Learning The True Market Value Of An Old Car

[jdome]

51 minutes ago, 1935Packard said:

 

“Paying taxes is not voluntary.” —  Wilcox v. Commissioner, 848 F.2d 1007, 1008 (9th Cir.1988). And not paying a tax that you know is due is a federal crime, as I understand things.  https://www.irs.gov/pub/irs-utl/tax_crimes_handbook.pdf

 

As for the claim that the IRS could be liable by telling you have to pay more than is due, can you say a little bit about how that works?  What's the cause of action, and what are the damages? 

You are twisting my words. Stated in another way. The IRS is not obligated to tell you that you paid too much or that your employer withheld too much.  They can not be held liable for not telling you, most likely because they are acting on what is being reported.,  It is up to you to file a tax return at the end of the year and ask for any excess back. You are also required to report any additional income over $600 that wasn't reported by a w-2 or 1099 and factored into your net taxable income. 

 

I am not suggesting to anyone not to pay taxes they owe.  But sellers should seek professional advice, not here, if they have a concern about how much if any tax liability they have for their particular circumstance.   We all know sellers that want paid Thousands in cash and we know why. We also know buyers that under report the sale to avoid sales/registration taxes.  

[1935Packard]

1 hour ago, jdome said:

You are twisting my words. Stated in another way. The IRS is not obligated to tell you that you paid too much or that your employer withheld too much.  They can not be held liable for not telling you, most likely because they are acting on what is being reported.,  It is up to you to file a tax return at the end of the year and ask for any excess back. You are also required to report any additional income over $600 that wasn't reported by a w-2 or 1099 and factored into your net taxable income. 

 

I am not suggesting to anyone not to pay taxes they owe.  But sellers should seek professional advice, not here, if they have a concern about how much if any tax liability they have for their particular circumstance.   We all know sellers that want paid Thousands in cash and we know why. We also know buyers that under report the sale to avoid sales/registration taxes.  

 

Agreed that investors, especially in that price range, should be seeking professional tax advice.    (And I would just add that you have to report income below $600, too:  The $600 threshold is just the new line for when certain third-party providers have to report the income to the IRS so that the IRS doesn't have to rely solely on individuals to report the income.  But the legal obligation on the individual taxpayer is to report all income.)

 

 

Edited January 16 by 1935Packard (see edit history)

[John_S_in_Penna]

I think the tax discussion is interesting, but it 

should be separated into another topic.

 

The question at hand is Drumbob's question:

Where to find values of a car he may want to buy.

 

[TTR]

Oh, and if I’ve failed to make it clear before, I along with all my lifelong antique/classic/vintage car enthusiast/hobbyist friends have always believed anyone other than brokers/dealers/flippers considering or seriously discussing antique/classic/vintage cars as some kind of “market commodities” shouldn’t be taken seriously as passionate/true enthusiasts/hobbyists for said vehicles and in most cases these type of individuals would probably be better off spending (wasting ?) their time and money speculating in Wall Street or something and leave the old car hobby for those who can & will appreciate/approach it as just that, a hobby.

 

Simply put, you buy the car you want and can afford, including to live with the consequences.
 

Full disclosure: I’ve bought and sold probably 1000+ antique/classic/vintage cars in past four decades, although vast majority of those transactions took place over 30 years ago, when I was acting/working as a broker/supplier of them to a huge demand in Nordic countries at the time, but can’t recall a single occasion in which the consideration of price (or “value”, if you will) for any of them had anything to do with other cars, including identical years, makes or models. 
Each car’s price/value was always weighted against its own merits, as it only should.

[Tph479]

On 1/14/2024 at 7:02 PM, alsancle said:

 

You are not wrong.  But his best bet is to tell us what he's looking at.   There might be a guy or two on here that knows something about the marque.

 

I've been beating the drum for years that generic guides are worthless.   Unless you really know the car internet comps to similar cars mean little.  Too many variables.

 

Even professional dealers are not sure how to price the cars they sell.

 

 

My late friend was trying to sell his Packard and the problem he was having was that potential buyers kept on bringing up what a price guide said it should be worth.  He told them not to look at the price guide, the numbers were bunk and that he would never sell the car for that. My buddies car was one of four known cars and none were publicized for sale for a long time. My friend went so far as to write the price guide with his reasons, and offered his economic support for why each of the 4 cars were worth more than the guide said. He later had a lively phone debate with someone from the price guide where he claims he told them he used the guide as toilet paper. The car later sold to a previous owner who wanted it back.

[EmTee]

On 1/16/2024 at 7:52 PM, Tph479 said:

He later had a lively phone debate with someone from the price guide where he claims he told them he used the guide as toilet paper.

A short time later, the main drain line backed-up into his basement.