Sold the Silverado for a ... loss?

We are taking a pretty good bath on the Tucson as well. We purchased that for $39,000 (MSRP) in Colorado in Dec, 2022. Then we weren't sure if we should register it in California or Colorado as I hadn't moved full time there yet. Stupidly, we registered it in California.

Colorado allows you to apply your trade in towards the taxes paid, California is not that way. So we had to pay an extra $3,000 in taxes with reg, title and such it was over $4,000. $43,000. It would have been much worse if we had purchased a Hybrid as Phil Long Hyundai Colorado Springs wanted to charge an ADM of $5,000 for hybrid and $9,000 for a PHEV. I was super upset with how they dealt with us, but we were in a hurry at the time to purchase something Don't buy from them if you don't have too is my advice. It was a let go talk to my manager dealership, which I really dislike.

Anyway, fast forward to what the Tucson is worth, 16,000 miles later, according to KBB on a trade is about $26,500. So were taking a pretty good loss as well, $16,500 in just a little over one year. My channel doesn't have enough watch time and viewers, so I earned $0.00. :ROFLMAO: Maybe some day!

My wife is not super happy that we purchased the Tucson because of this. We also missed getting a great trade on the Tesla by like a month or two last year as well, but they gave us $37,000 at the time which would have been much worse just a couple of weeks later. So we were a little lucky there.

Anyway, I think many people who are trading something recent are going to get killed. Especially those who paid crazy ADMs during the chip/parts shortage. Just imagine having paid an extra $10-20k over MSRP and now trying to trade that?

I hope the Ram brings in the viewers for you Tim and 2024 is an up year for you in every way!
 
Just a thought, have you considered short leases? Knowing that first-year depreciation is such a bitch, maybe a dealer would do it considering how you use it.
 
Dusdaddy said:
Just a thought, have you considered short leases? Knowing that first-year depreciation is such a bitch, maybe a dealer would do it considering how you use it.
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I've thought about it and the issue is taxes. I kind of downplayed that in the Silverado what did I lose video because I've had some CPAs fire off all sorts of emails at me.

Ultimately, buying a new truck saves me around $30k in taxes. In fact, that's why I bought the 2021 Ford F-150. I either could write a check to Uncle Same for $30k OR I could go buy a truck and tell my accountant how much I'd like to pay. It is how the changed section 179 factors into it. You don't depreciate by year anymore, you can depreciate as much as you can. Ultimately, what you are really doing is kicking the proverbial tax can down the road or you have a year like I did last year where I spent a lot and had revenue drop. I didn't need to buy a truck last year based on my drink napkin math.

And yes, the business makes that much to have that tax bill. Somewhere along the way, people have a notion that either YouTube is free or people don't make money at it. That's really not the case. It is a business and with this forum, the website and our social media, it really is a legit business.
 
Vehicles depreciate unfortunately. I am contemplating selling my Maverick. It only has 1,631 miles and is 8 months old. MSRP was $33,105 and the best offer I have is from Carvana at $28,8##. Hate losing $4,200 but am going to have to take the hit. Sometimes we make mistakes, some more costly than others.

Yours is a business move and I am not well versed in how all that works with the Section 179 deduction. Hope you get the views required to make the business profitable and are able to purchase a truck for the channel each year as you have for the past 3 years or so. I enjoy the content.
 
Blue Oval 5.0 said:
Vehicles depreciate unfortunately. I am contemplating selling my Maverick. It only has 1,631 miles and is 8 months old. MSRP was $33,105 and the best offer I have is from Carvana at $28,8##. Hate losing $4,200 but am going to have to take the hit. Sometimes we make mistakes, some more costly than others.

Yours is a business move and I am not well versed in how all that works with the Section 179 deduction. Hope you get the views required to make the business profitable and are able to purchase a truck for the channel each year as you have for the past 3 years or so. I enjoy the content.
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Have you considered trying something like Cars and Bids to get a better price than what you can get locally on Strong Island or from Carvana?

https://carsandbids.com/search/ford/maverick
 
testerdahl said:
I've thought about it and the issue is taxes. I kind of downplayed that in the Silverado what did I lose video because I've had some CPAs fire off all sorts of emails at me.
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Figured you were writing it off. Hell, I'm thinking about starting an LLC to do the same. Being semi-retired, why not? Start some simple business to occupy my time.
 
GMT 900 said:
Good to know...Doug ain't gonna help another Auto Journo out. Fame going to the head?!?
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I'm sure Doug would help, but he has a team over there and I doubt he gets so involved in the day to day operations. I thought it would be cool to auction it over there. When I countered to $60k, I got rejected so I passed.
 
testerdahl said:
I'm sure Doug would help, but he has a team over there and I doubt he gets so involved in the day to day operations. I thought it would be cool to auction it over there. When I countered to $60k, I got rejected so I passed.
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Here I was thinking that the opening line used over at C&B, i.e "owned by (insert adjective here) You Tuber" was the shoo-in to price stratification. I guess that only applies to Mr. Hoover, as he has a lot of non-automotive "items" he has budget for now...🦊
 
Blue Oval 5.0 said:
Vehicles depreciate unfortunately. I am contemplating selling my Maverick. It only has 1,631 miles and is 8 months old. MSRP was $33,105 and the best offer I have is from Carvana at $28,8##. Hate losing $4,200 but am going to have to take the hit. Sometimes we make mistakes, some more costly than others.

Yours is a business move and I am not well versed in how all that works with the Section 179 deduction. Hope you get the views required to make the business profitable and are able to purchase a truck for the channel each year as you have for the past 3 years or so. I enjoy the content.
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Curious on why you are getting rid of the Maverick. Can you elaborate please?
 
TheDo114 said:
Curious on why you are getting rid of the Maverick. Can you elaborate please?
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Long story…

Initially ordered Jan. 26, 2022 but was pushed to 2023. In May 2023, we had 4 drivers (as my two oldest boys 21 and 18) were driving and only 2 vehicles and it was becoming more difficult for us to share them all of the time. We decided that while my wife and I could share one, my kids needed their own due to school and work schedules. Got tired of waiting for my Maverick to be built and bought one off the lot on May 31, 2023, which wound up being a mistake because my oldest decided to upgrade his 2008 F-150 to a 2013 F-150 On August 31st. So we went from two vehicles to four in a short time. Had I known he was going to move up in truck, I would have waited And took over the 2008 and shared that with the wife.

The unintended consequences of these decisions led to our car insurance bill going through the roof having four vehicles and two young male drivers. My premiums are outrageously high even with no accidents or tickets.

I currently have some medical issues that will prevent me from driving for the first half of this year and I have only put 1,631 miles on it since May 31st. We decided that it would be best to keep the 2008 and give it to my soon to be 16 year old son and we will decide on a new vehicle to share in Spring 2025 when he gets his full operators license at 17.

I am always looking for a deal so if something came across my radar at the right price or incentive, I may jump on it. I tend to be impulsive with vehicle purchases as you may have surmised.
 
Blue Oval 5.0 said:
Long story…

Initially ordered Jan. 26, 2022 but was pushed to 2023. In May 2023, we had 4 drivers (as my two oldest boys 21 and 18) were driving and only 2 vehicles and it was becoming more difficult for us to share them all of the time. We decided that while my wife and I could share one, my kids needed their own due to school and work schedules. Got tired of waiting for my Maverick to be built and bought one off the lot on May 31, 2023, which wound up being a mistake because my oldest decided to upgrade his 2008 F-150 to a 2013 F-150 On August 31st. So we went from two vehicles to four in a short time. Had I known he was going to move up in truck, I would have waited And took over the 2008 and shared that with the wife.

The unintended consequences of these decisions led to our car insurance bill going through the roof having four vehicles and two young male drivers. My premiums are outrageously high even with no accidents or tickets.

I currently have some medical issues that will prevent me from driving for the first half of this year and I have only put 1,631 miles on it since May 31st. We decided that it would be best to keep the 2008 and give it to my soon to be 16 year old son and we will decide on a new vehicle to share in Spring 2025 when he gets his full operators license at 17.

I am always looking for a deal so if something came across my radar at the right price or incentive, I may jump on it. I tend to be impulsive with vehicle purchases as you may have surmised.
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"my oldest decided to upgrade his 2008 F-150 to a 2013 F-150 On August 31st."

Just a thought, but if he had the $$$ to upgrade without your apparent assistance, he has the $$$ to pay for the insurance...Or did he not factor this in and expects the parents to pay for it at 21?
 
GMT 900 said:
"my oldest decided to upgrade his 2008 F-150 to a 2013 F-150 On August 31st."

Just a thought, but if he had the $$$ to upgrade without your apparent assistance, he has the $$$ to pay for the insurance...Or did he not factor this in and expects the parents to pay for it at 21?
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He paid for the truck. I decided to pay for the insurance until graduation from college. Yes, I had to pay my own way from the day I started driving but it is a different world now. He is on notice about picking up his own tab when the time arrives.
 
Blue Oval 5.0 said:
He paid for the truck. I decided to pay for the insurance until graduation from college. Yes, I had to pay my own way from the day I started driving but it is a different world now. He is on notice about picking up his own tab when the time arrives.
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Parenting can be trying, but so rewarding...Hope you recover ahead of schedule and can enjoy Fire Island National Seashore or Robert Moses State Park this Summer.
 
GMT 900 said:
Parenting can be trying, but so rewarding...Hope you recover ahead of schedule and can enjoy Fire Island National Seashore or Robert Moses State Park this Summer.
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Those are beautiful places to visit for sure, would like to take a ride out to Montauk. I haven't been out there in many years.
 
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