Who's sold their 4th gen lately?

JerryETX said:

Yeah I misspoke. I was thinking of the capitol gains tax the government has in place. That's not a state thing but IRS.

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Capital, not capitol. Any time you sell an asset for a profit, you have the potential for triggering tax implications. Truck or coffee table, doesn't matter. Not every capital gain causes a tax liability, though. Real estate has a couple loopholes. Low income people (in this case roughly $40k a year) are taxed at 0%, etc.

Unless you are doing quick flips, you shouldn't actually have a capital gain on a vehicle you drove for any length of time even if the current price exceeds purchase price due to adjusted basis. Remember that there is more to the equation than just what you paid for it vs what you sold it for. After you paid sales tax, maintenance costs, etc did you actually make a profit?

KeepRight said:

How and when have you paid taxes on 'selling' a vehicle? I too am in TX and have never heard of such a thing. The state does not track when we 'sell' an item. Now when the buyer registers the vehicle, they will pay the sales tax.

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Yeah I misspoke. I followed up by saying I was thinking of the capital gains tax the government has in place for things like this. Not the state level but the IRS. I guess it's why lots of folks trade in their vehicle instead of selling it.

tron67j said:

Man, I did a KBB and a couple others with a request for my parent's truck with my phone number. Calls took weeks to cease. Don't give a working number if you do one of those. And their quotes aren't even trade in value, or near it.

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I actually got my best offer from the local Chevy dealer.

JerryETX said:

Yeah I misspoke. I followed up by saying I was thinking of the capital gains tax the government has in place for things like this. Not the state level but the IRS. I guess it's why lots of folks trade in their vehicle instead of selling it.

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I don't know if it's universal, but in most states you only pay sales tax on the difference (vs total sales price), meaning when you trade in your vehicle you're getting a premium equal to your state's sales tax. If I can't do 7% better via private party, it's a wash for me to trade. Convenience factor, safety factor, also matter. The dealer may lowball me, but they aren't going to attempt to carjack me or pay me via fraudulent means.

I let my 19 Big Horn Classic go. Gonna take a look and TAKE MY TIME and wait for prices to go down... now on to the for sale forum.

Whooa,
Carvana has been in the news for shady business practices.