Illinois Selling my Premium RWD SR Carbonized Gray Mach E Chicago area (northern suburbs) SOLD

ordel

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Going a different direction; no issues with the car. The Ford dealer will buy it for $44K if I let them know by tomorrow (March 18). Send me a private note ASAP if you're interested in beating that offer without additional hassle on my part. Car has 800 or so miles and is less than 30 days old. Original sticker price: 48,100. Clear title. Carbonized gray over black interior. Like new.
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generaltso

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Also the buyer of your (very lightly) used car would not qualify for the tax credit.
Right, that's why taking the $44k offer from the dealer and coming out ahead is likely the best scenario.
 
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mburtsvt

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Also the buyer of your (very lightly) used car would not qualify for the tax credit.
So basically the car is worth 44K minus the $7500 tax credit since the original owner still can get it. So $36.5K would be the opening offer.
 


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So basically the car is worth 44K minus the $7500 tax credit since the original owner still can get it. So $36.5K would be the opening offer.
If the sticker was $48.1K, anything under $40K would be ok. More interestingly if the dealer is offering $44K, most likely he forgot about the tax credit, and thinks he will be able to sell at MSRP. If this my choice, I would run (not walk) and take the dealer up on the offer.
 

pdxzzr

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So basically the car is worth 44K minus the $7500 tax credit since the original owner still can get it. So $36.5K would be the opening offer.
Well, I doubt the OP is going to accept an of $36.5K since they already have an offer for $44K.

However -- and this is pure speculation on my part -- maybe the reason for posting here is they'll accept a little bit less than $44K from someone on this site (a sort of "friends" discount). Whomever buys it gets the car slightly used in exchange for not waiting until next year to actually recognize the tax credit when they do they're taxes. Just a thought.
 

pdxzzr

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If the sticker was $48.1K, anything under $40K would be ok. More interestingly if the dealer is offering $44K, most likely he forgot about the tax credit, and thinks he will be able to sell at MSRP. If this my choice, I would run (not walk) and take the dealer up on the offer.
I doubt the dealer forgot about the tax credit. Based on the reports that dealers are marking up new ones, this dealer figures they could still get someone to buy for something north of $46K, as compared to a new one with ADM subtracting for the tax credit.
 
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ordel

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Don't forget that I paid MSRP plus tax. So, there is no profit. And the reasons for posting here are: (1) some people are not eligible for the tax credit (requires a tax liability of 7500 or more), (2) there is a sales tax savings in certain cases by buying private party versus from a dealer, (3) many dealers are still charging markups over sticker, so this would enable someone to buy the car today for a market price (as indicated by the dealer's offer to me).

Again, no skin off my back if I have to sell to the dealer tomorrow, but I wanted to give this excellent forum the opportunity to take it if someone wants it for more than the dealer will give me.
 

generaltso

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Don't forget that I paid MSRP plus tax. So, there is no profit. And the reasons for posting here are: (1) some people are not eligible for the tax credit (requires a tax liability of 7500 or more), (2) there is a sales tax savings in certain cases by buying private party versus from a dealer, (3) many dealers are still charging markups over sticker, so this would enable someone to buy the car today for a market price (as indicated by the dealer's offer to me).

Again, no skin off my back if I have to sell to the dealer tomorrow, but I wanted to give this excellent forum the opportunity to take it if someone wants it for more than the dealer will give me.
Even breaking even, you're doing pretty well at $44k. But I don't fault you for posting it hear, as a lot of people can't find what they're looking for, and somebody might spring for it. Does Illinois not charge sales tax based on the bill of sale when you register a car purchased from a private party?
 

Maquis

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Does Illinois not charge sales tax based on the bill of sale when you register a car purchased from a private party?
For cars over $15K, it uses this table:
Ford Mustang Mach-E Selling my Premium RWD SR Carbonized Gray Mach E Chicago area (northern suburbs) SOLD 1616007389264

This is much cheaper than buying from a dealer (6.25%).
 

generaltso

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For cars over $15K, it uses this table:
Ford Mustang Mach-E Selling my Premium RWD SR Carbonized Gray Mach E Chicago area (northern suburbs) SOLD 1616007389264

This is much cheaper than buying from a dealer (6.25%).
Wow, that's interesting. In Vermont, tax is paid on the purchase price or book value, whichever is greater.
 
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ordel

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Yes IL private party sales tax would be $1500 (flat fee) compared to as much as >8% in some counties.
 

Maquis

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Yes IL private party sales tax would be $1500 (flat fee) compared to as much as >8% in some counties.
I wasn't aware that some counties included motor vehicles in their sales tax. I know that none of the counties in my region do.
 

shutterbug

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I doubt the dealer forgot about the tax credit. Based on the reports that dealers are marking up new ones, this dealer figures they could still get someone to buy for something north of $46K, as compared to a new one with ADM subtracting for the tax credit.
Buying a used car has other additional costs, beyond losing tax credit. Higher financing rates, for example. I would never pay ADM anyway, but why would anyone pay extra for AWD SR? My dealer right now has a Premium RWD ER and RWD SR, not ADM on either.
(1) some people are not eligible for the tax credit (requires a tax liability of 7500 or more)
I've seen this claim that "some" people can afford to drop $50K on a car, and do not have any tax liability, and do not have tax deferred savings that can be converted to ROTH, but that population must be astonishingly small.
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