Selling my 4xe

[Hoopster3]

Check out givemethevin.com

I submitted to them. We'll see what they say.

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[Hoopster3]

I'm waiting on my 4Xe order currently. Can I ask why you are selling yours already? Is there something you really don't like about it?

I really like the 4xe. It works well for my daily work commute which is about 6 miles round trip.

I can afford the monthly payment, but just looking at options down the road. I have an almost 13 year old who will be needing a vehicle in about 3 years. Just trying to plan ahead and have something paid off in 3 years to add that additional upcoming expense.

No complaints with the 4xe, outside of wanting more electric range.

 

[TeamZissou]

Please correct me if I’m wrong but…
The Tax Credit is $7500. My understanding is that’s not a $7500 discount on the car. It’s a $7500 reduction in your income on your taxes. So your really looking at savings of $750 (10%) -$2775(37% bracket). If you are in the 24% bracket (majority of people are in this or below) it’s at most $1,800 of savings.

if someone took $7500 off the car price based on the tax credit, wouldn’t that be a mistake?

 

[Monster1926]

I submitted to them. We'll see what they say.

Let me know I’m curious they’re pretty aggressive on the cars i submit.

 

[FJL40]

From my experience, people are weary of buying used cars by owner with very low miles. I know it sounds crazy, but they always have doubt bc they think to themselves, “why would he/she be selling it so soon?…is there something wrong with it?” Also, hybrids and EV’s seem to have this negative aura on the used car market especially on first generation models. Good luck with the sale.

 

[HungryHound]

Please correct me if I’m wrong but…
The Tax Credit is $7500. My understanding is that’s not a $7500 discount on the car. It’s a $7500 reduction in your income on your taxes. So your really looking at savings of $750 (10%) -$2775(37% bracket). If you are in the 24% bracket (majority of people are in this or below) it’s at most $1,800 of savings.

if someone took $7500 off the car price based on the tax credit, wouldn’t that be a mistake?

I'm correcting you, because you're wrong. It's a tax credit so it comes off your tax bill. If you owe $10,000 in taxes, this knocks it down to $2,500.

 

[Hoopster3]

Out here in Chicagoland hard to find anything new or used truth be told. Very limited stock. Have you seen what dealers are offering for it? I'd shop it bet you get real close to MSRP. Just sold my HC to my Dealer and got what I paid it was 3yrs old with 9600 miles.

I've got dealer offers of $55-$58k, depending on where I go. This is why I listed for $65k, figured if a dealer is offering that much that I should be able to get more selling privately.

Vehicles are definitely hard to come by here as well. Used car prices are crazy and new car prices are following suit.

 

[Hoopster3]

Let me know I’m curious they’re pretty aggressive on the cars i submit.

They gave me this range: $56,117 - $58,117

I declined and counter offered so it might take a bit for them to come back with another offer, if they do.

 

[plex]

Dude you may have a chance selling at your local FB group than here, everyone here knows how to get below invoice, heck there is even a dealer here offer 5% below invoice. That makes your 63k 4xe only $59k before tax credit, and 52k after tax credit.

 

[Jocko]

I'm sure it wasn't your original intention when ordering the vehicle, but it sounds like you're expecting to be able to flip the vehicle and pocket the $7500. If you are hoping to claim the $7500 without passing it on to the buyer and to sell above MSRP, this forum might not be the best place to find your buyer. As this forum is full of info on ordering, pricing and the tax credit, the average member is probably going to be much more educated/savy. And I don't think that is your target buyer in this case.

@plex just beat me to it! Haha.

 

[Windshieldfarmer]

Please correct me if I’m wrong but…
The Tax Credit is $7500. My understanding is that’s not a $7500 discount on the car. It’s a $7500 reduction in your income on your taxes. So your really looking at savings of $750 (10%) -$2775(37% bracket). If you are in the 24% bracket (majority of people are in this or below) it’s at most $1,800 of savings.

if someone took $7500 off the car price based on the tax credit, wouldn’t that be a mistake?

Wrong - it’s a tax credit not a tax deduction. The $7,500 comes off your tax liability (assuming you have at least 7,500 in Federal income tax)

 

[GATORB8]

Just a heads up, there is a requirement in the credit for the vehicle to be purchased for personal use and not for resale.

The following requirements must be met to qualify for the credit. • You are the owner of the vehicle. If the vehicle is leased, only the lessor and not the lessee, is entitled to the credit. • You placed the vehicle in service during your tax year. • The vehicle is manufactured primarily for use on public streets, roads, and highways. • The original use of the vehicle began with you. • You acquired the vehicle for use or to lease to others, and not for resale. • You use the vehicle primarily in the United States.

https://www.irs.gov/pub/irs-pdf/i8936.pdf

 

[GATORB8]

Wrong - it’s a tax credit not a tax deduction. The $7,500 comes off your tax liability (assuming you have at least 7,500 in Federal income tax)

If someone buying one of these doesn't owe $7500 in taxes, I need their accountants number. I guess it could be an issue if you purchase it within an LLC and don't cover.

 

[Hoopster3]

I'm sure it wasn't your original intention when ordering the vehicle, but it sounds like you're expecting to be able to flip the vehicle and pocket the $7500. If you are hoping to claim the $7500 without passing it on to the buyer and to sell above MSRP, this forum might not be the best place to find your buyer. As this forum is full of info on ordering, pricing and the tax credit, the average member is probably going to be much more educated/savy. And I don't think that is your target buyer in this case.

@plex just beat me to it! Haha.

Great point! I guess my thought was the 4xe tax credit won't apply in full to everyone.

 

[Hoopster3]

Just a heads up, there is a requirement in the credit for the vehicle to be purchased for personal use and not for resale.

The following requirements must be met to qualify for the credit. • You are the owner of the vehicle. If the vehicle is leased, only the lessor and not the lessee, is entitled to the credit. • You placed the vehicle in service during your tax year. • The vehicle is manufactured primarily for use on public streets, roads, and highways. • The original use of the vehicle began with you. • You acquired the vehicle for use or to lease to others, and not for resale. • You use the vehicle primarily in the United States.

https://www.irs.gov/pub/irs-pdf/i8936.pdf

When I bought it my intention was to keep it. I still might keep it, but I feel there is flexibility on the requirements. If I had bought 10 4xe's and tried to resell them I could see the point.

Does one vehicle that I've kept for 10 weeks fall into these requirements?

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