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Sold my Prime thru Carvana

Discussion in 'Prime Main Forum (2017-2022)' started by utsug, Jul 30, 2020.

  1. utsug

    utsug Active Member

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    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
     
    #1 utsug, Jul 30, 2020
    MTN, Mark57, ems2158 and 5 others like this.
  2. bisco

    bisco cookie crumbler

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    congrats on the bolt, great car! please keep us posted on your experience!(y)
     
    #2 bisco, Jul 30, 2020
    utsug likes this.
  3. mr88cet

    mr88cet Senior Member

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    For a ... 2017? Advanced?
     
    #3 mr88cet, Jul 30, 2020
  4. Trollbait

    Trollbait It's a D&D thing

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    I'll guess 2018 Plus.
     
    #4 Trollbait, Jul 30, 2020
    utsug, MTN, Raytheeagle and 1 other person like this.
  5. benagi

    benagi Active Member

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    2018 prime plus is what it says on his profile page.
     
    #5 benagi, Jul 31, 2020
    utsug likes this.
  6. ems2158

    ems2158 Active Member

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    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.
     
    #6 ems2158, Jul 31, 2020
  7. Rmay635703

    Rmay635703 Senior Member

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    One could also argue the sales price of the car is income leading to horrifying results
     
    #7 Rmay635703, Jul 31, 2020
  8. MTN

    MTN Active Member

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    CA doesn't offer trade in tax reduction, so highest selling price is the best way to go.
     
    #8 MTN, Jul 31, 2020
    utsug likes this.
  9. Salamander_King

    Salamander_King Senior Member

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    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.
     
    #9 Salamander_King, Jul 31, 2020
  10. utsug

    utsug Active Member

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    This is for 2018 PLus model.

    CA doesn't reduce the sales tax for trade in that's why I sold it to Carvana.
     
    #10 utsug, Jul 31, 2020
  11. mistermojorizin

    mistermojorizin Active Member

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    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.
     
    #11 mistermojorizin, Aug 3, 2020
  12. Gokhan

    Gokhan Senior Member

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    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.
     
    #12 Gokhan, Aug 3, 2020
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  13. Gokhan

    Gokhan Senior Member

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    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.
     
    #13 Gokhan, Aug 3, 2020
  14. Trollbait

    Trollbait It's a D&D thing

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    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.
     
    #14 Trollbait, Aug 3, 2020
    MTN, Rmay635703, Gokhan and 1 other person like this.
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