Trade in Value
#21
Legacy TMS Member
Yes for a business (profit only), but I don't think so for an individual. Either way only an actual profit would be considered 'income'. Buying new or used and then selling at a lower price than what you paid is a loss. An individual cannot deduct that loss so I doubt they would have to claim any income from an occasional sale of a vehicle used for personal driving.
#22
I traded in my V6 last month for a Convertible GT. While I am totally in love with my new GT, I still miss my V6 coupe and saw its listing on the dealership site today.
http://causewayflm.com/Stafford/For-...-Car/29674500/
The dealer only gave me $16K for the trade, and then they price it for $21.9K!!! And they originally quoted me $13.5Km and bumped it up to $16K because I was ready to walk out.
I'm sad. I feel like I definitely got swindled.
http://causewayflm.com/Stafford/For-...-Car/29674500/
The dealer only gave me $16K for the trade, and then they price it for $21.9K!!! And they originally quoted me $13.5Km and bumped it up to $16K because I was ready to walk out.
I'm sad. I feel like I definitely got swindled.
The last time I traded a car I accepted $1000 below clean trade but I bought the new car at $100 over invoice plus a $1000 cash back so the trade loss was a wash. It took the dealer 8 months to sell the car I traded due to it's unique model and a weak market. Meanwhile we were driving a new car and not dealing with idiots.
Trying to sell a car outright can be a huge pain. Especially if you are trying to get retail. The problem with a used 2012 is the book retail is almost what you can buy brand new car for with the incentives so they aren't going to sell real fast.
#23
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Join Date: May 10, 2014
Location: Hobe Sound, FL 33455
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Here in Florida, the buyer pays a 6% sales tax on whatever vehicle they are buying. If you trade-in a car at the time you purchase a new vehicle, you deduct the price of the trade-in from the sales price of the new vehicle to determine the sales tax owed. If you sell your car to a private party and then go and buy a new car later you basically lose the deduction on your sales tax. In my case if I got $10K for my trade, I'd have to get $10,600 from a private party sale to break even. This is my understanding of the sales tax here, but I'm not an accountant, nor a tax attorney.
#24
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Join Date: June 22, 2013
Location: the beautiful "Shenandoah Valley of Virginia"
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I traded in my V6 last month for a Convertible GT. While I am totally in love with my new GT, I still miss my V6 coupe and saw its listing on the dealership site today.
http://causewayflm.com/Stafford/For-...-Car/29674500/
The dealer only gave me $16K for the trade, and then they price it for $21.9K!!! And they originally quoted me $13.5Km and bumped it up to $16K because I was ready to walk out.
I'm sad. I feel like I definitely got swindled.
http://causewayflm.com/Stafford/For-...-Car/29674500/
The dealer only gave me $16K for the trade, and then they price it for $21.9K!!! And they originally quoted me $13.5Km and bumped it up to $16K because I was ready to walk out.
I'm sad. I feel like I definitely got swindled.
It ain't sold yet has it?
Never look back. Decide what's fair in your mind, what's acceptable to you, make your deal ..... and then just go forward and look for your own opportunities.
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