Not a tax man but this quote: Selling a car for more than you have invested in it is considered a capital gain
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 ???
I traded in a 2016 F250 with 43000 miles. I 'm getting a xl maverick for 25500 and 2200 to boot.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 ???
Sold my '17 Jetta to Carvana a month ago (got my Mav last Friday thanks to someone bailing on their Hybrid order). Paid $13k for the Jetta 3 years ago - put~25,000 miles on it - sold it for $16,900!!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 ???
$2k markup on a Hybrid Maverick off a lot is very reasonable especially knowing that "Long McArthur" is doing $7.5k over MSRP on Hybrid Mavericks off their lot as Tim @fordvideoguy said on a recent video.
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.
I thought it was reasonable. Also, my original build still wasnt scheduled and was the same color/trim as this truck. It really just worked out.
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.
how long until that gets stolen?!
CARdMAX!Hey, that's not the American way! Get 5 cards and max them all out
