Car question for those who have company cars

[massimoManca II]

fleet company just emailed me that I need to order my new Subaru (current company-owned Legacy just hit 79k ).

I expect I'll be given a "buyout" option - colleague was offered his company car (also a '13 Legacy) with a $9,100 buyout... Knowing well the obscene amounts attached to late-model used cars - thinking I could flip this thing pretty quickly for a couple easy beans (Edmunds lists a $12k avg private party sale avg) ...

I have zero interest in owning this car. Just wondering about passing up what I believe is an easy way to score some caysh.

Anyone ever exercise the option to buy their company car?

TIA
mMII

 

[sluggo72]

I did that with my wife's company car. We made a quick $900 as we had it sold ahead of time. Biggest problem is the title and taxes. I had to put it in my name first before I could resell it. That was a sales taxable event. So even w that we made the $900. I don't know how they tax in your state

 

[waltsrug]

Same situation as Sluggo.

You could use the extra money to pay your STEP fees

 

[Peetz Pool Boy]

fleet company just emailed me that I need to order my new Subaru (current company-owned Legacy just hit 79k ).

I expect I'll be given a "buyout" option - colleague was offered his company car (also a '13 Legacy) with a $9,100 buyout... Knowing well the obscene amounts attached to late-model used cars - thinking I could flip this thing pretty quickly for a couple easy beans (Edmunds lists a $12k avg private party sale avg) ...

I have zero interest in owning this car. Just wondering about passing up what I believe is an easy way to score some caysh.

Anyone ever exercise the option to buy their company car?

TIA
mMII

I used to do it frequently but only if my company offered a price that was well below wholesale. If it's just at wholesale, probably not worth your effort....those "private seller " prices on Edmunds or elsewhere are inflated.

Like you, I used to take incredible care of my company cars...I never really needed to buy them, but I did. I quickly resold them to relatives for no more than what I paid. Most of them drove the vehicles for years and then resold them for close to what they paid me.

 

[massimoManca II]

I did that with my wife's company car. We made a quick $900 as we had it sold ahead of time. Biggest problem is the title and taxes. I had to put it in my name first before I could resell it. That was a sales taxable event. So even w that we made the $900. I don't know how they tax in your state

Yeah - NYS sales tax takes me up to $9,900.... Suppose I'd be in for a few more hundred for registraion/ insurance unless I found a local lot to consign it

 

[81b&w]

take it to a dealer and ask them what they'll pay for it. Many dealers buy cars off the street. Of course you won't make near as much but you might make a few hundred on a quick sell and be able to avoid all the paperwork

 

[massimoManca II]

take it to a dealer and ask them what they'll pay for it. Many dealers buy cars off the street. Of course you won't make near as much but you might make a few hundred on a quick sell and be able to avoid all the paperwork

Suspect a dealer would be willing to pay $10k... I'm sure I'd be on the hook for sales tax once I take possession from the fleet company

 

[canuckhal]

And here I thought this thread was about J.T. Barrett.