How hard is it to sell a Skoda?

[Ryan_R]

Cars For Sale or Wanted to Buy

Post a thread in here

Rules - Rules for using classifieds

[The One]

Are we allowed to advertise on here? I don't want to incur the wrath of my fellow Skoda lovers here (I fully intended on owning another one when I return to Australia).

There's a classified section....

Cars For Sale or Wanted to Buy

[Ryan_R]

[aslsw]

I've never looked around in the other forums!

Oh, and the accountant says no - no tax implications from selling the car at a loss.

[Yao]

Oh, and the accountant says no - no tax implications from selling the car at a loss.

Not surprising. One of the so-called benefits spruiked by leasing companies is if you keep your car well enough and sell it at the end of the lease for more than the residual value, you end up with a tax-free profit. I guess the reverse is the same.

Hope you are able to sell it for at least the residual value.

[zei20t]

Not surprising. One of the so-called benefits spruiked by leasing companies is if you keep your car well enough and sell it at the end of the lease for more than the residual value, you end up with a tax-free profit..

that only depends if youre paying out of your own pocket, or getting an allowance from your place of work.

if allowance, you are essentially making a profit that you must pay tax on in the same way you don't use your entire car allowance.

[Yao]

Oh, ok. I pay out of my own pocket. Managed to sell my previous lease vehicle for a couple of grand more than the residual value. Very happy

Not sure I'll be so lucky with my Skoda, though. But that's another 3 years in the future. Meanwhile, I'll jut enjoy owning and driving it

[Martin]

The problem is that I'm still 12 months out from the lease end date,
and I want to make sure I at least cover the lease payout.

I guess I can continue to cover the lease payments while I'm away,
but it seems crazy to be paying for as asset to just sit in the garage

but I don't want to lose thousands on it.

If you garage it for a year and continue paying the lease, you will loose thousands, in the form of one year of depreciation, so probably best to dispose of it

I'm the opposite, I want to get 4 or 5 years usage out of my car, but then I want it to be worth as little as possible so it's more easy justify turning it into a cheap thrills track car

[K1W1]

Everything has a price.
If any car is priced correctly in relation to what the market says it's worth it will sell. Overprice the car and you will end up sitting on it for a long time.

[Dutch77]

that only depends if youre paying out of your own pocket, or getting an allowance from your place of work.

if allowance, you are essentially making a profit that you must pay tax on in the same way you don't use your entire car allowance.

The taxable component will depend on the business use that has been claimed on it. If a vehicle is being claimed on, one thing to watch out for if it is leased and being traded at a loss - the loss won't be deductible. In those instances ensure you pay out the vehicle first, then trade it. Usual disclaimer.. seek advice.