[Westside Guy]

Originally Posted by RockCrusher

In Arkansas even if one sells a car rather than trading it in one has 60 days to apply the amount the car sold for against the purchase price of a new car and thus recognize a sales tax savings.

This is similar to the 60 day rollover rule for IRA's.

Do you need to sell the car to a dealer or can you simply sell it to a private individual?

[tturedraider]

Originally Posted by RockCrusher

Yeah, I know. I think I added -- somewhere -- before taxes.

But if not yeah, CD interest whatever it is, proves to be, is before taxes.

www.viobank.com is offering 5.3% on their savings account and you wouldn’t have to tie up your money. Of course, they could reduce the rate, but it’s been steady for quite a while. Vio is the online subsidiary of Midwest Bank.

[RockCrusher]

Originally Posted by Westside Guy

This is similar to the 60 day rollover rule for IRA's.

Do you need to sell the car to a dealer or can you simply sell it to a private individual?

In Arkansas my info is there doesn't appear to be any distinction between a sale to a dealer or private individual.

There is a requirement regarding the name on the title of the purchased car having to be the same name as on the title of the sold car.

From the Department of Finance/Administration web site:

You pay sales tax on the gross purchase price of the vehicle less any trade-in or 60-day tax credit for a vehicle sold sixty (60) days prior to, or within sixty (60) days after the purchase of the newly acquired vehicle. In order to receive the sixty (60) day credit the person whose name will be on the title of the newly acquired vehicle must be on the title of the vehicle sold as owner or joint owner. Extended warranties are taxable whether or not the vehicle is taxable.

[RockCrusher]

The Carvana offer expired. (So too I guess did the CarMax offer.)

But I got an email from Carvana. It listed the August 1 offer of $32,000. But the head line was "Your Vehicle Value Went Up". New price from Carvana is $35,600. Just $400 less than what I got from the local BMW dealer.

[VegasG42]

Originally Posted by RockCrusher

The Carvana offer expired. (So too I guess did the CarMax offer.)

But I got an email from Carvana. It listed the August 1 offer of $32,000. But the head line was "Your Vehicle Value Went Up". New price from Carvana is $35,600. Just $400 less than what I got from the local BMW dealer.

Exactly what I said would happen - their offers will fluctuate by thousands of dollars over the course of several weeks.

And the car selling process to Carvana couldn't be a more simple process if they tried

[DHDCF]

Can also confirm the crazy fluctuation in offers...on 20 Jul Carvana had offered me 27k for my '24 Mini...(yikes) but yesterday, 18 Aug, I ran it through again and they've now offered 30.8...a nearly 4k uptick, four weeks later.

What else is crazy is that KBB says my car is only worth 25K trade in...has to be wrong, right? Sticker on my mini was 41K and is only 4 mos old. Or is it crazy? Carvana was offering 27k last month....2k away from KBB.

[RockCrusher]

Originally Posted by VegasG42

Exactly what I said would happen - their offers will fluctuate by thousands of dollars over the course of several weeks.

And the car selling process to Carvana couldn't be a more simple process if they tried

Well, the Carvana selling process might be simple but the offer process was not. Unable to upload pics. Was told the system was overloaded/busy.

Got a $32K offer and an email directing me to begin the process of selling my car to Carvana.

But I visited my local BMW dealer and in around 15 minutes of me sipping fresh coffee I was presented with a $36,000 offer. In another 15 minutes or so the sale was complete and that was that. (Oh, got the check about 6 or 7 days later.)

[tturedraider]

Originally Posted by RockCrusher

Well, the Carvana selling process might be simple but the offer process was not. Unable to upload pics. Was told the system was overloaded/busy.

Got a $32K offer and an email directing me to begin the process of selling my car to Carvana.

But I visited my local BMW dealer and in around 15 minutes of me sipping fresh coffee I was presented with a $36,000 offer. In another 15 minutes or so the sale was complete and that was that. (Oh, got the check about 6 or 7 days later.)

Just curious, what was your reluctance to sell the car yourself? I’m guessing you might have gotten $40k - $42k, maybe more. Just too much uncertainty with private buyers or too much hassle?

[RockCrusher]

Originally Posted by tturedraider

Just curious, what was your reluctance to sell the car yourself? I’m guessing you might have gotten $40k - $42k, maybe more. Just too much uncertainty with private buyers or too much hassle?

All of the above.

In the past I've sold cars and motorcycles privately but the process was a pain. And the last time I sold a car privately was back in 2007. Based on what I have read about selling cars privately the process has gotten more work, more trouble, involves more risk.

I just didn't feel like going to the effort to put the up for a private sale.

[VegasG42]

I personally would sacrifice a couple thousand dollars to not have to deal with the public. I could only imagine, people making low ball offers, people asking to test drive the car, people asking to make payments directly to you, people that don't have the money, scammers, etc. It's just not worth it