Georgia doesn’t have sales tax on Motor Vehicles, they have a one time TAVT. There is a form to apply for a TAVT refund if they have paid the ad valorem tax. I’m not a tax attorney but guessing you aren’t either if you think they have motor vehicle sales tax in Georgia. Still if you buy a new car, use it and sell it for more than it cost you out of pocket you are doing well. He may have thought he could sell it for more but a mass production vehicle isn’t a great investment. On another note neighboring South Carolina has a max fee of only $500 on vehicle purchases hence many exporters of new luxury cars are based in SC.51k plus sales tax - probably about 54.5 total. Minus 47k sales price just equals the full 7.5k tax credit. Doubt any money was made here.
Correct, that is the takeaway. The TAVT applies but a quick Google search will show the pdf form and provisions that apply for requesting the refund. I think people overestimate the demand for an entry level EV that is priced at over $50k.No, I’m not a tax attorney. But a quick review of the Georgia title ad valorem tax (TAVT) looks like it would still apply at 7%. What is the provision for refunding it?
The real takeaway here is that the demand is not sufficient to warrent flipping a new Model 3 for a profit.
I’m not a financial analyst or tax attorney. This is a forum that readers discuss issues on and that is the peril of listing items for sale on it. Buying a car for resale profit is an actual business and tax paying individuals may look down on amateurs that try to take advantage of tax incentives for profit.Why is everyone suddenly a financial analyst? I'm just trying to move the car to the next owner, not do a P&L case study audit for part-time MBA students and tax attorneys! LOL.
Anyway, I came here with an update about the car: The buyer couldn't purchase it due to legal reasons that I don't need to shift the focus to on a for sale thread, so I'm going to list it again, and likely offer a buy it now price of 49,500 or best offer instead of no reserve, because I had two private bidders that reached out and said they wanted to bid $48k range but missed the bidding deadline.
And I prefer to be able to review the offer and talk to the potential buyer, as dealers who don't have interest in keeping the car but want to flip it for more profit were hunting for a deal and bidding in the previous no reserve listing. So I'm going to relist it with buy it now and see what happens.
If you are interested and are NOT a dealer, feel free to contact me as well, and I can tell you details or run the auction just for you if we come to an agreement.
One new rule that will be posted in the next listing - NO DEALERS PLEASE - Private party buyers only!
ps. Please help me keep the thread focused on the car listing. I'm sure analysis of price trends is an interesting topic that others would like to discuss in different areas of the forum without distracting from this thread topic. Thank you guys!
I had a buyer ending up flaking out on one of my eBay vehicle auctions a few years ago. Supposedly, it happens more times than not.Am I too cynical or does this really mean that the seller had a shill bidder trying to drive up the price ... and the shill ended up "winning"?
Could be in the same context. eBay auctions for vehicles are not legally binding contracts...But OP didn't say that the bidder flaked out; he blamed "legal reasons."
What "legal reason" could possibly prevent a real buyer from buying a lawful product from a real seller?