Caption this!
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From: Pittsburgh
2025 C6 of the Year Finalist - Unmodified
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Just like P T Barnum once said...."There's a sucker born every minute"
Racer
Joined: Jul 2018
Posts: 471
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Apparently he never even wanted the C8. It was just for a quick flip.
Here's the Real Reason Why This Guy Traded His C8 Corvette for a Mitsubishi Outlander (thedrive.com)
Tommy reserved and bought the C8 with the intent of flipping it at Hurst all along. He never actually wanted the Corvette.
Race Director
Joined: Nov 2005
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From: Supporting the Corvette Community at Abel Chevrolet in Rio Vista, CA 707-374-6317 Ext.123
St. Jude Donor '08
Hunny, I left my ***** in the center console of this sweet new mini van that you made me buy for you.
Team Owner
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Turns out the guy was pretty smart. Although there would have been more desirable choices than Outlander, he clearly got the best deal from the Mitsu dealer on the swap. He didn't want a C8, but bought it to flip, and got a brand new 2020 SUV that he did need for $9K tax free.
Well played . . .
Well played . . .
Last edited by Foosh; Dec 11, 2020 at 01:33 PM.
Racer
Joined: Jul 2005
Posts: 427
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From: Coral Gables Florida
Team Owner
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LOL, read previous posts and linked story in post #44. He never intended to keep the C8 and ended up getting a brand new SUV that his family did need for next to nothing. He certainly is a lot smarter than the comments posted here by many.
If I needed an SUV, and could purchase a new one for $9K, an Outlander would work just fine. By finding a dealer who recognized the flip opportunity, the transaction was legally tax-free.
Pretty smart, I'd say.
If I needed an SUV, and could purchase a new one for $9K, an Outlander would work just fine. By finding a dealer who recognized the flip opportunity, the transaction was legally tax-free.
Pretty smart, I'd say.
Last edited by Foosh; Dec 11, 2020 at 02:01 PM.
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From: Bluffton SC via Canton Oh
Pro
Joined: Sep 2019
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From: Seattle, WA
What I want to know is, why the dealer waved the sales tax for his "two-orange" purchase? That's like leaving money on the table, giving up the nearly $2K extra revenue, which is something we seldom see or hear car dealers willingly doing that. Now, that's a mystery...
Team Owner
Joined: Oct 2004
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But the guy didn't like gold bar in the first place, and he's happy with getting two oranges
What I want to know is, why the dealer waved the sales tax for his "two-orange" purchase? That's like leaving money on the table, giving up the nearly $2K extra revenue, which is something we seldom see or hear car dealers willingly doing that. Now, that's a mystery...
What I want to know is, why the dealer waved the sales tax for his "two-orange" purchase? That's like leaving money on the table, giving up the nearly $2K extra revenue, which is something we seldom see or hear car dealers willingly doing that. Now, that's a mystery...
The dealer didn't leave any money on the table. They must pay all sales tax proceeds to the state. It's called "tax" because it's levied by the government.
Last edited by Foosh; Dec 12, 2020 at 10:13 AM.
Thread Starter
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From: Prosper TX/Austin TX
2020 C6 of the Year Winner - Modified
The dealer did not waive sales tax, and it would have been illegal to do so. However, most states require that a buyer only pays tax on the amount the new vehicle exceeds the price of the trade. Obviously, the trade price was substantially more than the new car, so no sales tax was due.
The dealer didn't leave any money on the table. They must pay all sales tax proceeds to the state. It's called "tax" because it's levied by the government.
The dealer didn't leave any money on the table. They must pay all sales tax proceeds to the state. It's called "tax" because it's levied by the government.
Team Owner
Joined: Oct 2004
Posts: 25,583
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Ditto, I've often found that even though a private party sale can bring more money, it's often not enough to make up for the tax break associated with trading. However, if you do your own tag and title work, I'm told that some states will still grant the tax break, if you have a notarized bill of sale on the sold car.