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Selling Model 3

Discussion in 'Model 3' started by Dmich44, Jun 28, 2018.

  1. Dmich44

    Dmich44 New Member

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    Hi all - I’ve been on the Model 3 list for about a year and got my invite to configure today. For various reasons it now looks like the timing isn’t going to work out for me in terms of getting the car. I was curious if there is a market for people who would want to immediately buy the car from me as soon as I take delivery. I’m not talking about selling the reservation as I know that is not transferable, I mean I would buy the car and then immediately sell it for full price. What is in it for me is the 7500 tax credit. What is in it for the buyer is they would get the car sooner than they otherwise would have, and presumably they would either not be on the list or be so far down they wouldn’t get the credit anyway. So it would be a win win. The whole contractual part would be a pain but aside from that not sure if I am missing anything that would preclude this? Thanks in advance and sorry if this has been covered.
     
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  2. brkaus

    brkaus Active Member

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    You would pay sales tax, and your buyer would again pay sales tax (at least in most states).
     
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  3. outdoors

    outdoors Supporting Member

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    Yeah you can't/should't try that tax credit part.
     
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  4. JPUConn

    JPUConn Active Member

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    Can’t you have the buyer pay the $2,500 on their credit card and complete the registration in their name?
     
  5. rhaekar

    rhaekar Member

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    You could but the guy is trying to commit fraud and get some extra cash from the tax credit.
     
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  6. JPUConn

    JPUConn Active Member

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    The way I am suggesting has the buyer do everything and legitimately take the tax credit (not the seller).
     
  7. EV-lutioin

    EV-lutioin Active Member

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    The right way to do this is to take delivery of the car and then put it up for sale.
     
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  8. Need

    Need Active Member

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    Well invite is worth $0 since yesterday as everyone got it or getting it. OP should just get his $1000 back before going any further.
     
  9. SoCalGuy

    SoCalGuy Active Member

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    IIRC you can only claim the tax credit if you keep the car for at least one year. If you sell your vehicle sooner than that, technically the IRS doesn't allow you to claim the credit. I think there are several threads on this already.
     
    • Informative x 1
    • Like x 1
  10. ℬête Noire

    ℬête Noire Active Member

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    Also not type things out and post publicly to create a "paper trail" of intend to defraud US government. ;)
     
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  11. ℬête Noire

    ℬête Noire Active Member

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    I was told that several times, too, but it turns out that's not how the law is written, there's no specific time period. You just have to be purchasing without intent to resale. The longer the time period before reselling the more plausible you did. The more you talk about reselling before you buy the less plausible. ;) Also buying and then eventually selling multiple vehicles makes it really hard to argue you weren't intentionally purchasing to flip.
     
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  12. Daniel in SD

    Daniel in SD Active Member

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    The invite is transferable. There are many threads on this. Just transfer the account to the buyer, many have done it.
    However everyone got an invite to configure yesterday. An invite to configure is worth approximately $0.
     
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  13. Trevor B

    Trevor B Member

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    Fraud :rolleyes:
     
  14. ItsNotAboutTheMoney

    ItsNotAboutTheMoney Well-Known Member

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    You cannot claim the tax credit on a car purchased for resale.

    Plug In Electric Vehicle Credit IRC 30 and IRC 30D | Internal Revenue Service

    People have worked around this in other ways that essentially sell the reservation instead.
     
    • Like x 1
  15. sroh

    sroh Member

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    I'm sure there are lots of people here who would purchase the car from you rather than Tesla so you can get the tax credit rather than them. :rolleyes:
     
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  16. AustinPowers

    AustinPowers Total Smeghead

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    Ahem, "everyone" means "everyone in the US", right? So hardly "everyone" in the true sense of the word.
     
  17. brobinson

    brobinson Member

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    The people doing this sort of thing are the same ones that bought bitcoin after it went past $15k. You are several months late to the party.
     
  18. Vintre

    Vintre Member

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    In Ontario, Canada, if you sell the car within 365 days, you have to re pay the tax credit. On the M3, that's $14,000 !!!

    Vin
     

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