SRT Hellcat Forum banner
  • Hey Everyone! Enter your ride HERE to be a part of this months Ride of the Month Challenge!
1 - 20 of 24 Posts

·
Registered
In The Market
Joined
·
135 Posts
Discussion Starter · #1 ·
As the title says, I sold my Hellcat . The reasons are not important, but is interesting.

On July 1st, I ordered a new 1320 without a final value for my Hellcat, which I was trading. I've been friends with the GM of the dealership, so I was't really concerned. However, for whatever reason, he is a little concerned about the HC market and the used market in general. We just couldn't get together on a trade that made us both happy. I still wasn't worried....I still had a HC.

Last Saturday, I called the dealership in La Grande, OR, just to test the waters and see what they might be willing to pay for the HC. We have a second home there, so I thought what the heck, I'll just see. I gave them the the VIN and 5 minutes later they called back and offered me $73,000' my first thought was, "Well, that's gonna work!"

Now I know that doesn't sound like much to you guys that have 90K JB cars, but mine was the proverbial "Poverty Pack" that I bought last fall. I bought the car right and this gave me several thousand dollars in my pocket after my OTD price in Dec. I was very pleased. The sales manager told me he a customer for the car and hoped it would be gone by last Sunday.

We picked up the check for the car today and the HC is now in the showroom. I guess whomever he had on the car wasn't as interested as he though. But really makes me wonder what the HC market will be in a small town in NE Oregon when the snow flies?

I really hate to see the HC go. It is my opinion the HC family of cars are the greatest pure muscle cars ever built.

For those of you who have one, drive the snot out of it....that's what they are for. For those of you waiting....it is well worth the agony of the wait.
 

·
Registered
2020 Challenger Hellraisin Scat Pack.
Joined
·
3,078 Posts
I have to believe the price the dealer paid you for your car -- as nice as it was I'm sure -- is going to prove to be something of a mistake for the dealer.

Oh, I have to mention if you sold your Hellcat for a profit -- sold it for more than you paid for it -- you will owe tax on that. The profit is capital gains and is taxable. I do not know how -- or even if -- the IRS would know but just so you know.
 

·
Premium Member
Joined
·
670 Posts
I have to believe the price the dealer paid you for your car -- as nice as it was I'm sure -- is going to prove to be something of a mistake for the dealer.

Oh, I have to mention if you sold your Hellcat for a profit -- sold it for more than you paid for it -- you will owe tax on that. The profit is capital gains and is taxable. I do not know how -- or even if -- the IRS would know but just so you know.
He can claim he was living in it and it was his primary residence.
 

·
Registered
Joined
·
442 Posts
I have to believe the price the dealer paid you for your car -- as nice as it was I'm sure -- is going to prove to be something of a mistake for the dealer.

Oh, I have to mention if you sold your Hellcat for a profit -- sold it for more than you paid for it -- you will owe tax on that. The profit is capital gains and is taxable. I do not know how -- or even if -- the IRS would know but just so you know.
Not 100% correct. You still have to figure out your cost basis, just like a house. If you buy a car for $50k, put $10k into “improving” it, and sell it for $55k, it would be a capital loss.
 

·
Registered
In The Market
Joined
·
135 Posts
Discussion Starter · #5 ·
I have to believe the price the dealer paid you for your car -- as nice as it was I'm sure -- is going to prove to be something of a mistake for the dealer......
Could very well be true.
 

·
Registered
21 Hellcat Charger
Joined
·
1,160 Posts
Yeah I think the market is cooling off. My old 21 HC that I traded in back in April is still at the dealer for sale. They started it for $103k and its down to $87k which is right at what they gave me for it. Still not a good deal since its $12k over its original sticker still, but for this market its not horrible. But I have the link for it and its still sitting there. Been three months.
 

·
Registered
'23 C8 3LT Convertible Z51
Joined
·
3,649 Posts
The used car market is definitely coming to a halt but maybe it’s still hot in specific areas?

I just sold one of the hottest BMWs (E46 M3) for well under what it would’ve sold for a month ago. Strange times. Good job holding out and recognizing a better deal!
There's a reason why I advertised and sold my Hellcat to someone in Miami. That person then flipped it to someone in Arizona.
 

·
Registered
Smoke Show Challenger Jailbreak
Joined
·
624 Posts
Oh, I have to mention if you sold your Hellcat for a profit -- sold it for more than you paid for it -- you will owe tax on that. The profit is capital gains and is taxable. I do not know how -- or even if -- the IRS would know but just so you know.
The IRS only knows what is reported to them😉
 

·
Registered
2020 Challenger Hellraisin Scat Pack.
Joined
·
3,078 Posts
Not 100% correct. You still have to figure out your cost basis, just like a house. If you buy a car for $50k, put $10k into “improving” it, and sell it for $55k, it would be a capital loss.
Yeah, that's true. But the OP didn't indicate he spent any money improving the car. Generally improvements are a property/house/building thing.
 

·
Registered
Joined
·
133 Posts
I have to believe the price the dealer paid you for your car -- as nice as it was I'm sure -- is going to prove to be something of a mistake for the dealer.

Oh, I have to mention if you sold your Hellcat for a profit -- sold it for more than you paid for it -- you will owe tax on that. The profit is capital gains and is taxable. I do not know how -- or even if -- the IRS would know but just so you know.
Boy what a downer.
 

·
Registered
In The Market
Joined
·
135 Posts
Discussion Starter · #15 ·

·
HOTM Winner
2020 Challenger Hellcat Redeye Wide Body
Joined
·
12,073 Posts
The used car market is definitely coming to a halt but maybe it’s still hot in specific areas?
Not sure if it’s coming to a halt. We watched a 481 mile ‘22 bare bones Hellcat (not RE) bring 75k at the dealer only wholesale auction last Wed. that we attend every week. Yes it had no miles and yes it was a ‘22 but it was as basic as it gets with zero options and a dealer paid 75K. He has to mark that up over 80K to make it even close to being worth laying out 75K now. And tbh even that isnt really a score. Imo the used market for these is still fairly strong. That just seems high to me.
 

·
Registered
In The Market
Joined
·
135 Posts
Discussion Starter · #18 ·
Well, the reason IS important. It's like skipping the opening line of, "Two guys walk into a bar........." 😁
It's been a rough year in the stock market for me and the money for the Hellcat sitting in the garage bothered me. I just decided to see if the Hellcat market was still strong. Apparently it is in NE Oregon.

The market also seems to be making a 'bit" of a recovery, so the feeling of being "bothered" by financial issues is going away.
 

·
Registered
In The Market
Joined
·
135 Posts
Discussion Starter · #19 ·
Just an update....my car has apparently sold. It is no longer listed on their website, so I'm assuming it's gone. I guess they pretty much have an idea what their market is.

I'm pleased with the money they paid me for the car and I'm also certain they made good money on the car, which makes both of us happy! I hope the new owner enjoys the car as much as I did.

It does seem to prove once again that, "There's a butt for every seat!"
 
  • Like
Reactions: Thebestgunrack

·
Registered
In The Market
Joined
·
135 Posts
Discussion Starter · #20 ·
Well, well, the Scat Pack that I ordered on July 1 arrived today. I've decided not to take it and a friend of mine decided to buy it, but it took less than 6 weeks from order to delivery. That is pretty dang quick.
 
1 - 20 of 24 Posts
Top