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BAT Craziness

bfoldy

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Joined
Sep 13, 2004
Messages
656
Loc.
Torrance, CA
Yes, I’m almost certain Barrett Jackson has much higher commission fees. Not exactly sure how BJ works, but I believe they around double BaT.

On BaT- the seller just pays $99 to list. The buyer pays a 5% commission up to $5,000 to BaT. Which for high end cars over $100k, would be very reasonable as a % of total.

BaT has much lower overhead so I’m sure they’re “raking it in” despite the lower commission fees.


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Broncobowsher

Total hack
Joined
Jun 4, 2002
Messages
34,833
Google says BJ charges seller 8% and buyer 10%... WOW!

No cap on commission. Registration fee is much higher as well.
No doubt BJ makes more money on each sell. But they also handle the transaction. An escrow service not available from BaT (yet).
 

56f100bbw

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Friend of mine sold a car at Barrett Jackson and he said never again if you have it on Friday night or Saturday night the fees really go up , not sure on sales tax
 

.94 OR

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BaT doesn't have a chick in tight pants though...
 

fosgate150

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May 22, 2012
Messages
280
I'm shocked that the Denver Edition listed on there isn't near the 6 figures yet!!

And how about the Brown Ranger one that went for $110K or the Green Ranger for $88K... its just amazing!
 
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Justin Palmer

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I have to admit that the thought crossed my mind to sell mine when it reached 110k. The thought was quickly gone when I thought about how difficult it would be to find another in this shape, low miles, original paint and all the documentation. My son and daughter can sell it when I’m dead.

I'm shocked that the Denver Edition listed on there isn't near the 6 figures yet!!

And how about the Brown Ranger one that went for $110K or the Green Ranger for $88K... its just amazing!
 

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WheelHorse

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Nov 22, 2004
Messages
2,491
I have to admit that the thought crossed my mind to sell mine when it reached 110k. The thought was quickly gone when I thought about how difficult it would be to find another in this shape, low miles, original paint and all the documentation. My son and daughter can sell it when I’m dead.

Well, maybe there's a CPA on the forum, but wouldn't your AGI (adjusted gross income) now also go up by 110K and requiring you to pay darn near 30% of that in taxes?

I've had offers on mine up the wazu, but I've often wondered about taxes.
 
OP
OP
ngsd

ngsd

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Well, maybe there's a CPA on the forum, but wouldn't your AGI (adjusted gross income) now also go up by 110K and requiring you to pay darn near 30% of that in taxes?

I've had offers on mine up the wazu, but I've often wondered about taxes.

That is another consideration a lot of people are not thinking about. I am sure some of the private sales are skirting this with cash but states where you pay sales tax on used cars as well as through auction sites definitely are in the bulls eye.
 

AZ73

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Mar 28, 2012
Messages
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Your AGI isn't up that much. If you've owned your Bronco more than a year technically it's a long term capital gain. The gain is the difference between what you paid/spent to improved for your Bronco and what you sold it for. If you bought a Bronco for $10,000, put $80,000 into it, and sold it for $110,000 your gain is $20,000. Sales between private parties in most states don't require sales tax. If your Bronco gain plus your AGI is less than $80K and you're married, you pay 0% in capital gains. Up to $500K, you'll pay 15% on the gain.

Sell in less than a year and it's straight income. If you're single the limits are less.
 

SP73

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Jun 25, 2017
Messages
165
Your AGI isn't up that much. If you've owned your Bronco more than a year technically it's a long term capital gain. The gain is the difference between what you paid/spent to improved for your Bronco and what you sold it for. If you bought a Bronco for $10,000, put $80,000 into it, and sold it for $110,000 your gain is $20,000. Sales between private parties in most states don't require sales tax. If your Bronco gain plus your AGI is less than $80K and you're married, you pay 0% in capital gains. Up to $500K, you'll pay 15% on the gain.

Sell in less than a year and it's straight income. If you're single the limits are less.

I’m probably going to feel really dumb for asking this, but what if I (er, um I mean a friend) dosen’t have any documentation of price paid, or kept receipts of $$ put into it? What are the tax implications of that (asking for a friend of course)?
 

AZ73

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I’m probably going to feel really dumb for asking this, but what if I (er, um I mean a friend) dosen’t have any documentation of price paid, or kept receipts of $$ put into it? What are the tax implications of that (asking for a friend of course)?

Tricky but if your friend has pictures of what it looked like when they bought it and can identify what they did to it, with pictures, they MAY be able to estimate it. Now if they bought stuff through the Bronco houses they can go on-line and get receipts. If they bought stuff with a credit card, their bank may have a history of your purchases back a few years. My advice is to have your friend talk to a good accountant.

FYI I have a binder with EVERYTHING except maybe a Home Depot receipt or two. I've also documented with pictures EVERYTHING. I'm assuming your friend's Bronco isn't owned by an LLC? Thus they can't deduct the cost of their own labor, BUT the "labor" is paid for in the equity received when selling, and thus taxed then, at most likely a LOWER cap gains tax rate rather than income tax rate (and Social Security/medicare taxes). Full disclosure, I'm not a CPA but I do a lot of cap gains type property investing. Doesn't matter if it's a rental house or a vehicle, the rules are the same. Again, have your friend double check with an accountant for their particular situation.
 

56f100bbw

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Tucson / lakeside AZ
BAT just listed

Just listed and Already at $39,500 Very nice stock looking Ranger
 

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fosgate150

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May 22, 2012
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Well I'm shocked yet again... The Denver Bronco had very little bidding and didn't sell!
 
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