Selling Price

[Coastal-Mach]

If you get a tax benefit for trade in vs selling outright, make sure to figure that in the overall numbers as well. Here in IL we don’t pay sales tax on trade ins where we would have to if we sold it private party. Depending on the sale price, it could be upwards of a few thousand dollars.

I will check on that. Not sure about how it works here in NC.

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[Coastal-Mach]

That's good to know! Sorry you have to sell

The good thing for me is my car is paid for, so if it doesn't sell Im not making payments on something I cannot drive. I will wait for the right situation, or drive it and deal with my knee.
Thanks again Ryan

 

[MAGS1]

We don't pay sales tax on private sales in Arizona. The only tax benefit we get is on new car purchases.

Our powers that be like taxes here. We taxed on new/used vehicle purchases but can claim it on our tax returns. We also get taxed on sale proceeds of vehicles if they are sold outright. We do not get taxed on a car we trade in and it does lower the amount of taxes paid on the new vehicle being purchased as the taxes are calculated on a net purchase price. There is a minimum vehicle sale price for taxes to be collected on too, it’s currently $15k. A sales price below that and its vehicle age based and a greatly reduced tax obligation.

Sorry Anthony @Coastal-Mach to muck up your thread with IL vehicle sales tax baloney. If you were here in IL and you sold your car for over $50k and less than $100k, you’re looking at a $2,600 tax bill so you’d net $57.4k. We have to do way too much math here to buy and sell a car

 

[Coastal-Mach]

Our powers that be like taxes here. We taxed on new/used vehicle purchases but can claim it on our tax returns. We also get taxed on sale proceeds of vehicles if they are sold outright. We do not get taxed on a car we trade in and it does lower the amount of taxes paid on the new vehicle being purchased as the taxes are calculated on a net purchase price. There is a minimum vehicle sale price for taxes to be collected on too, it’s currently $15k. A sales price below that and its vehicle age based and a greatly reduced tax obligation.

Sorry Anthony @Coastal-Mach to muck up your thread with IL vehicle sales tax baloney. If you were here in IL and you sold your car for over $50k and less than $100k, you’re looking at a $2,600 tax bill so you’d net $57.4k. We have to do way too much math here to buy and sell a car

No worries Mark, this is educational.

 

[murick]

Thanks for the kind words Mark. Yes, the thought of selling this car is not easy but my knee is really causing issues with enjoying the car, and I do not like seeing it sit in the garage.

It is sad to read . Did you suggest that you were looking at GT500 as a replacement? So you might at least enjoy one with an automat?

 

[Coastal-Mach]

It is sad to read . Did you suggest that you were looking at GT500 as a replacement? So you might at least enjoy one with an automat?

Richard, yes the 500 will be my next car if I sell the M1. I will miss shifting gears though.

 

[saleen367]

I purchased my 22 HP (2400 mi) from a private party in Sept `23 for $53k if that helps. Since then I think prices have stabilized a bit. It was a point where the DH started shipping to showrooms and people who had to have them or had one on order was willing to let their M1's go cheaper.

Having said that, this is a bad time of the year to sell. It might be "nicer" in NC than here in Midwest, but there are very few people shopping for a Mustang in Jan. You'd be better off waiting 3 months to begin the process in my opinion.

Depending on your situation, and best case scenario, you may find a dealer with a M1 HP 10R80 that would be willing to trade at a low cost. Best of luck with whatever you decide.

 

[GOFAST]

Beautiful car, perfect Mach 1 in my opinion. I would have ordered it the exact same way. Sorry to hear you may have to offload her, I'm sure you would never get rid of it otherwise.

I am no expert, but have been looking at M1 prices regularly for at least 6 months. The bottom of the market, as we know, really fell out recently and prices have dropped sharply.

Finding examples like yours is tough, and as such much more expensive than the non HP cars. That made me decide to retrofit a non HP car, there's a gorgeous red M1 700A for $43K thats begging to be upgraded with HP goodies.

I say that, because it does seem like all the fully loaded HP cars for upper $50's are still unsold.

I would take a mid 50's trade in a heart beat if it got me the 500 I wanted, but I live in Texas and that would account for at least a couple thousand in tax savings on top of the trade offer.

If we are lucky and rates drop anytime soon, you will likely see an increase in prices and interest in toys/sports cars as well again too.

Good luck!!

 

[MAGS1]

No worries Mark, this is educational.

I don’t think mid-$50k is a terrible offer from a dealer FWIW. Maybe you can squeeze an extra grand or two out of them, especially if they’re motivated to move the 500.

 

[IanKar]

Richard, yes the 500 will be my next car if I sell the M1. I will miss shifting gears though.

Sorry Anthony you are in the space of getting rid of your Mach1. But at least you are staying in the Mustang family. I doubt you will miss the stick, especially giving your knee a break (rest). The paddle shifts with the 7-speed Tremec is nothing like the Mach1 A10. Meaning a whole lot better. I should know. I wish they had installed the GT500 gearbox in the Mach1 A10. Anyhow, you'll need both hands on that steering wheel with 760HP under the hood.
Here's the link below why Ford put the Dual-Clutch in the GT500. Same for Porsche.

https://www.tremec.com/noticias_detalle/dual-clutch-in-shelby-gt500/

 

[Coastal-Mach]

Sorry Anthony you are in the space of getting rid of your Mach1. But at least you are staying in the Mustang family. I doubt you will miss the stick, especially giving your knee a break (rest). The paddle shifts with the 7-speed Tremec is nothing like the Mach1 A10. Meaning a whole lot better. I should know. I wish they had installed the GT500 gearbox in the Mach1 A10. Anyhow, you'll need both hands on that steering wheel with 760HP under the hood.
Here's the link below why Ford put the Dual-Clutch in the GT500. Same for Porsche.

https://www.tremec.com/noticias_detalle/dual-clutch-in-shelby-gt500/

Thanks Ian,
I was really hoping to be like you and have both cars. If nothing happens with selling my car that will become an option later on. This decision is a hard one for me, my pride is telling me to drive the shit out of my car and ice my knee afterwards.

As you know, I have always wanted a 500, and yes I will always have a pony of some type in my stable. Thanks for the link and your experience with your 500.

 

[Coastal-Mach]

I don’t think mid-$50k is a terrible offer from a dealer FWIW. Maybe you can squeeze an extra grand or two out of them, especially if they’re motivated to move the 500.

Thats what Im thinking, the market is stalling somewhat with Shelby sales. Good thing is I do not have to sell at this time.

 

[Coastal-Mach]

Beautiful car, perfect Mach 1 in my opinion. I would have ordered it the exact same way. Sorry to hear you may have to offload her, I'm sure you would never get rid of it otherwise.

I am no expert, but have been looking at M1 prices regularly for at least 6 months. The bottom of the market, as we know, really fell out recently and prices have dropped sharply.

Finding examples like yours is tough, and as such much more expensive than the non HP cars. That made me decide to retrofit a non HP car, there's a gorgeous red M1 700A for $43K thats begging to be upgraded with HP goodies.

I say that, because it does seem like all the fully loaded HP cars for upper $50's are still unsold.

I would take a mid 50's trade in a heart beat if it got me the 500 I wanted, but I live in Texas and that would account for at least a couple thousand in tax savings on top of the trade offer.

If we are lucky and rates drop anytime soon, you will likely see an increase in prices and interest in toys/sports cars as well again too.

Good luck!!

Thank you for the kind words regarding my car. If the right deal comes along I will take it.

 

[Coastal-Mach]

I purchased my 22 HP (2400 mi) from a private party in Sept `23 for $53k if that helps. Since then I think prices have stabilized a bit. It was a point where the DH started shipping to showrooms and people who had to have them or had one on order was willing to let their M1's go cheaper.

Having said that, this is a bad time of the year to sell. It might be "nicer" in NC than here in Midwest, but there are very few people shopping for a Mustang in Jan. You'd be better off waiting 3 months to begin the process in my opinion.

Depending on your situation, and best case scenario, you may find a dealer with a M1 HP 10R80 that would be willing to trade at a low cost. Best of luck with whatever you decide.

Thanks, the good thing is I have time on my side in selling/trading it.

 

[BossPapa]

Sorry to hear about your knee @Coastal-Mach and am not looking forward to ever having to make that decision with my Boss 351. Probably not practical in today’s world but back in the day with Shelby GT’s, one would just swap in an auto transmission and save the original for the next owner if they wanted to change back. Otherwise a ‘gently used’ GT500
might be another good option as there are some deals to be found out there still. Best to you on all this!

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