Selling Model 3

[Dmich44]

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.

 

[brkaus]

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.

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

 

[outdoors]

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

 

[JPUConn]

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

 

[rhaekar]

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

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

 

[JPUConn]

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

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

 

[EV-lutioin]

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

 

[Need]

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.

 

[SoCalGuy]

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.

 

[ℬête Noire]

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

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

 

[ℬête Noire]

IIRC you can only claim the tax credit if you keep the car for at least one year.

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.

 

[Daniel in SD]

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.

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.

 

[Trevor B]

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.

Fraud

 

[ItsNotAboutTheMoney]

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.

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

The vehicles must be acquired for use or lease and not for resale. Additionally, the original use of the vehicle must commence with the taxpayer...

People have worked around this in other ways that essentially sell the reservation instead.

 

[WattsHappening]

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.

 

[AustinPowers]

However everyone got an invite to configure yesterday. An invite to configure is worth approximately $0.

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

 

[brobinson]

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.

 

[Vintre]

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