Current Tundra Sale Prices

I’ll keep this short. Used tundras are going for top dollar due to market and economic inefficiencies. Do you guys think it’s ok to sell your truck for more than what was paid for them? When they are suppose to depreciate. I have a 14 Limited CM paid 25k I was offered 38k for it at the dealer when I went to pick up my wife’s RAV4 from getting an oil change. I personally would feel bad if someone bought my truck at a value I think is to high. Not at all with the dealer but the end buyer

what are y’all’s thoughts?

 

You don't control the used vehicle market. Why would you attach emotion to the decision unless you were emotionally attached to the truck? I think it'll be 6 months before used vehicle prices start to return to normalcy. Make the right financial decision for you and your family. Let someone else worry about what they would pay for it on a dealer's lot.

 

it’s supply and demand, not a moral issue

profit while you can. the situation will correct itself over time

 

If you sell high then you will have to buy high unless you wait to buy until the market normalizes. I took it as an opportunity to sell my Tacoma, because I needed something larger. Whatever I got extra though, I paid a good chunk of that back by paying more for the Tundra.

 

Yeah it’s awful. Counter with $20k so can sleep at night.

 

If I was financially set I'd sell it to someone I knew for a deal that wanted/needed a truck and wasn't just going to flip it. But I'm not so I'd sell it for top dollar and buy again when the market gets back to normal.

Is there any tax obligations with making that much of a profit? I'm wondering if you need to claim that especially if it's not a cash deal.

 

yes, tax is due if you sell your car for more than you paid - that is called capital gains. therefore, you have to pay something called Capital Gains tax.

Generally speaking, most individuals lose money on the sale of a car so this issue doesn’t come up very often.

 

If you report the capital gains then you deserve to pay them.

 

this! lol

 

I went ahead and cashed in yesterday. Bought a year ago to the day for $39,213 out the door and sold to CarMax for $49,000 even.

 

Now if you ride a cheat Honda scooter until the market sorts itself out, you will have done very well for yourself!

 

All I know is the first $80,000 offer I get my truck will be sold! (2020 SR5 4x4 CM, TSS package, 10,500 miles, MGM, ReTrax Pro XR bed cover). GET IT NOW!!! Once Toyota announces the 5.7 is dead the price goes UP to an even $100,000!!



And no, don't feel bad if you make a profit. All these years of everyone else trying (and most likely at least occasionally succeeding) to screw you out of money, think of it as YOUR turn to profit for a change! Besides, it's not like anyone is being forced to buy at these prices. If they want to pay the current market price, and you're willing to sell, why not?