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coupe for spider

Discussion in 'Ferrari Discussion (not model specific)' started by ross, Apr 13, 2017.

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  1. ross

    ross Three Time F1 World Champ
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    Mar 25, 2002
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    Ross
    #1 ross, Apr 13, 2017
    i want to swap my 2005 430 coupe for an equivalent spider.

    my car is red with black daytona interior with red stitching. 17k miles. everything is stock. i reckon it is worth about 100k, maybe slightly more.

    i have seen equivalent spiders in texas for about 10-20k more.

    do you think it is likely that i can find a dealer to swap me for my car+10k?
     
  2. Tim1137

    Tim1137 Formula Junior

    Aug 16, 2011
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    #2 Tim1137, Apr 13, 2017
    Probobly not, as it doesn't leave them any way to make a profit on your car. It'd be more like + 30K
     
  3. toggie

    toggie F1 World Champ
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    #3 toggie, Apr 13, 2017
    Agree.

    To get to a $10k or $15k difference, you'd need to sell your 430 private party at a close-to-retail price and buy a 430 Spider private party for a reasonable price.

    .
     
  4. WJGESQ

    WJGESQ Formula 3

    Dec 30, 2004
    1,477
    #4 WJGESQ, Apr 13, 2017
    No harm in asking.
     
  5. ross

    ross Three Time F1 World Champ
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    #5 ross, Apr 14, 2017
    here is another question...

    if i trade a car in against another one with the dealer, am i only liable for the taxes on the difference in cost between the 2?

    if i sell my car myself, and then buy the replacement from somebody else, will i then be liable for the taxes on the new car on the full value?

    is there any way around this? does a 1031 exchange save me from that?
    what if i am selling my present car in one name, and want to put the replacement car into a different name? or a different state?
     
  6. staatsof

    staatsof Nine Time F1 World Champ
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    #6 staatsof, Apr 15, 2017
    These are great questions I'd like to know as well. It thought a trade avoided any capital gains tax at least. But given what you want to do it doesn't sound like you'd have any?

    Someone I know just bought a 2005 black on black coupe with 8K miles, 5 owners :eek: what do these people do with their cars?, paddle shifter and he paid $130K.
     
  7. Enzojr

    Enzojr F1 World Champ

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    #7 Enzojr, Apr 15, 2017
    Stick or F1 ?
    Seems if you own the stick/manual and are moving/trading to an F1 you are in a much better position ;)
     
  8. ttforcefed

    ttforcefed F1 World Champ
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    #8 ttforcefed, Apr 15, 2017
    if you trade in to the dealer you are only responsible for taxes on the net difference. So they give you 100k for your car, you pay 115k for the new car - you pay taxes on the 15k.

    1031 exchange can be done with cars but wld only help if you had gains you were trying to roll. Ie you bought an f40 for 400k. today its worth 1.5M and you want to go buy a 1.5M car. make sense?

    "if i sell my car myself, and then buy the replacement from somebody else, will i then be liable for the taxes on the new car on the full value?" Yes.

    You cld pay someone who has a dealer license to run the transaction if you really wanted go through the effort. But if you ask me its not worth the risk on such a small transaction considering your level of wealth.
     
  9. TheMayor

    TheMayor Ten Time F1 World Champ
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    #9 TheMayor, Apr 15, 2017
    F430 spiders are a lot easier to get rid of than coupes. I think you'll take a bit of a bath on the trade in value. IMO, they'll give you 80K for the coupe and then ask 120 for the spider.
     
  10. Texas Forever

    Texas Forever Eight Time F1 World Champ
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    #10 Texas Forever, Apr 15, 2017
    In Texas, you will get a sales tax credit for the value of your trade in.

    Yep

    1031 is for federal taxes. The only way you can get around paying sales taxes on the new car is to register in a state that has no sales tax. But this opens up a whole new can of worms. If you register the car in Montana, but keep it in Texas, just don't get caught.
     
  11. Texas Forever

    Texas Forever Eight Time F1 World Champ
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    #11 Texas Forever, Apr 15, 2017
    Yep
     

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