Sold my Prime thru Carvana

Discussion in 'Prime Main Forum (2017-Current)' started by utsug, Jul 30, 2020.

  1. utsug

    utsug Active Member

    Joined:
    Jul 22, 2018
    201
    105
    0
    Location:
    Palmdale
    Vehicle:
    2018 Prius Prime
    Model:
    Prime Plus
    Just sold my Prime thru Carvana and definitely recommend it if you're planning on selling your car. Their price is better than any dealership. The highest offer I got from dealer is $19k. Carvana offered me $20,668 so went with it and happy with the result. The transaction went well and it was quick, less than 30 minutes.

    Thank you to this forum for the past 2 yrs and I really loved my Prime but wanted to switch to BEV (Bolt). With almost $11k off msrp plus additional rebates, the Bolt will just cost me around $22k after tax.

    20200728_161232.jpg
     
    MTN, Mark57, ems2158 and 5 others like this.
  2. bisco

    bisco cookie crumbler

    Joined:
    May 11, 2005
    91,291
    41,093
    0
    Location:
    boston
    Vehicle:
    2012 Prius Plug-in
    Model:
    Plug-in Base
    congrats on the bolt, great car! please keep us posted on your experience!(y)
     
    utsug likes this.
  3. mr88cet

    mr88cet Senior Member

    Joined:
    Sep 9, 2008
    2,220
    1,290
    0
    Location:
    Austin, TX
    Vehicle:
    2017 Prius Prime
    Model:
    Prime Advanced
    For a ... 2017? Advanced?
     
  4. Trollbait

    Trollbait It's a D&D thing

    Joined:
    Feb 7, 2006
    16,285
    7,609
    0
    Location:
    eastern Pennsylvania
    Vehicle:
    Other Non-Hybrid
    I'll guess 2018 Plus.
     
    utsug, MTN, Raytheeagle and 1 other person like this.
  5. benagi

    benagi Active Member

    Joined:
    Jan 4, 2012
    525
    278
    4
    Location:
    Utah
    Vehicle:
    2017 Prius Prime
    Model:
    Prime Advanced
    2018 prime plus is what it says on his profile page.
     
    utsug likes this.
  6. ems2158

    ems2158 Active Member

    Joined:
    Dec 30, 2012
    187
    129
    0
    Location:
    Bucks County, PA
    Vehicle:
    2017 Prius Prime
    Model:
    Prime Advanced
    How does your state deal with sales tax on a new car? In PA, the trade in value reduces the sales tax (6%). That's about a $1200 saving you won't get if you sell your car outright.
     
  7. Rmay635703

    Rmay635703 Senior Member

    Joined:
    Oct 16, 2016
    1,741
    1,138
    0
    Location:
    Somewhere in Wisconsin
    Vehicle:
    2013 Chevy Volt
    Model:
    N/A
    One could also argue the sales price of the car is income leading to horrifying results
     
  8. MTN

    MTN Active Member

    Joined:
    Feb 26, 2017
    143
    126
    2
    Location:
    SB, CA
    Vehicle:
    2021 Prius Prime
    Model:
    LE
    CA doesn't offer trade in tax reduction, so highest selling price is the best way to go.
     
    utsug likes this.
  9. Salamander_King

    Salamander_King Senior Member

    Joined:
    Nov 8, 2015
    7,785
    6,245
    0
    Location:
    New England
    Vehicle:
    2020 Prius Prime
    Model:
    LE
    Yeah, that is the way our state handles trade-in. When I traded in my 2017 PRIME Premium, I had to consider the tax saving. I ended up trading in $1500 less than KBB instant offer price at my local dealer where I purchased a new 2020 PRIME LE.
     
  10. utsug

    utsug Active Member

    Joined:
    Jul 22, 2018
    201
    105
    0
    Location:
    Palmdale
    Vehicle:
    2018 Prius Prime
    Model:
    Prime Plus
    This is for 2018 PLus model.

    CA doesn't reduce the sales tax for trade in that's why I sold it to Carvana.
     
  11. mistermojorizin

    mistermojorizin Active Member

    Joined:
    Jun 12, 2019
    286
    128
    0
    Location:
    usa
    Vehicle:
    2019 Prius Prime
    Model:
    Prime Advanced
    IIRC, that would only be if you have no tax basis in the asset. Usually tax basis is the price you paid, or the fair market value at the time if you inherited the car.
     
  12. Gokhan

    Gokhan Active Member

    Joined:
    Oct 5, 2008
    971
    447
    0
    Location:
    Paramount CA
    Vehicle:
    2021 Prius Prime
    Model:
    Limited
    Dealers don't pay sales tax when they buy a car for their inventory for sale. The new owner will pay the sales tax. It makes no difference if you sell the car to Carvana or a dealer as far as the sales tax is concerned. Even if you buy from Carvana, you will still pay the sales tax unless you live in a state with no sales tax or other provisions. I'm glad Carvana gave an excellent price though.
     
    utsug likes this.
  13. Gokhan

    Gokhan Active Member

    Joined:
    Oct 5, 2008
    971
    447
    0
    Location:
    Paramount CA
    Vehicle:
    2021 Prius Prime
    Model:
    Limited
    You only pay a capital gain tax if you make a profit from selling your car. For example if you buy a car from an auction for $1,000 and then sell it for $10,000, you have a capital gain of $9,000 and it's considered taxable income.

    However, the reverse is not true. If you sell your car at a lower price than you bought it, you cannot deduct a capital loss because it is considered personal property.
     
  14. Trollbait

    Trollbait It's a D&D thing

    Joined:
    Feb 7, 2006
    16,285
    7,609
    0
    Location:
    eastern Pennsylvania
    Vehicle:
    Other Non-Hybrid
    In some states, the trade in value of the old car reduces the amount of the new price car price that the sales tax is applied too.
     
    MTN, Rmay635703, Gokhan and 1 other person like this.
Loading...