Selling a car to european buyer, what to do? | FerrariChat

Selling a car to european buyer, what to do?

Discussion in 'General Automotive Discussion' started by redhammer, Nov 29, 2016.

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  1. redhammer

    redhammer Karting
    Silver Subscribed

    May 9, 2011
    131
    #1 redhammer, Nov 29, 2016
    I was wondering what is the safest way to sell a car abroad. I was contacted by a foreign buyer, everything seems legit but not sure what is the best way to handle this? Should i go thru a dealer so we are both safe? I'm planing on purchasing a car from the same delaer so i was thinking on 3 way deal to avoid any issues? The car I'll be trading it for its cheaper then mine so not sure how would that work out. Do i need to pay capital gain tax if I sold the car for more then I bought it for? Any help is appreciated.
     
  2. Cobraownr

    Cobraownr Formula Junior
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    Feb 6, 2008
    931
    Edgewater, MD
    Full Name:
    Donald Silawsky
    #2 Cobraownr, Dec 4, 2016
    You should arrange with a licensed third party (attorney, CPA) to act as an independent third party fiduciary to receive, hold, and disburse funds and paperwork (sales contract, title), just like is done for real estate transactions with escrow companies. Using a dealer introduces another entity into the transaction who may have interests different from yours. You need a fully independent fiduciary agent with no stake in the transaction. Regarding taxes, get competent advice. There are ways to mitigate capital gains tax, such as Section 1031 (Starker) exchanges. PM me if you would like more info.
     

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