Car corrals

[YY1]

Just for the record, I paid cash for my last daily driver.
I was all excited to be about to carry a "briefcase full of cash" to fling open at the dealership.

15K in hundreds fit into two of those cash envelopes they give you, and could have fit in one.
Kind of a buzzkill.

Maybe next time I'll ask for 20's or 10's.

 

[Fran Blacker]

But if I have an old car that I bought for $1K, and in 30 years it appreciates to being worth $25K, do I have to pay taxes on the increase in value?

Yes your suppose to pay capital gains tax. Here's the best part you can pay up to 28%. It depends on other factors you need to research if you plan to pay.

 

[Richard Cranium]

Not everybody carries $30-40,000 in cash around with them.

You'll need more than that to buy a decent B-body in 2023. 30-40 large is just a partial payment these days.

 

[Triplegreen500]

We do have 'certified checques' in the USA, but...you have to use YOUR bank (which may or may not be close to the car corral); you have to know the name of the recipient (which you WON'T know, prior to visiting the show and deciding to purchase, unless you've pre-arranged the purchase); you have to know the exact total.

And...they can be forged/faked. Quite easily.

Any significant amount, I either take cash; wire transfer; or I will GO TO THE BANK with the other party and watch the check be drawn in person, and/or verify funds in person.

When I bought my Charger, I had discussed a "certified check" with the seller and he was fine with it. Time came, he wanted us to go to my bank (I was 800 miles from home; good thing I use a large national bank!) so they could verify for him that the funds were there. Totally fine with me. We did, they verified, he deposited it and moved it to another account immediately. I had already loaded the Charger on a trailer, attached (locked) to my Cummins, which was also locked and I had the key in my pocket.

After all that, I said "you know...we could have just set up a wire transfer and done that in the parking lot...." But...he got his dough, I got my car, all is good.

 

[Fran Blacker]

Anybody ever selling a car been paid in gold or part gold plus cash?

 

[Richard Cranium]

Anybody ever selling a car been paid in gold or part gold plus cash?

If you pay with 68-70 Chargers, that’s better than gold.

 

[VANDAN]

Just for the OP's knowing, there used to be a Window/Counter at Carlisle, where you are able to wire transfer, or conduct some banking business. It used to be in the Main High Dollar Car Display Bldg. Not sure if they still offer that service there ?

 

[moparedtn]

Of course, if the cash was never in a bank to begin with, this is not an issue. There's plenty of people that do substantial cash reserves on hand as play money and that doesn't mean that there's anything nefarious about having a stash. I know people who are scared of carrying around a couple hundred bucks, but in our hobby, cash always talks.

I know about the papertrail stuff - was just wondering if "technically" even a cash transaction should be reported?
Sure as hell won't ever be by me, of course...was just wondering.

 

[Big Bad Dad]

Do "certified cheques" not exist in the greatest country in the world ?!?!

Yes. And they can be faked. My wife works in a bank, and has been thru the fraud training. She explained it to me. I'm not able to fully explain it here right now, but I will never take one any more unless I know the person AND their bank very well.

 

[WileERobby]

Do "certified cheques" not exist in the greatest country in the world ?!?!

Here he goes with his USA-hate shpiel again. And, it's spelled "checks", Jacques.

 

[33 IMP]

Do "certified cheques" not exist in the greatest country in the world ?!?!

Nope. We have Certified Checks.

 

[68 Sport Satellite]

Yes your suppose to pay capital gains tax. Here's the best part you can pay up to 28%. It depends on other factors you need to research if you plan to pay.

but if you keep receipts you should be able to deduct those. If I bought my car for $6K, invest $50K on resto and sell for $40K later, no way am I paying capital gains taxes.

 

[mrhemi]

Not everybody carries $30-40,000 in cash around with them. Take a cash or personal check deposit on the car until potential buyer comes up with remainder in cash or certified cheque. Give a receipt for the deposit, with a note that seller retains possession and ownership until fully paid. I live in Ontario and took a car to sell at Carlisle. Because of import/export rules, the sale of the car had to be completed in Ontario. I explained this to an interested potential buyer, and he said he was OK with it. I took his personal cheque as a deposit, and agreed to meet him at the border (I live 2 hours away.) when he came to Ontario to complete the purchase. In the meantime, the purchaser had to acquire a North American passport to get into and out of Canada. The purchaser brought a certified cheque, and he received a notarized bill of sale, the signed-over car ownership, a couple of completed and signed import papers and his car. He had to fill out additional import papers at the border crossing, and he was on his way. I realize this procedure would not work for everyone, but it worked for us.

Glad that worked out for you Dave. It apparently is not well known, but a "stop payment" can be issued on a certified cheque (or check). If the stop payment is issued prior to the paper hitting a bank, it is worthless. I learned this little tidbit years ago in the business portion of trade school. I actually saw it happen once around 1990. If you are into aviation you may recall "Sky Harbour" at the Goderich airport. Aircraft paint and maintenance facility known for painting "warbirds". Well back in my flying days, I was based in Sarnia, Ontario which happens to be a customs airport. One afternoon my AME buddy and I were in the local FBO and a Cessna Skymaster in Vietnam era colours lands to clear customs. When thyt were finished with customs, we had to chat with them about their nice aircraft. Turns out they were on their way to Sky Harbour to pick up a freshly painted warbird. They made the mistake of borrowing my buddy's office to make a call before they proceeded on to Goderich. The call they made was to their bank to stop payment on the certified check to Sky Harbour to pay for the paint on the warbird they were going to pick up. After they took off, my buddy made a call to Edwards, the guy who ran Sky Harbour at the time to let him know what we just witnessed. About an hour later, the two guys were back in Sarnia and on their way back to the US, empty handed with only one aircraft. Sky Harbour would not release the aircraft to them because of the now worthless "certified check". Not sure how it turned out in the end. I will never accept a certified cheque unless I know the person. Bank Drafts (in Canada) or Cashier's Checks (in the US) are preferable as paper goes.

 

[69L48Z27]

Just for the OP's knowing, there used to be a Window/Counter at Carlisle, where you are able to wire transfer, or conduct some banking business. It used to be in the Main High Dollar Car Display Bldg. Not sure if they still offer that service there ?

Never saw that, car corral has a notary on duty. Only thing in the building you’re referring to is an ATM.

 

[69L48Z27]

but if you keep receipts you should be able to deduct those. If I bought my car for $6K, invest $50K on resto and sell for $40K later, no way am I paying capital gains taxes.

Good luck explaining all that to an auditor. No way I want to pay either but if you get to the point you need to explain in that great of detail, you’re gonna pay one way or another.

 

[69L48Z27]

Grew up at Carlisle in the very early 90’s, been there ever since. Car corral is simple, cash both ways. I’ve sold probably 6 cars that I’ve had in the corral, only one sold on the fairgrounds to a dealer. That was cash. That’s who brings two empty haulers and $500k in cash. Sold the others to people I met at Carlisle. Take a deposit and work it out the next week. Even had a guy ship the car. Point is, you never know. If I were to buy I would have some cash and then try to work it out from there, luckily there’s a bank branch in Carlisle that I use. I have until about 2pm on Saturday to make a cash deal.

I’ve done bank checks before after the fact. Get a picture front and back and then look up the bank online. Call and ask for the signer. Validate it’s legit. If that all happens you should be okay. If someone has a bank check with your name on it already when walking the car corral it’s a major flag. Bank checks don’t work that way and no bank gives out cert funds without a name on the check.

 

[VANDAN]

Never saw that, car corral has a notary on duty. Only thing in the building you’re referring to is an ATM.

It was years ago, in the side with the Carlisle Souvenir Shop, and restrooms. Could have just been a private access, with phone/internet space, to close a deal...

 

[hunt2elk]

but if you keep receipts you should be able to deduct those. If I bought my car for $6K, invest $50K on resto and sell for $40K later, no way am I paying capital gains taxes.

And exactly why I keep every single receipt for every part and labor that I pay out for my cars.

 

[Dave6T4]

I have a file for each of my cars that all the receipts go into. I have not heard of private citizens up here getting drilled for taxes on old cars they sold. Maybe if it is company owned?

 

[dadsbee]

And exactly why I keep every single receipt for every part and labor that I pay out for my cars.

Exactly! And also why I made sure "what" car isn't listed on a single bill from the complete body and paint on my Bee. I can use it against any car... did I say that out loud.