[evo-mike]

Originally Posted by M3Pilot09

Question, I am selling my car to Driveway Thursday. Why would I have to pay taxes when they are buying the car directly from BMW FS?
Am I missing something?

There's no taxes when selling. Only when you buy the next car. Some states, like Georgia, you only pay tax on the difference between your trade and the new car. So when you sell your car in a different transaction you lose that tax offset.

[robopp]

Originally Posted by evo-mike

There's no taxes when selling. Only when you buy the next car. Some states, like Georgia, you only pay tax on the difference between your trade and the new car. So when you sell your car in a different transaction you lose that tax offset.

Some states don't charge sales tax on vehicle purchase too. SC and NH are two states off the top of my head.

[serpentine]

Originally Posted by M3Pilot09

Question, I am selling my car to Driveway Thursday. Why would I have to pay taxes when they are buying the car directly from BMW FS?
Am I missing something?

In PA, you only owe taxes when you purchase. Buying out your own lease is a purchase. A dealer buying you out, the dealer is the purchaser but they are exempt.

Leasing companies operate differently. The only contractual obligation on a buyout figure is between you and them. They are not obligated to offer the same terms to a dealer. I’m in the middle and of a buyout (non BMw) where it “paid” to have me buyout my own lease and then sell to a dealer as opposed to the dealer buying out directly. Not sure how BMW Financial operates, but they have a disclaimer when you request your payoff that says something along the lines of…this is for you only, if you’re a dealer call this number.


EDIT: I just called BMW Fin, and they said the dealer is quoted the same buyout, except no taxes.

[Macanakey]

I'm replacing my X3MC with a new Cayenne GTS. Dealer is too far away to trade the car in. Phytonic Blue with all the options & 8200 miles on it. My local BMW dealer offered $59K. Carmax has offered $64K. Carvana must be part of the BMW guys - $59.6K. Driveway just offered $68K if I say it's in great shape & $67K if I say it isn't. The tires probably are the determining factor between good & great. It might be worth putting new tires on it to sell it.

[M3Pilot09]

Originally Posted by Macanakey

I'm replacing my X3MC with a new Cayenne GTS. Dealer is too far away to trade the car in. Phytonic Blue with all the options & 8200 miles on it. My local BMW dealer offered $59K. Carmax has offered $64K. Carvana must be part of the BMW guys - $59.6K. Driveway just offered $68K if I say it's in great shape & $67K if I say it isn't. The tires probably are the determining factor between good & great. It might be worth putting new tires on it to sell it.

Driveway is picking up my X3M today. Check machine is "broken" can only do ACH transfer and on top of it they said 3-5 days to receive payment.

[evo-mike]

Originally Posted by M3Pilot09

Driveway is picking up my X3M today. Check machine is "broken" can only do ACH transfer and on top of it they said 3-5 days to receive payment.

Hmm, at least they're picking it up. The other guy had to drive it out of state to drop it off

[Macanakey]

Originally Posted by M3Pilot09

Driveway is picking up my X3M today. Check machine is "broken" can only do ACH transfer and on top of it they said 3-5 days to receive payment.

I'm having to drive it out of town, too. Closest dealer to us is about 1.5 hours away. I'm willing to schlep a little farther to get another $3K for it.

[forza1976]

Originally Posted by evo-mike

Hmm, at least they're picking it up. The other guy had to drive it out of state to drop it off

That would be me. Another buddy of mine is caravan'ing up too to drop off his 2016 M4 as well.

[VChenz]

my question is how the hell are you guys originally picking up X3M's with discounts in excess of $15K?!?

In Canada we are lucky to get $4K off the price...

[evo-mike]

Originally Posted by VChenz

my question is how the hell are you guys originally picking up X3M's with discounts in excess of $15K?!?

In Canada we are lucky to get $4K off the price...

This was almost a year ago. There was a lot of supply early during COVID and people weren't spending money on stuff like this. So BMW had incentives of $6k+ and dealers were discounting heavily since they didn't want to get stuck paying interest/lot costs on a car that probably wouldn't sell for a while.

[redcrxsi]

Originally Posted by evo-mike

This was almost a year ago. There was a lot of supply early during COVID and people weren't spending money on stuff like this. So BMW had incentives of $6k+ and dealers were discounting heavily since they didn't want to get stuck paying interest/lot costs on a car that probably wouldn't sell for a while.

The 6k credit was there before COVID as well, not sure how much got mine in December. Maybe mine was 5500 actually. Could have been part of the dec event.

Anyway 10+% off msrp before incentives was pretty common.

[M3Pilot09]

Well it's official, Driveway picked up my 2020 X3M yesterday from my house, super easy. They did not have the ability to give me a check for my equity in my lease, they sent an ACH which I received today. Anyway I put $2500 down on my 2020 X3M, drive it fir 6 months sold it a made a net profit of $8,800.

My 2021 X3MC is being delivered to my house today. it was $80,400. I am putting down $8500 and the payment is $589 with tax. Plus I will get $500 back from CCA. Seems like a lateral move but I think I won all the way around.

[Kozumasbullitt]

Originally Posted by M3Pilot09

Well it's official, Driveway picked up my 2020 X3M yesterday from my house, super easy. They did not have the ability to give me a check for my equity in my lease, they sent an ACH which I received today. Anyway I put $2500 down on my 2020 X3M, drive it fir 6 months sold it a made a net profit of $8,800.

My 2021 X3MC is being delivered to my house today. it was $80,400. I am putting down $8500 and the payment is $589 with tax. Plus I will get $500 back from CCA. Seems like a lateral move but I think I won all the way around.

Net profit of $8800? That includes subtracting your drive off and all monthly payments?

[tarmactrr]

Originally Posted by VChenz

my question is how the hell are you guys originally picking up X3M's with discounts in excess of $15K?!?

In Canada we are lucky to get $4K off the price...

I managed to do it because they had a leftover 2020 back in February and were looking to off load it.

Funny part was they never advertised it, but they matched another dealer who did advertise that discount on their left over 2020.

[Macanakey]

Originally Posted by M3Pilot09

My 2021 X3MC is being delivered to my house today. it was $80,400. I am putting down $8500 and the payment is $589 with tax. Plus I will get $500 back from CCA. Seems like a lateral move but I think I won all the way around.

Why the move to a 2021? If you mentioned in another thread, I missed that.

Edited - read too fast. Got it!

[M3Pilot09]

Originally Posted by Kozumasbullitt

Net profit of $8800? That includes subtracting your drive off and all monthly payments?

No I don't factor in the lease payment because I lease it through my business and write it off.

[JP30]

Originally Posted by Macanakey

Why the move to a 2021? If you mentioned in another thread, I missed that.

Assuming he did this to get into a Competition
I'm glad I pulled the trigger in April based on how May has looked and what the next few months hold

[M3Pilot09]

So Driveway was great to deal with and easy. I received my ACH payment the next day and took delivery of my X3MC.

[f82fanatic]

Originally Posted by M3Pilot09

No I don't factor in the lease payment because I lease it through my business and write it off.

Great trade! Do you notice a huge difference between X3M and X3MC?

[M3Pilot09]

Originally Posted by f82fanatic

Great trade! Do you notice a huge difference between X3M and X3MC?

Going through the break in 1,200 miles so no comment on the extra hp yet. However, I had the dealer do the istep update prior to delivering the car to my house. It actually feels better than my 20 Non Comp that had the istep done as well. I have the M sports seats which are a big improvement over the standard seats. I am very happy with the X3MC. Tint being done today and then dropping off at my dealer to install my stealth hitch, spacers, painted reflectors and hardwire V1. I have the Continentals so going to switch to PS4's as well.

[NKGK20]

Originally Posted by M3Pilot09

This is strange to me but check this out.

I leased a 2020 Non Comp X3M in December 2020. The MSRP was $77,800, I have made 6 lease payments thus far. I decided I wanted a comp so I checked prices to purchase my X from Carvana, Autonation and Vroom and this is what they came back with. My payoff is 55K, I have owned 10 M3's, M4 M5, M6, i8, 4 X5's, 340, 335 and I always lease because of my business. I usually have to pay severely to exit a lease early. How is it I can go today hand over my keys and walk with a check for 9K???

Autonation-$64,000

Carvana-$63,500

Vroom-$64,000


Has anyone else experienced this? I am doing it for sure and will just go grab a 21 X3MC

My 2021 Comp's payoff is $82k. My payments are about 1400$ a month (don't ask). When do you think I'll be in that sweet spot to make some money? I'm trying to sell it make some money and get into another one. Thanks!!

[X3mcesq]

Originally Posted by NKGK20

My 2021 Comp's payoff is $82k. My payments are about 1400$ a month (don't ask). When do you think I'll be in that sweet spot to make some money? I'm trying to sell it make some money and get into another one. Thanks!!

Originally Posted by NKGK20

My 2021 Comp's payoff is $82k. My payments are about 1400$ a month (don't ask). When do you think I'll be in that sweet spot to make some money? I'm trying to sell it make some money and get into another one. Thanks!!

There has to be a typo on at least one of those figures…