Selling Your Order or Plan to Sell Lightning?

[TaxmanHog]

Nice breakdown!

Q: What if you were to lease the truck and then offer it for sale well above the original price ?

Would you be able to escape the capital gains & taxes since the owner was the leasing company ?

From the leasing company point of view, recapture depreciation written off which is added to any raw CG's realized, that could get costly to the company. Who would the buyer be, maybe the lessor wanting to keep the truck, in the end still paying big bucks

From the lessor point of view, no CG taxes, they walk away from truck at the end, I'm not a big user of leasing, so I might be ill informed but I'm not aware of a lease agreement which compensates the lessor for growth in assets value, might be worth discussion in setting a buy out value at the end!

Sponsored

 

[astricklin]

If you lease the lightning, make sure that the leasing company isn't keeping any tax credits/rebates for themselves. For at least the federal one, it can only be claimed by the vehicle owner which is the leasing company.

 

[Ken]

in order to sell a leased vehicle for a profit, you have to buy it first at the end of the lease and then sell it. Your options at end of lease are to turn it in or buy it. You don't own it yet so you can't sell it. There were some people combining those steps with some car buying services but certain manufacturers are taking steps to limit that. We just purchased our lease end car because it's worth 5-6k more than the buyout was. Since it's slightly less than original purchase price there's no chance of capital gains. However we might end up having leased it for 3 years for a much smaller than planned cost.

 

[metroshot]

If you lease the lightning, make sure that the leasing company isn't keeping any tax credits/rebates for themselves. For at least the federal one, it can only be claimed by the vehicle owner which is the leasing company.

Ah good point!

With Ford Options (finance w/ lease terms & balloon) the buyer will be getting the fed tax credit (if any left), and as long as the total buyout from Ford can be met, the original buyer can sell it to another party who can secure the entire amount owing plus any profit the original buyer wants...

And in CA, about $4000 in rebate checks can also be used...

How long must the original buyer keep the truck until the tax credits and rebates are free from "claw back" ?

Hmmmm

 

[abigailchonkers]

I know I am reviving a dead thread here, but has anyone changed their minds about reselling? Anyone sold theirs? I thought I was in super early with my res and I desperately want a Pro model. I may have even tried to swing and XLT, but I just got offered a Lariat and I can't afford it, not with a payment nearing $1500/mo.
Anyone wanna buy it? I haven't even spec'ed it yet.

 

[hturnerfamily]

I know I am reviving a dead thread here, but has anyone changed their minds about reselling? Anyone sold theirs? I thought I was in super early with my res and I desperately want a Pro model. I may have even tried to swing and XLT, but I just got offered a Lariat and I can't afford it, not with a payment nearing $1500/mo.
Anyone wanna buy it? I haven't even spec'ed it yet.

sure do, have you received an 'order' email, or just a reservation? what Dealer/City to you have it with?

 

[GreenLady]

I know I am reviving a dead thread here, but has anyone changed their minds about reselling? Anyone sold theirs? I thought I was in super early with my res and I desperately want a Pro model. I may have even tried to swing and XLT, but I just got offered a Lariat and I can't afford it, not with a payment nearing $1500/mo.
Anyone wanna buy it? I haven't even spec'ed it yet.

I just talked with my salesman about reservations. That dealer has 360 reservations and he said they will probably only get 6 MY 2022. My reservation is for a Pro and he said it will probably be a couple years before I get mine because Ford is making Pros for fleet orders first. I don’t know if that is true but definitely not encouraging

 

[Roy2001]

Seems to me if you resell it you would also have to take into consideration the buyer is loosing all the tax credits, so tack that on to the marked up price.

That’s true. But if you sell after 12/31, tax credit won’t be a factor anymore unless magic happens.

 

[broncoaz]

I just talked with my salesman about reservations. That dealer has 360 reservations and he said they will probably only get 6 MY 2022. My reservation is for a Pro and he said it will probably be a couple years before I get mine because Ford is making Pros for fleet orders first. I don’t know if that is true but definitely not encouraging

When the economy goes into full recession I would expect the majority of those reservations to evaporate.

 

[abigailchonkers]

hturnerfamily, I am in central PA, think PSU.

Greenlady, this is all I have been hearing too, which is why I took the allotment that was offered to me.

If I can find someone with a cheaper model that wants to trade orders I would buy. If not I am entertaining selling my spot or the truck selling the truck after I take delivery, so long as my dealer doesn't try to cram some no resale for a year deal on me.

 

[Yellow Buddy]

I know I am reviving a dead thread here, but has anyone changed their minds about reselling? Anyone sold theirs? I thought I was in super early with my res and I desperately want a Pro model. I may have even tried to swing and XLT, but I just got offered a Lariat and I can't afford it, not with a payment nearing $1500/mo.
Anyone wanna buy it? I haven't even spec'ed it yet.

If I didn’t have a Pro model I would definitely be selling as my R1T and Lightning are both scheduled to come in the same month

Since I have a Pro, “flipping” it and eliminating the tax credit would be silly. I would need to list it for nearly 50% over MSRP just to break even with what I paid.

Instead, I’ll unfortunately probably keep both. Which may work out given how unreliable the Rivians seem to be so far.

I still have to figure which I like better. If I don’t like the Rivian, it’ll definitely be a sell. If I don’t like the F150L, I’ll probably still keep it. I can try to cover the cost renting out the F150L on Turo.

Trucks on average in my area are renting out for about $125/day. I would probably list it for $200-$250/day and need to rent it for 3 days a month to pay for the truck. If I can do that, the rest of the time it’s a backup generator - assuming I really don’t like the truck.

 

[PV2EV]

I would have to add the time I have invested in learning about this truck, and this forum, to whatever price I would accept for it.

I might sell used in a few years if and when there is a Pro trim with more range (say 400 EPA) so I can get to my vacation property without charging. However, I will probably be too spoiled by the Lariat to settle for Pro

 

[FordLightningMan]

If I didn’t have a Pro model I would definitely be selling as my R1T and Lightning are both scheduled to come in the same month

Since I have a Pro, “flipping” it and eliminating the tax credit would be silly. I would need to list it for nearly 50% over MSRP just to break even with what I paid.

Instead, I’ll unfortunately probably keep both. Which may work out given how unreliable the Rivians seem to be so far.

I still have to figure which I like better. If I don’t like the Rivian, it’ll definitely be a sell. If I don’t like the F150L, I’ll probably still keep it. I can try to cover the cost renting out the F150L on Turo.

Trucks on average in my area are renting out for about $125/day. I would probably list it for $200-$250/day and need to rent it for 3 days a month to pay for the truck. If I can do that, the rest of the time it’s a backup generator - assuming I really don’t like the truck.

What impact does renting on Turo have on your insurance? Does your rate go up 50%, 100%, etc.?

I have no interest in selling my truck, but this Turo idea is pretty interesting.

 

[Lightning_Bob]

What impact does renting on Turo have on your insurance? Does your rate go up 50%, 100%, etc.?

I have no interest in selling my truck, but this Turo idea is pretty interesting.

https://www.valuepenguin.com/turo-car-insurance

...depending what level of coverage you select, it can eat into anywhere from 15-40% of what you are renting it out for....

 

[Yellow Buddy]

What impact does renting on Turo have on your insurance? Does your rate go up 50%, 100%, etc.?

I have no interest in selling my truck, but this Turo idea is pretty interesting.

If you list your car as commercial on your own policy it will go through the roof. But when you rent it through Turo you can have them cover the car instead when it’s rented through them. There’s different levels of coverage and they’ll take a percentage of your rental to cover it.

Sponsored