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      05-06-2008, 03:02 PM   #1
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Sell car myself. Rent a car for a month

Has anybody rented a car for a month in order to have transportation while waiting for your ordered car to arrive?

After many opinions I think BMW will lowball me on trading in a Honda.

What is a realistic waiting time on a 135i to be ordered from day 1 when the dealer makes a deal with you? I always hear 8 weeks. Any real times is appreciated. If I order a 135i here in Illinois, I guess I would put my car up for sale imediately. That way if it takes a month to sell I can rent a compact car for a month at Avis for $670 with tax and unlimited mileage.

The problem is that I want to order a 135i around Feb 15 2009. Will I be able to sell my Civic Si that time of year? During the winter? If the 135i takes 8 weeks it will arrive around April 15 2009.

If 8 weeks for the 135i to arrive, maybe I will order one on aprox March 1 2009, for a May 1 2009 delivery. That way I would have a greater chance to sell my car.

My car is an 07 with 5500 miles. So I researched an 06 Si with 17,000 miles for a good idea what my car goes for at dealers in 10-11 months. 2006 Civic Si's with 15-25,000 miles are selling for $18,500-$21,000 at dealers. So I should be able to get at least $17,500 in Mint condition this time next year.

I think BMW will offer me a BAD trade-in from so many opinions I have recieved here. I will loose $1,000 in tax benefits selling the car myself, but will get at least $3k more then trading-in.

How does this sound.

How long has your order taken total, from the day you shook hands and made the deal???

Thankyou very much.:w00t:
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      05-07-2008, 10:34 PM   #2
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what tax benefits of trading it it?

I was also under the impression that if you traded a car in, the trade in value reduces the actual purchase price, thus lowering the sales tax burden

Any california buyers know for sure?
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      05-08-2008, 05:10 AM   #3
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If I trade my car in, I will gain aprox $980 in tax savings. But I will loose my @$$ according to what BMW will offer me for my Non-BMW trade.
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      05-08-2008, 06:08 AM   #4
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Sell your car now and buy a beater for $1000 (you'll save that much in insurance 'til you order your 1er). It's great to have a "winter" car anyway...especially where you live. So preferrably look for one with decent winter tires on it. Here in Germany most if not all beaters come with winter tires as standard or include they as an extra set. When I get back to the States next year I'll pick up an old Audi A4 Quattro and keep winter tires on it year round. No sense to take the 1er out in nasty weather surrounded by less than competent winter drivers and/or cars ill-equipped for winter driving.
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      05-08-2008, 07:04 AM   #5
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I'd echo Balls' recommendation - an old Buick mid-size would be mighty cheep; with a 3800 V6 it'd be practically indestructible - the car would fall apart around the motor - they also returned decent mileage with minimal maintenance. Plus, used Buicks generally haven't been driven to death - the owners normally don't outlive the car. Look for the ones with the AAA sticker 'off-center' and askew on the back bumper.
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      05-08-2008, 07:14 AM   #6
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I'm planning on picking up an old 4wd truck if I get back before my 1 is ready. I 3rd the old beater theory.
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      05-08-2008, 08:48 AM   #7
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I told him to get a beater in an other thread. But I think he had an experience that left some bitter taste with a shitbox. Im changing my veedub for an other a4 in fall . No way im driving the 135+ winter tires are mandatory
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      05-08-2008, 10:40 AM   #8
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I'd go with the beater. I'm in the same situation. My GTO is gone on the 17th, sold Private Party for about $3k more than the dealer wanted to give me. I'm close to work so I'm just going to buy a bike to get me through the week or so I'm going to be without a car. If it were going to be longer, like a month, I'd be all over a beater.
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      05-08-2008, 11:22 AM   #9
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As far as the tax goes, I believe you still get this back you just have to wait until you file your tax return (in colorado at least), where as at the dealer you get the money back immediately (by reducing your taxes on the new car).

I would def. sell it yourself, I expect it to take a month or so to sell my car, and if not I'll just rent a car for a week or two or have two cars for a week or two, either way you are way ahead of what a dealer would give you even after the rental or two insurance payments.
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      05-08-2008, 01:13 PM   #10
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Quote:
Originally Posted by Jeff1962 View Post
If I trade my car in, I will gain aprox $980 in tax savings. But I will loose my @$$ according to what BMW will offer me for my Non-BMW trade.

How are you getting these savings? Sales tax? Income tax?
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      05-08-2008, 01:21 PM   #11
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I'd think of something. The dealer will bend you over even if you do have a BMW to trade.
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      05-08-2008, 01:36 PM   #12
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Quote:
Originally Posted by Brandon26pdx View Post
I'd think of something. The dealer will bend you over even if you do have a BMW to trade.
+1, used car sales have enormous markups. If you tried to buy you car back it would cost you prob. 6,000 more than they paid you.
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      05-08-2008, 01:57 PM   #13
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Quote:
Originally Posted by ucb View Post
How are you getting these savings? Sales tax? Income tax?

It comes off the sales tax. When you trade a vehicle in, the trade in has already been taxed once. The amount the dealer is giving you for the trade in gets taken off before the sale tax is calculated, so you don't pay sales tax on that amount.

That might vary from state to state, but I think most are like this.

What it comes down to is that if your state charge around 6%, and the dealer is willing to give you $17k for a car, you need to sell it private party for at least $18k to even break even.
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      05-08-2008, 01:59 PM   #14
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Quote:
Originally Posted by jeremyc74 View Post
It comes off the sales tax. When you trade a vehicle in, the trade in has already been taxed once. The amount the dealer is giving you for the trade in gets taken off before the sale tax is calculated, so you don't pay sales tax on that amount.

That might vary from state to state, but I think most are like this.

What it comes down to is that if your state charge around 6%, and the dealer is willing to give you $17k for a car, you need to sell it private party for at least $18k to even break even.
as I stated above I think in most states you can do this on your tax return thus negating any trade-in tax advantage.
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      05-09-2008, 10:26 AM   #15
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Quote:
Originally Posted by mtla4 View Post
I told him to get a beater in an other thread. But I think he had an experience that left some bitter taste with a shitbox. Im changing my veedub for an other a4 in fall . No way im driving the 135+ winter tires are mandatory
I have NO ROOM for 2 cars. And I don't want to sell a beater AFTER just selling my Si. They ONLY way to sell my car myself would to find a buyer who will wait until the 1 comes in, or renting a car for $670 a month. I don't think I will have much luck selling my 07 Civic Si in Feb/March 09. Its crappy here during those months. And cleaning/detailing my BLACK car in the winter is a REAL pain.
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      05-09-2008, 10:40 AM   #16
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Quote:
Originally Posted by jeremyc74 View Post
It comes off the sales tax. When you trade a vehicle in, the trade in has already been taxed once. The amount the dealer is giving you for the trade in gets taken off before the sale tax is calculated, so you don't pay sales tax on that amount.

That might vary from state to state, but I think most are like this.

What it comes down to is that if your state charge around 6%, and the dealer is willing to give you $17k for a car, you need to sell it private party for at least $18k to even break even.
Trading in car example:

BMW MSRP $40,400
Feb 09 Discount -$1,400
=$39,000
Minimum Trade -$14,000
=$25,000
7% IL. Tax +$1,750
=$26,750
3/09 Si payoff +$15,000
=$41,750
Doc,Lic,Tit, misc +$500
=$42,250
Cash down -$7,000
=$35,250 To be financed.

This is the Minimum deal I will accept on a trade.
$14,000 for My 2007 Civic Si is dirt cheap. It will sell at dealers for $18.5-$19.5k in March 09 with 17,000 miles in excellent cond.
$1,400 off MSRP on the 135i in March 09 should be easy IMO.
All BMW has to do is accept this and the problem is solved.

Thanks for all the support and putting up with me. I am having a hard time staying with getting a 135i, it is becoming a pain in the @$$. I don't know anymore if its worth it.

I don't know why this is so scrambled up, I had everything in a neat line????????




I forgot to ask.


How many people think the numbers above are possible????????
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      05-09-2008, 11:59 AM   #17
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Yeah I just checked, that policy doesn't fly with me in CA, you are taxed on the full value of the car, then trade-in is deducted

Can you file for it on your income taxes though?
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      05-09-2008, 12:40 PM   #18
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OK. Yah thats 1 advantage in IL. When I tradded in my 07 Acura TL-S for my Civic Si I didn't pay any sales tax. The Civic was less then my trade. So I paid $20,600 total for the new Civic Si. MSRP was $22k. Other dealers wanted full MSRP so I took the black nightmare for $1400 less, I don't know if it was worth it.



What do you think of my numbers above??? Sound OK. I couldn't imagine BMW NOT accepting those terms/numbers.
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      05-09-2008, 12:44 PM   #19
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When Feb 09 comes around and I have my financials in much better order, and $$$ for a down payment I will go drive the 135i, G37S, and the new 09 Audi S3 Sportback, that car should be awesome, 265hp T-4 AWD, great looking. I was considering an A5 with the S-Line package for about $42k, but the S-Line option requires the Premium package also which takes the price too high for me. CRAP.
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      05-09-2008, 01:25 PM   #20
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Quote:
Originally Posted by ucb View Post
Yeah I just checked, that policy doesn't fly with me in CA, you are taxed on the full value of the car, then trade-in is deducted

Can you file for it on your income taxes though?
I swear I did this last year on my tax return but now I can't find a link for this... maybe there is a tax attorney out there that can help us out...
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