I was asking my dealer about postponing my order (wife got a new car) and pushing my already placed 22MY order into 23. He told me there wasn't really a way to do that, if I cancel I go back through normal reservation process from square one.
What surprised me was he suggested taking the vehicle and selling it; I was under the impression dealers were going to restrict resale but doesn't sound like that's the case. Realistically, is anyone going to want to buy a secondhand lightning Pro if they can't claim the tax credit?
I was asking my dealer about postponing my order (wife got a new car) and pushing my already placed 22MY order into 23. He told me there wasn't really a way to do that, if I cancel I go back through normal reservation process from square one.
What surprised me was he suggested taking the vehicle and selling it; I was under the impression dealers were going to restrict resale but doesn't sound like that's the case. Realistically, is anyone going to want to buy a secondhand lightning Pro if they can't claim the tax credit?
I'm confident there will be a strong resale market. The question is whether your dealer chooses to put the no-resale language in your order. There are threads about that here in the forum.
You can also just pass on buying the truck and letting the dealer sell it for a big profit.
Many talk here and on FB about the huge markups and what people will pay for these aftermarket - that is all TALK until someone starts putting their money where their mouth is.
It will truly be all about what you are willing to sell it for. If you pocket the $7500, wouldn't you pass that savings on to the buyer of your truck, you'd just take that into consideration when you sell it right?
I think the market value (and price) would be independent of whether the seller received a tax credit or not. Your personal tax situation is private and some sellers may not have qualified for the credit (perhaps income that year wasn’t high enough, so tax liability was so small after filing with the standard deduction).
Assuming you're the first owner....If you can't afford the truck, then pass on delivery, sure the dealer is going to find a willing buyer and probably at a premium. Taking the truck only for a tax credit is unethical, the law governing this credit needs tightening and your story is a prime example. 👿
What am I missing here?
Its Ok to flip houses, motorcycls, Land or everything that is out there where you can make a profit, but God forbid...not the Lightning??
Oh...and it's ok for the dealers to charge over MSRP ?
Free market..it call " Suply and Demand "
I can afford the truck, I was just asking the dealer about cancelling my Pro changing my reservation to an XLT or Lariat next model year and that's the info they shot back. Since it was contrary to what I had read here, figured it was worth mentioning.
Like GDN said theoretically you'd back the tax credit out of what you sold it for, but the credit can't be redeemed until next Spring, and at least in my state you'd end up having a sales tax liability on the $7,500 price difference.
Am I the only person who thinks the tax credit is really, really tricky for many to get, anyway? Do they realize this? For those buying this year, remember you will need to OWE more than $7500 in taxes. That will take preplanning for a lot of folks. You don't get a refund for it.
Yeah I had a big conversation with my accountant about exactly that. It's complex, especially if you have other credits that ARE refundable (Child tax credits). Definitely not as easy as just banking on $7,500 coming straight from uncle sam.
Easy to get there for us. We could buy 3 EVs in one year and still have surplus tax liability, but I know that we are not a typical family (health professional and part time substitute teacher with two children). If you are single, with no other deductions (student loan interest...) you would need a taxable income around 55k (agi 67k minus standard deduction) to have 7500 in taxable liability. Yes that is well compensated, but right around the median us household income (I know many households are married, which changes the income needed to between 90k and 95k between both incomes). If purchasing a 50k to 90k vehicle one likely has income in the higher range and likely has the taxable liability for at least one tax credit if 7500. (Nobody, well almost nobody, who is a W2 employee is buying a lightning and claiming the earned income tax credit).
Where are you located stlww 18? How was it configured? If you don't want the Pro, I am sure there are folks who would buy it off you. Not trying to start a bidding war on the forum or anything. I am sure you will get lots of PMs if you are serious.
Buy it and flip it...I am very confident you will be able to make a profit out of the sale. $10k? $20k?....I'd start at $30k more and see what happens.
IF the OP is interested in a higher trim and IF Ford will allow reservation swaps, I would gladly trade the OP my reservation, provided I could live with the color he chose....what can I say, I'm picky like that.
I think ‘Order Swap’ discussion would be a good use of this forum. For example, if you ordered a Pro and now want a Lariat, you could simply post it on Forum and would likely find a match with someone interested in the other side of the swap. Then you each go to your dealers and tell them what you want to do and get agreement to swap. Guessing the paperwork would cost each party $500 or so to give both dealers some incentive to do the legwork (likely a few keystrokes).
Ha, neither and after some research on Schedule D, I think I’m wrong on the appreciation piece. You’re supposed to pay tax on ‘capital gain’ being sale price - purchase price. I can think of some strategies to minimize the gain though…especially if selling back to a dealer who could give you all sorts of discounts on future vehicles for your family, services, car loaners, etc. probably easier to pay the taxes though!
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Related Threads
?
?
?
?
?
⚡ Ford Lightning Forum ⚡
54.5K posts
7.9K members
Since 2020
LightningOwners.com - Ford F-150 Lightning Forum, Community And Owner’s Club. Join the conversation about the Electric F-150.