What is the best place to sell a First Edition?

agoldman

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In case I can't come to terms with the dealer when I trade in my First Edition in about a month or so for a GT, what would you suggest is the best way to sell a car locally (DC area) to sell for a fair market price? Assuming I take in to account the 6% Maryland sales tax savings on a trade vs outright buy. Seems like carmax and carvanna are about on par with what a dealer would trade for, so not worth loosing the tax advantage. Anything else make sense to try if need be?
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In case I can't come to terms with the dealer when I trade in my First Edition in about a month or so for a GT, what would you suggest is the best way to sell a car locally (DC area) to sell for a fair market price? Assuming I take in to account the 6% Maryland sales tax savings on a trade vs outright buy. Seems like carmax and carvanna are about on par with what a dealer would trade for, so not worth loosing the tax advantage. Anything else make sense to try if need be?
I would also try Vroom. I plan to get some estimate offers, then go to dealer and see what they offer my jeep. Then do the math and see what is better. I can't wait for my GT to arrive at Apple Ford
 

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In case I can't come to terms with the dealer when I trade in my First Edition in about a month or so for a GT, what would you suggest is the best way to sell a car locally (DC area) to sell for a fair market price? Assuming I take in to account the 6% Maryland sales tax savings on a trade vs outright buy. Seems like carmax and carvanna are about on par with what a dealer would trade for, so not worth loosing the tax advantage. Anything else make sense to try if need be?
It will be interesting to follow your thread. I hope you keep us updated as you go through the process. Do you know if you can claim the federal tax credit twice in the same year? One for each purchase?
 

highland58

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It will be interesting to follow your thread. I hope you keep us updated as you go through the process. Do you know if you can claim the federal tax credit twice in the same year? One for each purchase?
Yes, been there, done that. As long as you have enough taxes owed to cover that rebate, you will get it. If you owe less than the amount of the rebate, you will only get back what you owe.
 
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agoldman

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If I sell or trade the First Edition in 2021, can I still take the tax credit for that one when I file my 2021 taxes in 2022 even though I no longer own the car? if so I will have two tax credits to take then FE & GT.
 


generaltso

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If I sell or trade the First Edition in 2021, can I still take the tax credit for that one when I file my 2021 taxes in 2022 even though I no longer own the car? if so I will have two tax credits to take then FE & GT.
Yes, as long as you didn't have the intention to resell it when you bought it. Of course, you'll need enough tax liability to take advantage of two tax credits.
 

RickMachE

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I'd be shocked if you couldn't privately sell the First Edition for much more than the 6% tax credit difference. My dealer just offered me $19,000 for a vehicle that Carvana offered near $23,000, and I expect to sell for over $25,000 (awaiting title). In Michigan I can only get a $420 tax credit anyway, so trading is often not worth it.
 
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agoldman

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Yes, as long as you didn't have the intention to resell it when you bought it. Of course, you'll need enough tax liability to take advantage of two tax credits.
I always have that intention. Who keeps a car forever, outside certain classics. The question is do I need to keep it a week, month, year?
 
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agoldman

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I'd be shocked if you couldn't privately sell the First Edition for much more than the 6% tax credit difference. My dealer just offered me $19,000 for a vehicle that Carvana offered near $23,000, and I expect to sell for over $25,000 (awaiting title). In Michigan I can only get a $420 tax credit anyway, so trading is often not worth it.
Except, the last time (many years ago) I tried to sell a car privately, they stole it on the test drive right in front of me. ooops..
 

generaltso

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I always have that intention. Who keeps a car forever, outside certain classics. The question is do I need to keep it a week, month, year?
There is no minimum time you need to keep it. The IRS just doesn't want people to purchase cars to get the tax credit with the intent to immediately flip them. If you've been using it as your personal car, you'll be fine.
 

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I'm joking and at the same time not joking, but with the way things are right now just put a for sale sign in the window and see what happens. The cars get enough attention from people just wanting to look at it, you'd probably find a buyer for free.
 
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agoldman

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Well I guess we have a for sale section right here.
 

machefan

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I'd be shocked if you couldn't privately sell the First Edition for much more than the 6% tax credit difference. My dealer just offered me $19,000 for a vehicle that Carvana offered near $23,000, and I expect to sell for over $25,000 (awaiting title). In Michigan I can only get a $420 tax credit anyway, so trading is often not worth it.
Make sure to check out carmax.com too, I got a higher offer for my Jeep.
 
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agoldman

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Make sure to check out carmax.com too, I got a higher offer for my Jeep.
As long as it is noticecably higher than 6% of the trade value, being the tax (and process) advantage at the dealer for a trade.
 

RWerksman

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One thing you could do is attempt to sell it locally and work out a 'courtesy trade' with your dealer.
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