BAT Craziness

[bigmuddy]

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

Probably uneducated buyers don't realize how rare those are. I've never really found them desirable myself...

 

[mebco09]

Probably uneducated buyers don't realize how rare those are. I've never really found them desirable myself...

I don't think there is any discernible logic as to what is selling for top dollar and what isn't. I've seen all original trucks go for "reasonable" amounts and highly modified with ugly mods go for huge dollars. I think a lot depends on how the trucks are presented on BAT. A good photographer and word-smith goes a long way, plus the outside hype on CB and Facebook also make a difference.

I do think it would be hard to justify spending $100k or more on any Bronco. They are cool, but there are lots of other things that are cool that don't cost $100k.

 

[LUBr LuvR]

If anyone wants to pay anywhere near this price for an original paint Sportsman Special let me know....

That ^^^^ is a thing of beauty.....wow! You have quite a nice stable.

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

So it’s an August production ‘75. Should it have an avocado (thought that was ‘73 & ‘74) or olive interior?

Looks like it was recently acquired.

http://topclassiccarsforsale.com/ford/411620-1975-ford-bronco-ranger-completely-rebuilt.html

 

[56f100bbw]

Twin turbos on BAT

Eco-boost TwinTurbo charger 1966 bronco

 

[JefeAZ]

We have been watching BaT very closely and the prices are definitely getting insane. You'll see guys in the comments talking about how drunk they are or their spouse is making them keep bidding. We think we are starting to see some crytpocoin money buying these up.

I was very close to putting my Bronco on BaT but I just couldn't do it after driving it the last couple months. If these prices continue through the summer I may be tempted again.

I dont know if anyone noticed but the '66 that sold for $89 was bought by sam94506. It was mentioned in the comments that was Sammy Hagar. If you check his previous bids he just bought that lime green Bronco for $134K as well as more than a million in cars this year in a Ford GT, 2 XKEs, and 911 GT2 RS.

Also is Trailboss on here? I swear that guy watches and comments on every single Bronco haha. He sold his 2 years ago and is probably kicking himself: https://bringatrailer.com/listing/1975-ford-bronco-6/

 

[MarsChariot]

Very interesting analysis. So is it possible that this is influencing values? For example, if I wanted 100k for something "collectible", then I could conceivably ask 138k. If the market is crazy, then I would get it and pay about 38k in taxes and still get my original target of 100k. Interesting.

 

[Slowleak]

Prior to 2018 collectors could reinvest their proceeds in a similar collectible and defer taxes. Not anymore....

https://www.nytimes.com/2018/08/09/business/classic-car-1031-exchange.html

 

[marjama]

I can't say I've ever thought about the tax implications of selling a Bronco (or any personal property for that matter). In the Bronco world it's completely rational to think you could have a gain of $50K++ these days if you bought a pristine EB years ago for $20K. I'm curious how many people actually report these sales. Probably can't avoid it if you sell on BAT.

If you are allowed to deduct expenses to improve it, are you allowed to deduct your time if you do your own work? If yes, then I would still be at a significant loss in the end. I'm sure all of you are keeping detailed record of your hours, right? ;D

 

[toddz69]

I dont know if anyone noticed but the '66 that sold for $89 was bought by sam94506. It was mentioned in the comments that was Sammy Hagar. If you check his previous bids he just bought that lime green Bronco for $134K as well as more than a million in cars this year in a Ford GT, 2 XKEs, and 911 GT2 RS.

Also is Trailboss on here? I swear that guy watches and comments on every single Bronco haha. He sold his 2 years ago and is probably kicking himself: https://bringatrailer.com/listing/1975-ford-bronco-6/

Very interesting - I had noticed that username but didn't realize he had bought so many cars!

There's getting to be a regular contingent of commenters in nearly all the Bronco auctions.

Todd Z.

 

[WheelHorse]

I can't say I've ever thought about the tax implications of selling a Bronco (or any personal property for that matter). In the Bronco world it's completely rational to think you could have a gain of $50K++ these days if you bought a pristine EB years ago for $20K. I'm curious how many people actually report these sales. Probably can't avoid it if you sell on BAT.

If you are allowed to deduct expenses to improve it, are you allowed to deduct your time if you do your own work? If yes, then I would still be at a significant loss in the end. I'm sure all of you are keeping detailed record of your hours, right? ;D

As I read it, the hours only count if you are a licensed business. Personal hobby hours don't count, because EVERYONE would claim enough hours to pay zero taxes.

It baffles the mind...If you bought one at 100K and could only sell it for 50K the government could give a rats tail. If you happen to be an average schmoe and it is the other way around, the auditors are like blood thirsty sharks circling you.

 

[ngsd]

This one bids to 74k in March then sells two months later for 134k. That is what I mean by craziness!

https://bringatrailer.com/listing/1973-ford-bronco-48-2/

 

[Broncobowsher]

No, totally WRONG. You are still looking at it the old way. The Collector is not allowed to deduct expenses! The Collector can only deduct Capital improvements, and certain buying, and selling expenses. The capital improvements must meet specific requirements. Your expenses are generally not considered Capital improvements.

If you do a major restoration, those costs could be considered an increase to your Basis.

What you will start to see is an increase in sales expenses, and an increase in small businesses specializing in Auto Restoration / Dealers.

BUSINESSES can deduct expenses from their PROFITS. (IRS Schedule D)
COLLECTORS cannot deduct expenses from their GAINS.

That might be why I was suddenly a business when my accountant did my taxes a few years back.

 

[clinem03]

As I read it, the hours only count if you are a licensed business. Personal hobby hours don't count, because EVERYONE would claim enough hours to pay zero taxes.

It baffles the mind...If you bought one at 100K and could only sell it for 50K the government could give a rats tail. If you happen to be an average schmoe and it is the other way around, the auditors are like blood thirsty sharks circling you.

Generally...
When we win, the IRS wins.
When we lose, the IRS wins.

 

[sprdv1]

That might be why I was suddenly a business when my accountant did my taxes a few years back.

lol, must be.. :-X:-X

 

[56f100bbw]

Didn’t sell

Very nice bronco Didn’t meet reserve

 

[ngsd]

Very nice bronco Didn’t meet reserve

Probably saw this one go earlier for 110k and thought he could get it. Close but a color change and higher miles. Big difference in price though.

https://bringatrailer.com/listing/1974-ford-bronco-69/

 

[toddz69]

Probably saw this one go earlier for 110k and thought She could get it. Close but a color change and higher miles. Big difference in price though.

https://bringatrailer.com/listing/1974-ford-bronco-69/

Fixed it for ya .

Todd Z.

 

[chrlsful]

5/9/21 sez it...

 

[sprdv1]

Fixed it for ya .

Todd Z.

lol right....

 

[chrlsful]

nothig can fix cept no more auction sales, no more internet...