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Won a 2015 Corvette Convertible, Questions
Recently won a Corvette at work. Local dealer is offering factory invoice, $67,200. MSRP is $73,400. He told me he will get MSRP due to the shorty supply and high demand. Should I take the money and run or try selling independently?
Thanks! |
Congratulations.
Of course, anyone here will tell you "keep it and drive it," as would I. But if you are really going to sell... I presume it hasn't been titled in your name yet, so you can simply turn it over to them and the dealer can sell it as a "new car?" Sell it to them for invoice and run. Look at it this way... If you try to sell it yourself, who is going to pay some private seller full MSRP? And to accept the car to do that, you will have to take it, title it in your name, register it and, at least temporarily, insure it. That alone will eat up a chunk of the difference between dealer invoice and MSRP. And no matter how few miles you put on it, it's now a "used car" and the new owner will be the second. You won the thing, so do you want all the hassle for the slight (but remote) possibility of squeezing a few thousand dollars more out of someone up to the full MSRP for a brand new car? Why would they do that when they can pay the same amount to a dealer for a "real" new car (being the first on the title), and to a dealer that will have a vested interest in properly backing and servicing the car it sold? Take dealer invoice and run. |
Originally Posted by geagle.2001
(Post 1589646012)
Congratulations.
Of course, anyone here will tell you "keep it and drive it," as would I. But if you are really going to sell... I presume it hasn't been titled in your name yet, so you can simply turn it over to them and the dealer can sell it as a "new car?" Sell it to them for invoice and run. Look at it this way... If you try to sell it yourself, who is going to pay some private seller full MSRP? And to accept the car to do that, you will have to take it, title it in your name, register it and, at least temporarily, insure it. That alone will eat up a chunk of the difference between dealer invoice and MSRP. And no matter how few miles you put on it, it's now a "used car" and the new owner will be the second. You won the thing, so do you want all the hassle for the slight (but remote) possibility of squeezing a few thousand dollars more out of someone up to the full MSRP for a brand new car? Why would they do that when they can pay the same amount to a dealer for a "real" new car (being the first on the title), and to a dealer that will have a vested interest in properly backing and servicing the car it sold? Take dealer invoice and run. Is the dealer who will buy the car in Bowling Green or MA? |
Just remember that money is considered income for tax purposes. Even if you take the car the amount of the car is considered income and you will get a 1099. If I'm wrong someone educate me.....
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Originally Posted by geagle.2001
(Post 1589646012)
Congratulations.
Of course, anyone here will tell you "keep it and drive it," as would I. But if you are really going to sell... I presume it hasn't been titled in your name yet, so you can simply turn it over to them and the dealer can sell it as a "new car?" Sell it to them for invoice and run. Look at it this way... If you try to sell it yourself, who is going to pay some private seller full MSRP? And to accept the car to do that, you will have to take it, title it in your name, register it and, at least temporarily, insure it. That alone will eat up a chunk of the difference between dealer invoice and MSRP. And no matter how few miles you put on it, it's now a "used car" and the new owner will be the second. You won the thing, so do you want all the hassle for the slight (but remote) possibility of squeezing a few thousand dollars more out of someone up to the full MSRP for a brand new car? Why would they do that when they can pay the same amount to a dealer for a "real" new car (being the first on the title), and to a dealer that will have a vested interest in properly backing and servicing the car it sold? Take dealer invoice and run. I'd love to keep it, but sadly I'm too tall to fit in it. I have to take title initially on the vehicle. I live in a metropolitan area and keep the car safely at my place. If I sell by consignment, any idea what a dealer may charge me? |
Take factory invoice.....Hands down.
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Originally Posted by Crusher
(Post 1589648581)
Take factory invoice.....Hands down.
And put adequate funds aside for federal and state taxes. Consult with a tax specialist if you are uncertain. You will definitely get a 1099 for the value of the car. |
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Already mentioned but don't forget the tax consequence. If you don't have a large sum of cash available to pay taxes don't take the car, take the cash. Let me know if you need to talk to someone about the tax impact.
Happened to reread the OP. I may have misunderstood. At any rate if you want to talk tax let me know. |
Originally Posted by Crusher
(Post 1589648581)
Take factory invoice.....Hands down.
If you don't want the car, take the dealers offer and run. Think about it this way. Assuming I am doing this right. If you take the car and sell it, at a minimum you have to get back at least the MSRP + MSRP * personal income tax rate to break even. |
Take the money and run, why would anyone buy a second hand "new" car from you if they can just buy it from a dealer anyway?
You will have t knock a good chunk off, you wont get MSRP or anywhere near it in a private sale. |
tax on that will be like 40 %...just a heads up
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Keep the car; wear a helmet and drive it with the top down.
I'm shocked nobody made that suggestion...lol |
I for one question the dealers offer as they can sell a new car for invoice and still make a good profit in factory incentives, etc. That is why we bought our ordered new '02 back in 2001 at the club discount (those days are gone!) of factory invoice plus destination fees. If you do proceed with the dealers "deal" get the facts. Best of luck with your found riches. :flag:
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