Used MY pricing

[1plavs]

Used MY pricing

Picked up our MY LR, Inductions, black interior, 5 seater, no hitch, no FSD back in 5/2021.

Currently we have 3k miles.

I almost fell over when I saw how much used MY’s are going for lately . I could literally sell mine for about $4k-$6k more than I what I paid for it. Maybe more.

I am seriously considering this. Why? Heck I could upgrade to a MYP and when it arrives I can sell it to Vroom, Carvana or a local dealer.

Only problem is the delivery timeframe now is way out there and who knows what I’d get for it at that time.

 

[1plavs]

Possibly selling MY

SE WI

White, black int, Inductions, no tow hitch or FSD, 9,400 miles. Permanently working from home which wasn’t the case when I picked it up back in May.

For those who have sold their MY’s recently who did you sell it to and what did you get? (Please include specs)

Vroom is giving me $61,500 and I’m wondering if I can get anything higher. I feel it’s worth more. I don’t want to sell to a private party. Too many issues in the past.

Would I have to pay capital gains tax? If so, I may just keep it.

 

[Red Ryder 3]

I got a good bid from CarMax on my 2020 M3SR+, but it was simpler to trade it into Tesla on the new MYLR.
I didn't want to deal with AZ tax on the total purchase price of the 2022.

I did sell my wife's Chevy BOLT, and they were great to work with.

 

[1plavs]

I got a good bid from CarMax on my 2020 M3SR+, but it was simpler to trade it into Tesla on the new MYLR.
I didn't want to deal with AZ tax on the total purchase price of the 2022.

I did sell my wife's Chevy BOLT, and they were great to work with.

Did you pay capital gains tax?

 

[Red Ryder 3]

No, just sales tax on the difference between the 2022 price, minus the value of the trade.

 

[1plavs]

I got a good bid from CarMax on my 2020 M3SR+, but it was simpler to trade it into Tesla on the new MYLR.
I didn't want to deal with AZ tax on the total purchase price of the 2022.

I did sell my wife's Chevy BOLT, and they were great to work with.

Did you pay capital gains tax?

No, just sales tax on the difference between the 2022 price, minus the value of the trade.

Sorry I just saw you traded it in. If I don’t do that and just sell I’m sure I’d have to pay a nice tax amount for the profits.

 

[Red Ryder 3]

Capital gains tax is a question for your accountant...

 

[1plavs]

Capital gains tax is a question for your accountant...

Understood, at the same time I’m just trying to gauge what everyone else had to deal with and what they sold for. Make sense?

 

[acarney]

From my understanding you don’t pay capital gains tax unless you sell a vehicle for more than you purchased it, then I believe you would pay tax on the “profit.” Say you bought a classic car for $10k, cleaned it up and took it to show and shines and sold it for $30k, then that would be a capital gain.

I’m not an accountant and this is not financial advice.

 

[acarney]

Also, for reference I have a 2020 Model Y with 6,000 miles. Blue/White with FSD and it’s in perfect condition. Vroom offered $60,111 and GiveMeTheVIN offered $60k. Carvana was $58,603. CarBuyerUSA offered $61,706.

I would say $59k to $62k will be the range you get unless you go private party.

The last thing you could do is if you see a local dealer selling one you could swing by and offer to sell yours to them for a few thousand under what they are listing them for.

 

[pbenjamin94]

Keep in mind those companies couldn’t care less whether the car has the FSD or not it doesn’t change a dime on the offer.

 

[kabin]

Unless you deposited (a profit) over $10k in a bank account, I'm not sure how they would ever know but the IRS says you need to declare it. 1040 schedule D explains it. You offset the gain by first subtracting taxes and fees. Once you back out the tax/fees there might not be any gain to worry about. I'm not a tax guy.

 

[preilly44]

Keep in mind those companies couldn’t care less whether the car has the FSD or not it doesn’t change a dime on the offer.

That's not true, some of them even of a box to check for FSD when you enter the car details. I know because I just sold my 2020 YP for $67,500 and I checked with all the companies listed above.

 

[pbenjamin94]

That's not true, some of them even of a box to check for FSD when you enter the car details. I know because I just sold my 2020 YP for $67,500 and I checked with all the companies listed above.

Yes I also was selling a car to them. If you looked at it the offer you get checking the box and the offer you get not checking the box are identical. Maybe 100 dollar difference but that might have been cuz I did it 1 week seperate. Did you look at the offer if you did have FSD ?

 

[kithytom]

If I bought at $58,000 car price + $4,000 tax and fees = $62,000
And if I sold for $65,000, I had to pay tax on capitol gain of $65,000 sold price - $58,000 car prise = $7,000
I know it's an accountant question but is this the general idea?

 

[nanobeast]

That's not true, some of them even of a box to check for FSD when you enter the car details. I know because I just sold my 2020 YP for $67,500 and I checked with all the companies listed above.

Hey @preilly44 Can you please DM me? Thanks!