+- MacResource (https://forums.macresource.com)
+-- Forum: My Category (https://forums.macresource.com/forumdisplay.php?fid=1)
+--- Forum: Tips and Deals (https://forums.macresource.com/forumdisplay.php?fid=3)
+--- Thread: Internet car sale experience (/showthread.php?tid=267752)
Pages:
1
2
Internet car sale experience - dk62 - 06-08-2022
So my car was getting off the lease in March and I needed it for another couple of months. Volvo would not extend the lease for those two months, so I bought the car for the residual value and then after two months started exploring selling it through one of the internet dealers.
The offers ranged widely. Surprisingly, Carvana and Vroom, who I thought would have the best offers, were lowest - $2K below what I paid.
KBB experience was interesting - they quoted a value within the KBB range for a car in fair condition and connected me to a local dealer. As I was sure that the condition was better than fair, I went to the dealer to have him evaluate the car. He claimed that the value is actually 1K less (in line with what Carvana offered), but that he would be willing to pay what KBB quoted. When I got up to leave, he offered an additional 2K, 1K more than what I paid. I left anyway, as I had better offer quotes. I just found it funny that Volvo could have had the car back plus two months of lease payments if they had been willing to extend it, rather than bidding for it.
CarMax was about 1.5K over what I paid.
CarGurus was the best offer, almost $4K over what I paid. The process was relatively painless, the transporter came on the day I picked, did a cursory check of the condition of the car, and I was left with the check in my hand. Now I will have to figure out whether I have to report this as a capital gain on my tax return (i.e., whether having leased it before purchase changes the equation).
Re: Internet car sale experience - Speedy - 06-08-2022
Thanks for posting.
“Now I will have to figure out whether I have to report this as a capital gain on my tax return (i.e., whether having leased it before purchase changes the equation).”
Business use? Yes you do.
Re: Internet car sale experience - dk62 - 06-08-2022
Personal use.
Re: Internet car sale experience - Speedy - 06-08-2022
dk62 wrote:
Personal use.
No need to report the gain anymore than you report (deduct) depreciation.
Re: Internet car sale experience - Gareth - 06-08-2022
Given the huge push to send everyone 1099's for transactions totaling over $600 using eBay or any payment service, it seems like you're supposed to report it. But will anything happen if you don't? Doubtful.
Re: Internet car sale experience - rgG - 06-08-2022
Carvana was by far the highest for my husband’s car, from all the places I got quotes from.
Maybe it depends on what their inventory is, at any given time, who knows?
Re: Internet car sale experience - chopper - 06-08-2022
What model and how many miles on the Volvo?
Re: Internet car sale experience - dk62 - 06-09-2022
2019 XC60 T6 Momentum with all packages. 28K miles. Got 36900 for it.
Re: Internet car sale experience - Buzz - 06-09-2022
Nice ride. Sorry to see it go. How's the new Tesla? Rivian? Hummer EV?
Or are you weaning your way off gas w/ a hybrid?
==
Re: Internet car sale experience - C(-)ris - 06-09-2022
Cargurus was about $6k low for my truck. Always check everywhere.