Hi, it does not work like that unfortunately.
I think the thread is going slightly skewed as I could have cancelled the order, I have no problem with bearing all the risk re the car, I do want to pick it up so (and I admit this is very shallow) I can say that I have had an Aston AMV8 however briefly and if I lose money then well thats life I made the decisions and I bore the gain or loss.
My point when placing the reply re dealers is that I believe in people making profit (in fact the more the better), but I do not feel that the amount offered reflects what everyone in the deal has bought to "the party".
The obvious answer is to place an ad in the Times as it is not obligatory to sell the car to a motor trader and see how I do.
Finally re tax, I cannot see how I can swerve around the fact that X thousands have appeared in my account. Also, I have obviously now bought the car as a punt. Therefore any profits will be declared, too much aggro otherwise.
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i think you're being a bit harsh here mapmaker and perhaps a little bit know it all when in fact you know no less or no more than livefortheday.
The truth is this car is massively in demand. It is no different from selling any other car of such quality apart from being 'the next big thing'. It will sell easily and quickly and for rather a good profit. You cant really start to summarise on someone else finances as you dont know the situation and are merely guessing.
I would say that as you arent willing to take the risk you cant really prejudge livefortheday on the same basis. It seems he is willing to take the risk and can afford to do it.
I agree with him. Why take £3500 when the chance of £10k is in the offer. Thats why its a high risk move. If he wanted a 4% return or whatever it is he could just stick the cash in the bank for a longer period. And where thes gamble in that.
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p.s Livefortheday you wont pay any tax on the sale of a private motor vehicle if you register it in your name.
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think you're being a bit harsh here mapmaker
I would tend to agree. Mapmaker - I'll let you off the strains of being completely pink and fluffy, but perhaps a little less Atilla the Hun would be a reasonable compromise ?
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[fairly pink & fluffy mode] I did say 'Good luck!' I don't think I've offended lftd, but if I did, sorry.[/f p& fm but trying to avoid AtH mode]
I suppose there's a big difference in perception as to what you've brought to the party.
You started by saying that you could no longer afford (or at least, no longer justify the expense of) your Vantage. (AK76, i don't think I was guessing as to his financial position, merely repeating livefortheday's stated position in his first post.) Ergo you wanted to get shot of your obligations, and joy of joys you could do this at a profit. On this basis, what you have brought to the party is feeling jolly lucky indeed that you are not in the position of either:
1. Losing your deposit; or
2. Being forced to buy a car that is now worth maybe 50k.
I appreciate that cars like this *currently* sell at a premium when 'second hand'.
So far as the trader is concerned, he is helping you out, by taking a car off your hands that you no longer want. Imagine that you really DID have financial troubles. You'd be delighted to get 3.5k profit, rather than lose your deposit, wouldn't you?
The alternative scenario is that you put down a deposit on a Vantage, never having any intention of having it & this was an adventure in the nature of trade.
If that's the case, then you should go the whole hog & sell it yourself to maximise your profits. & make sure you get a solicitor to handle the cash transfers. Or similarly think that for your 5k investment 3.5k return over 3 years is stonkingly good going.
[helpful mode]Anyway, back to tax. As yet you have not convinced me one way or the other as to whether you need to pay tax. Motor Cars are exempt from CGT, remember.
On the other hand if you always intended to sell the car & have a conscience, then you should probably declare your profits and pay income tax.
Registering it in your name, or otherwise, will make no difference to the tax position. If you really did buy it with the intention of keeping it, then how it is registered will not change your initial intent. If you didn't, then the same applies.
Your intent three years ago is of course very difficult to prove either way.
Have you done this before? - Taxed. Are you going to do this again? Next time - definitely taxed; this time - it depends.
Just because you find yourself in the position of having what is apparently an option over a car that you can sell at a profit does not mean that to keep the tax man happy you have to sell your rights back to Aston Martin at no profit, rather than to a third party at a profit.
If what you are in fact selling is an option over a car, rather than a car, then you may find that you are not CGT exempt.
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Blimey...I am in two minds as to whether replying will prove helpful, but here goes on a couple of points:
1) Re Tax: I clearly stated above "Finally re tax, I cannot see how I can swerve around the fact that X thousands have appeared in my account. Also, I have obviously now bought the car as a punt. Therefore any profits will be declared, too much aggro otherwise." Another poster says I do not have to declare, but I will to be 100% on the safe side. Is that enough clarification for you?
2) Re your point regarding the charity that is the motortrade: "So far as the trader is concerned, he is helping you out, by taking a car off your hands that you no longer want." Sorry, but I almost fell off my chair laughing...the idea of any motor trader taking pity on poor old me is farcical.
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I think we are talking at cross-purposes. Your first post clearly said that you were stuck with a car you no longer could justify the cost of. Your last post suggests that you were speculating.
Obviously if you are speculating I can see why you need to tell the taxman. From your first post - as you portrayed it - I see absolutely no reason. I am not the Inland Revenue! I find it difficult to believe that you are prepared to go through the hassle of dealing with Nigerian scammers etc., and then are going to pay 40% of your profit as tax 'just to be on the safe side'. If there's any truth in the facts in your first post, save the 40%!
Similarly, I can see why - as a speculator - you would feel that you're not getting enough profit out of your initial 5k investment, given the risk profile. In your first post however, you portray yourself as indulging in a fire sale. Second hand cars are generally a buyers market - I never suggested that you were being taken pity on, merely that - as you portrayed it - a motor trader would regard you as somebody who was stuck with a car he could no longer afford, and didn't want the hassle of selling privately. If - as you portrayed it - a forced sale, your price will almost inevitably be lowered.
Perhaps I shouldn't have taken your first post at face value, but it's quite difficult to make a sensible comment when the goal posts are apparently turned upside down half way through a thread.
Anyway, I hope you get the price you want, and that suits your circumstances - whatever they may be.
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Ok, I think that is quite enough discussion on why or why not he might be doing the transaction.
The original question was about tips and advice on how to do it and what to watch out for.
M.
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fair point mark.
Ok i would put it in Top Marques and Sunday Times. Dont scrimp on a small ad but make it short and sweet, and i probably wouldnt put down 'selling due to change in circumstances' - sounds a bit unbelievable and would make me personally think what else is wrong. just state it like a traders ad, make it seem like a straightforward deal.
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Thanks also Mark.
AK good advice and thanks also.
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no problems.
let us know how the deal goes, and also let us know what the car is like!
good luck.
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