to either a 0%, 15%, or 20% tax on the GAIN ONL:Y based upon your tax filing status and tax bracket. Unless you made significant upgrades/repairs to negate any gain.

BUT....

Anyone bought/sold their home in the last 5 years? Probably made a pretty penny on your investment. Did you pay any capital gains? You should have. Is the IRS knocking on your door if you didn't?

I'd request the services of a tax expert if you're wondering what to do. I know what my plan is.

I thought real estate sales were different than vehicles and other personal property.

 

[Bushpilot]

how long until that gets stolen?!

Well, hopefully that never happens, I have never had a vehicle stolen before.

The circumstances surrrounding the theft of one vehicle (and attempted thefts of two others) were a bit unusual. Let's just say that the thieves had complete freedom in my home, garage, and vehicles for several days. They could have cleaned me out if they were a little smarter and bolder.

My bad, lessons learned and changes have been made.

 

[MakinDoForNow]

I thought real estate sales were different than vehicles and other personal property.

That's a question for your CPA! No one here can answer that question. How and to whom (in Texas at least) you could be responsible for seeing sales tax is paid by the buyer if he is NOT a dealer buying for resale and not for personal use! (If you do not collect it and turn it in you should have evidence why you did not collect it).

 

[Eagle11]

So we took my GF's 2016 Kia Soul to Car Max yesterday (after I spent about 6 hrs of detailing on it) and holy $#!# !
I mean yes, it only had 29K miles on it, was in excellent condition inside and out.... but still, it was more than 4 yrs old.... and you know the whole thing about cars losing 15% the day you drive them off the lot ?
Well, with that in mind, I told my GF she needed to come up with a number she was willing to settle for, because as I told her, at Car Max, their is no haggling. If you like the price they offer, you take it. If you don't you take the car and leave.... and they won't chase you. So she had decided on $14K as her lowest number. Oh, btw, I forgot to say, she paid $18,900 for it four years ago.
So we talk to a gentleman for about 5 minutes, to give him her basic info, and he says, okay, have a seat and we will be back with a quote in about 30 minutes.
Thirty minutes later, the guy walks back over smiling, hands her a sheet of paper, and asks, what do you think ? $16,000 ! Are you freaking kidding me ? She drove that thing for 4 years, and only lost $2,900 ??? Whoo hoo
So in a few days when she gets her bill, she's dumping all $16K on it. That, plus the $5K she put down on it, and she will only be a few thousand away from owning it. We might try to scape a few more pennies together, to just make that happen right now

LOVING the truck BTW.... as the mileage steadily climbs.. 37.3 now... then it dawned on me that I have not even checked the tire pressure. I might bump those up a few lbs too... Plus, I'm wondering if the bedcover might add 1 mpg ? Putting that on this week

Anybody else score big on the vehicle they sold to get their new Maverick ???

You need to watch out if you used the Kia as a trade in (on your Mav) you will save on sales tax, if you sale it to carmax you lose that.

 

[TRUCKHEF]

Why not just go for 0% financing and invest that money somewhere else, I mean as long as you can handle the monthly payments with the 5k she had already planned to put down. You're not seeing any returns on that 16k if you dump it all into the truck.

 

[BB0]

Why do people feel the need to give unsolicited financial advice on a truck forum? The post was about selling a used vehicle for more than expected, not "How can I maximize a return on investment?" or the like.

 

[jwiedle24]

Why do people feel the need to give unsolicited financial advice on a truck forum? The post was about selling a used vehicle for more than expected, not "How can I maximize a return on investment?" or the like.

haha right, just as easy to lose some of that 16k anyways if/when the bubble bursts...so if they want to play it safe then power to them!

All of these high trade-in value stories just highlights the scam that is excessive depreciation. There's no reason a vehicle should lose value as fast as they had before this shortage crap.

 

[MakinDoForNow]

I had cash to buy XLT, so I bought 2100 shares of Ford stock with the $28,500 a few days after placing my order in August with the intent of the 0% 36 loan and selling enough shares each month to make payment. I do not have a build date yet but the stock is worth about $51,200 now. So unless Ford stock does the poopoo dive I may not have to fund the second XLT I have ordered, I'll just let the first one pay for the second. Am starting to think about trading the second one in for the maverick "lightning" when it comes out if there is enough $ in the fund at the time.

Oops! Just checked and fund is up to 53,424 now!

 

[UpNorthBuckeye]

My understanding is, yes, that is either a long term (owned the vehicle longer than 1 year) or a short term (less than 1 year) capital gain subject to either a 0%, 15%, or 20% tax on the GAIN ONL:Y based upon your tax filing status and tax bracket. Unless you made significant upgrades/repairs to negate any gain.

BUT....

Anyone bought/sold their home in the last 5 years? Probably made a pretty penny on your investment. Did you pay any capital gains? You should have. Is the IRS knocking on your door if you didn't?

I'd request the services of a tax expert if you're wondering what to do. I know what my plan is.

Yeah, I just spent 15 minutes on the Google machine and I see that these items ARE taxable, but the IRS is mostly interested in collectibles, fine arts, etc., and not so much over the occasional Ebay or garage sale "profit". There is a lot more detail once you start the google dive so safe to say, if you sell a car or a piece of furniture or a record album for a "profit" once, you're probably okay.
If you are running it like a business, taking paypal payments, they issue K-1099 forms that could lead the IRS to your door.
I guess the Tremeloes were correct: Silence is Golden!

 

[SlappaDaBass]

I sold a 2016 Chevy Colorado with 53000 miles on it. I had purchased it 2.5 years earlier for a steal of a deal at $18,900 with 21000 miles on it. When I took it to get it appraised they offered me $24,000. So, I made $5000 after driving it for 2.5 years, not to mention I also got a tax rebate of $2000 that applied to the vehicle I ended up purchasing. $7000 to the plus. I was in shock, but I got a good initial deal pre-covid and then with covid used car prices skyrocketed and in fact the dealer I sold it to had hardly anything on the lot. They sold it in two days for $28.900, so they made money too. It was in excellent condition, clean, clean, clean inside and out.

What I do in terms of tax isn't anyone business, but I got this!

Gotta love Uncle Sam - take a bath on a car and he couldn't care less. Make money on it and he's looking for his cut.

Yeah, I just spent 15 minutes on the Google machine and I see that these items ARE taxable, but the IRS is mostly interested in collectibles, fine arts, etc., and not so much over the occasional Ebay or garage sale "profit". There is a lot more detail once you start the google dive so safe to say, if you sell a car or a piece of furniture or a record album for a "profit" once, you're probably okay.
If you are running it like a business, taking paypal payments, they issue K-1099 forms that could lead the IRS to your door.
I guess the Tremeloes were correct: Silence is Golden!

amen! “Also, only a fool tells on himself”

 

[Salty]

For those that traded in; which site did you use? I’m looking for one that gives the most for a trade in, this way I have some ammo when I go to the dealer.

 

[Fish Chris]

For those that traded in; which site did you use? I’m looking for one that gives the most for a trade in, this way I have some ammo when I go to the dealer.

Around here, it's CarMax.....
But then anyplace is better than a dealer ! Our dealer asked us if we're trading something in and I immediately told them, NO. Are you kidding me ? The same dealership that we had to battle for 5 hrs, after they raised the price $15k from what they had told us 6 months ago ?
They'd have probably offered us $8K... Freaking theives

 

[Darnon]

For those that traded in; which site did you use? I’m looking for one that gives the most for a trade in, this way I have some ammo when I go to the dealer.

Carmax, Carvana, Shift, Vroom, ALGo are the common ones.

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