Buyer Reneges
11-20-2014, 10:55 AM
#16
Rennlist Member
The fact is that it is hard to justify selling a late model anything privately if you live in a state that gives you a sales tax benefit for trading. In AZ for every $50k of trade allowance you save $4k+ in sales tax (assuming car purchased is more expensive) and most of the tax savings gets you pretty close to what your likely to gain by selling yourself (exceptions always exist). I know California is one that doesn't tax on sales difference after trade in so in that state it's probably worth the brain damage to sell privately, but with it comes time investment, lots of phone calls, and needing to be available to show to both real buyers and tire kickers....its what you are signing up for and yes people will and do back out for all kinds of reasons.
I'm finding people saying it can't be deducted, but all of that has been written before 2012. Finding anything on https://www.ftb.ca.gov has been difficult.
11-20-2014, 11:16 AM
#17
I have sold a lot of cars. Just give him his money back and be done with him.
It's not worth it.
It's not worth it.
11-20-2014, 12:33 PM
#18
Three Wheelin'
I'm finding conflicting information on this, according to CarsDirect it can be deducted, at least on used cars: http://www.carsdirect.com/car-pricin...a-used-car-tax
I'm finding people saying it can't be deducted, but all of that has been written before 2012. Finding anything on https://www.ftb.ca.gov has been difficult.
I'm finding people saying it can't be deducted, but all of that has been written before 2012. Finding anything on https://www.ftb.ca.gov has been difficult.
11-20-2014, 12:42 PM
#19
Yes the only thing keeping those of us in California is the weather and location on the coast. Otherwise it is a no-brainer to get out of here, the taxes, job environment and regulations are absolutely terrible! My family has lived in California for 5 generations and I thought we would live here forever. When retirement becomes a a reality I don't think we have any other choice but to live out of CA. 
11-20-2014, 10:48 PM
#20
GT3 player par excellence
Lifetime Rennlist
Member
Lifetime Rennlist
Member
i dont sell cars to ppl i do not trust.
i will provide copy of my title to indicate ownership.
if they really want my car, i will have him spell out what's an acceptable ppi and demand 25% NON REFUNDABLE deposit with document that's notarized with his signature. it's also important to state when full pmt is needed, which to me is 24 hours after ppi. usually by talking to the buyer you will know if he is real or not.
that said usually i dump at dealers and strangely buyer end up buying from them at 30-40k more, yet they dont grill them with the number of moronic questions they ask me.
sorry you had to deal with your buyer, but take it as a learning exp and move on. dont keep dwell on it. it only **** you off more.
i will provide copy of my title to indicate ownership.
if they really want my car, i will have him spell out what's an acceptable ppi and demand 25% NON REFUNDABLE deposit with document that's notarized with his signature. it's also important to state when full pmt is needed, which to me is 24 hours after ppi. usually by talking to the buyer you will know if he is real or not.
that said usually i dump at dealers and strangely buyer end up buying from them at 30-40k more, yet they dont grill them with the number of moronic questions they ask me.
sorry you had to deal with your buyer, but take it as a learning exp and move on. dont keep dwell on it. it only **** you off more.
11-20-2014, 11:13 PM
#21
Rennlist Member
^Mooty knows what he's talking about- just move on and forget it.
Try to find someone you can consign your car to- my GT3 would have been a nightmare to sell privately and I just didn't want to deal with it. Local high end independent sold it in 3 weeks, unfortunately I didn't consign it, but even if I did the net to me would have been an extra 3 -5K, not chump change but easily could have been $0. If your car is pristine with no conditioning required- look into it. My car had some conditioning that made the consigned thing less attractive.
Try to find someone you can consign your car to- my GT3 would have been a nightmare to sell privately and I just didn't want to deal with it. Local high end independent sold it in 3 weeks, unfortunately I didn't consign it, but even if I did the net to me would have been an extra 3 -5K, not chump change but easily could have been $0. If your car is pristine with no conditioning required- look into it. My car had some conditioning that made the consigned thing less attractive.
11-21-2014, 01:58 AM
#22
Instructor
Thread Starter
Thanks for the input! It is greatly appreciated. I think I have sold the car today to a reliable person. I guess things always work out. It's good because my new cars are at Emden waiting to be shipped.
11-21-2014, 09:23 AM
#23
Nordschleife Master
11-21-2014, 11:10 AM
#25
Burning Brakes
In Texas you can keep your sales tax deduction even if you sell it yourself. You just have the dealer do the actual paper transaction. My dealer did it for $500 and handled all documentation including ordering new plates. In addition it took some of the risk out of it because the buyer paid the dealer and I received the funds from the dealer.