Sell myself or trade?

[Nitro]

Unfortunately in Michigan, our maximum trade in tax break is only $120.

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[DarkHorse850]

If I sell the car myself, wouldn't the taxes fall on the person that buys the car, not me as the seller?

 

[Patrick S]

If you can't, you're not a salesman and should just trade yours in.

[emoji48]


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this comment wins the thread

 

[opensesame]

The title of this thread was very misleading hahaha :lol: Had me thinking "Mustang6g members are getting this desperate?!"



But +1

Same here. Was going to give him some positive re-enforcement advice, but then i realized he was talking about his car and not his body. LOL!

 

[DarkHorse850]

Yeah, I should've worded that differently..

 

[MELLOWYELLOW06]

Carmax is your friend

 

[DarkHorse850]

Carmax is your friend

I've actually looked in to Carmax. The closest one is about 130 miles away. Would it be worth the trip you think..?

 

[13GTCSMustang]

NO....CarMax will try their best to screw you over. I had a really bad experience with the one here in SC. I was asked to leave after they insulted me with their offer. Well, that is, after a few choice words I had for the guy I was dealing with. I have a 13 GT/CS 6spd, Nav, and Shaker Pro (only 8k miles too) that I will be selling myself. Fortunately, I have a guy that works at the same place I do that is chomping at the bits to get his hands on my current car. Will try to make the deal this coming Friday.

 

[DarkHorse850]

NO....CarMax will try their best to screw you over. I had a really bad experience with the one here in SC. I was asked to leave after they insulted me with their offer. Well, that is, after a few choice words I had for the guy I was dealing with. I have a 13 GT/CS 6spd, Nav, and Shaker Pro (only 8k miles too) that I will be selling myself. Fortunately, I have a guy that works at the same place I do that is chomping at the bits to get his hands on my current car. Will try to make the deal this coming Friday.

Thanks for the info. Good luck on your deal..!

 

[e30og]

dealers ALWAYS shaft you on the trade. The only way around that is if they make the money up elsewhere, through financing/options/add-ons/etc. Unless you have to use the Camaro money on the Mustang, sit on it and sell it - IMO

 

[mj]

If I sell the car myself, wouldn't the taxes fall on the person that buys the car, not me as the seller?

Of course they would. The point here is that when you trade the car in, whatever the value of your trade-in is deducted from what you are taxed on when buying a new car.

Example:

New car cost: $30,000
No trade-in $ 0
Amount taxed on: $30,000
8% sales tax on $30k = $2,400

New car cost: $30,000
Trade-in: $17,000
Amount taxed on: $13,000
8% sales tax on 13K = $1,040

So....... In this case you would pay $1,360 less in sales tax when trading in.

If you can sell the car that was going to be traded-in in this example privately for over $18,360, than by all means do it, but some people feel the hassle isn't worth it.

 

[DarkHorse850]

Of course they would. The point here is that when you trade the car in, whatever the value of your trade-in is deducted from what you are taxed on when buying a new car.

Example:

New car cost: $30,000
No trade-in $ 0
Amount taxed on: $30,000
8% sales tax on $30k = $2,400

New car cost: $30,000
Trade-in: $17,000
Amount taxed on: $13,000
8% sales tax on 13K = $1,040

So....... In this case you would pay $1,360 less in sales tax when trading in.

If you can sell the car that was going to be traded-in in this example privately for over $18,360, than by all means do it, but some people feel the hassle isn't worth it.

Great information. Thanks. Decisions, decisions...

 

[elohel]

Honestly, it depends how reasonable your dealerships are.

I recently was selling a 2012 Infiniti G37. Fair market value for it was $22,500. A few dealers called me offering me ~18-19k, which I turned away from. I got a private offer of $21,500, that I was going to go with.. and then a dealership randomly called me up and offered me $22,250. I thought they were just pulling my leg to get me to come in, but I came in and sure enough they had a check waiting for me.

So, it really does depend on the dealership. $250 less than my asking price for the zero hassle of selling to a dealer? Sign me up.

 

[MELLOWYELLOW06]

In California, sell it yourself for as much as you can,
because if you are looking for a tax break by offseting
trade allowance and sale price, that doesnt exist here.
They will tell you to very politely to F your self.
Reference the picture below:



On another note, I learned something new. Other states allow
for your trade value to offset the purchase price. Seems real fair.

 

[MELLOWYELLOW06]

I've actually looked in to Carmax. The closest one is about 130 miles away. Would it be worth the trip you think..?

Actually, I bought a new SUV form my wife:

I know, I know, its a GM but honestly I wanted a 2015 Expedition thinking
it will be a new truck, but it was just a facial refreshing and I think our old
Expedition looked much better,

so I went for the GMC, which was totally new for 2015.
I went to several Ford dealers to get a sell or trade in value, including where I got it from. They all came in between 3800-5000 lower than Carmax. They put their offer on paper so it was good for 7 days. I went to GMC and showed them the CARMAX offer and the best they could do was to come within 2k of the offer. They told me to buy the GMC and they would give me a ride to Carmax and drop off the Expy. Which I did and I just showed them the offer and they cut me a check in 20 minutes. It might not work like this for everyone but it has worked for me and a few other friends as well. Its worth a try if anything.

BTW, the 23" S331 Saleen wheels are off the car and for sale if anyone has an Expedition or F150.

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