EV Arbitrage: Selling my Mach E

[BadgerGreg]

We test drove the i4 M50 and it was great. The biggest issue is we wanted a true crossover, hatchback style, and the need to seat 4 comfortably. The rear seat is quite small and there’s the transmission tunnel. couple that with an aggressive roof line and the rear seat is quite limited. The trunk/hatch space is good abs there is no frunk.

really great driving dynamics and interior quality. If you aren’t toting people around it’s an outstanding car.

Yeah, I think of it as a slightly smaller version of the Mach E GTPE. Definitely a little less 'utility'. My wife always drives the larger car (Ford Explorer now), so we have the room when we need it. I've usually always had the smaller and zippier car, and she hasn't complained about that yet. However, I think she likes EVs now, so when her Explorer's lease ends at the end of the summer, I think we'll buy it off the lease and hold onto it until we can get our 2023 sometime next year.

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[Dzrhino]

Use TRED for resale. I just sold my Porsche Cayenne GTS at the best dealer price in 24 hours with them, no hassle.

 

[aokus001]

Im in the same boat. Mach E ordered 10/30 and barely got the production date scheduled for 7/4. Since it was taking so long, I had my wife test drive an Ioniq 5. She loved it so we picked it up for the main family car. I still plan on taking delivery of the Mach E for myself to drive with the likely plan of selling it down the road. Question for those that have sold their EV...do you have to keep the EV for a certain period of time in order to claim the $7500 tax credit?

 

[woody]

All I can say is if you go with Carvana you better get paid up front, they are in deep do do!

Lots of negative press for Carvana. More for buyers.
From seller perspective, they have check in hand. Works smooth as silk, even if there is a paper work glitch.
First hand experience. ($3,500 more with them)

 

[BadgerGreg]

Question for those that have sold their EV...do you have to keep the EV for a certain period of time in order to claim the $7500 tax credit?

You get to keep the credit, provided that you intended to own and use the car as your own. The 'intent' is broadly defined, and there's probably no way to enforce that. You could buy a car, drive it a few months (or a few weeks, or DAYS), and decide you don't like it. That's good enough for the credit.

 

[Regularmache]

You get to keep the credit, provided that you intended to own and use the car as your own. The 'intent' is broadly defined, and there's probably no way to enforce that. You could buy a car, drive it a few months (or a few weeks, or DAYS), and decide you don't like it. That's good enough for the credit.

You get to keep the credit, provided that you intended to own and use the car as your own. The 'intent' is broadly defined, and there's probably no way to enforce that. You could buy a car, drive it a few months (or a few weeks, or DAYS), and decide you don't like it. That's good enough for the credit.

BG, did you end up with Driveway? How smooth did it go?
Never heard d of them until you mentioned them.

 

[nvabill]

Lots of negative press for Carvana. More for buyers.
From seller perspective, they have check in hand. Works smooth as silk, even if there is a paper work glitch.
First hand experience. ($3,500 more with them)

Good to hear!

 

[nvabill]

You get to keep the credit, provided that you intended to own and use the car as your own. The 'intent' is broadly defined, and there's probably no way to enforce that. You could buy a car, drive it a few months (or a few weeks, or DAYS), and decide you don't like it. That's good enough for the credit.

I think you are dead on with that assessment, it's really impossible to enforce as long as someone isn't so obvious about it that they hang themselves.

The exact verbiage of the law, " The vehicle is acquired for use or lease by the taxpayer, and not for resale. "

While I fully intend to keep my Mach E when I buy it I really don't know as I have not had the chance to drive one more than a few miles. I am buying the car for my use and not resale but I can literally decide on my way home from the dealer that I don't like it. I could then sell it and be 100% legal in claiming the tax credit, end of story.

 

[Mach1E]

I think you are dead on with that assessment, it's really impossible to enforce as long as someone isn't so obvious about it that they hang themselves.

The exact verbiage of the law, " The vehicle is acquired for use or lease by the taxpayer, and not for resale. "

While I fully intend to keep my Mach E when I buy it I really don't know as I have not had the chance to drive one more than a few miles. I am buying the car for my use and not resale but I can literally decide on my way home from the dealer that I don't like it. I could then sell it and be 100% legal in claiming the tax credit, end of story.

It depends on if your goal is to do the right thing……… or if your goal is to not get caught.

Just remember, with the IRS, it’s “guilty until proven innocent.” When you get audited, the burden of proof is on you.

 

[BadgerGreg]

BG, did you end up with Driveway? How smooth did it go?
Never heard d of them until you mentioned them.

I'm proceeding with Driveway, although the entire process hasn't played out yet. Based on others' experiences, it appears to be completely legit and relatively smooth. It isn't as immediate as Carfax and Carvana, but the offer was better. I'm sending in my paperwork in the next day or two and then I have to hold my car for up to a week or so until they pick it up. @OutofSpecKyle (Kyle Conner) used Driveway to sell his Tesla and posted about it on Twitter, so that's a vote of confidence, I suppose.

 

[MachTee]

I'm proceeding with Driveway, although the entire process hasn't played out yet. Based on others' experiences, it appears to be completely legit and relatively smooth. It isn't as immediate as Carfax and Carvana, but the offer was better. I'm sending in my paperwork in the next day or two and then I have to hold my car for up to a week or so until they pick it up. @OutofSpecKyle (Kyle Conner) used Driveway to sell his Tesla and posted about it on Twitter, so that's a vote of confidence, I suppose.

Does Driveway pay you when they pickup the car? The thing I like about Carvana is they hand you a check when they pickup your car (AFAIK). I know Vroom picks up your car and mail you a check some other time which I definitely don't like, and given their current situation I will definitely not use them.

 

[BadgerGreg]

Does Driveway pay you when they pickup the car? The thing I like about Carvana is they hand you a check when they pickup your car (AFAIK). I know Vroom picks up your car and mail you a check some other time which I definitely don't like, and given their current situation I will definitely not use them.

As I understand, Driveway processes the payment first and then picks up your car. I'll be sending my title, existing loan, and bank account info to them via UPS overnight. They pay off the loan with Ford Credit and wire the proceeds to my bank account. Then they schedule a pickup. Most reviews I've read stated that the sellers have had to hold onto their cars a few extra days (or even up to a week). However, once they pay you it's not your car so you obviously can't drive it around. In my case, I'll just keep it safe in my garage a few extra days.

 

[nvabill]

It depends on if your goal is to do the right thing……… or if your goal is to not get caught.

Just remember, with the IRS, it’s “guilty until proven innocent.” When you get audited, the burden of proof is on you.

What exactly about my comment made you think I was going to do anything that I was worried about getting caught for?

 

[Mach1E]

What exactly about my comment made you think I was going to do anything that I was worried about getting caught for?

This quote- “it's really impossible to enforce as long as someone isn't so obvious about it that they hang themselves.”

FWIW, my comment was replying to you, but wasn’t really directed at you. I don’t think this is something you would do.

Too many times here when this subject is brought up, people post about blatantly intending on breaking this law (not you). Kinda drives me crazy.

This was more responding to all the threads I’ve seen of “I don’t want my Mach E, but plan on taking delivery and selling for a profit.”

You are correct though, no clue how they’d enforce it unless someone is really obvious about it (like does it multiple times). Hard to prove intent.

 

[nvabill]

This quote- “it's really impossible to enforce as long as someone isn't so obvious about it that they hang themselves.”

FWIW, my comment was replying to you, but wasn’t really directed at you. I do think this is something you would do.

Too many times here when this subject is brought up, people post about blatantly intending on breaking this law (not you). Kinda drives me crazy.

This was more responding to all the threads I’ve seen of “I don’t want my Mach E, but plan on taking delivery and selling for a profit.”

You are correct though, no clue how they’d enforce it unless someone is really obvious about it (like does it multiple times). Hard to prove intent.

Ok, got it, I really have no plans to sell my Mach E when I get it, I’ve been waiting way too long. Basically just speaking in generalities.

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