How hard is it to sell a Skoda?

[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.

[tigger73]

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.

Of course this is just "general" advice

[Dutch77]

Of course this is just "general" advice

Lol yes, my error.

[Tigger]

It will be even harder to sell once the new model comes out. I reckon all of our cars will take at least a 10% hit in values in the immediate months after the new model appears...
Sadly....

Still, if you intend to keep a car, it will always be worth whatever "value" it means to you personally.

[tigger73]

It will be even harder to sell once the new model comes out. I reckon all of our cars will take at least a 10% hit in values in the immediate months after the new model appears...
Sadly....

Still, if you intend to keep a car, it will always be worth whatever "value" it means to you personally.

Yes resale always take a hit when the new model comes in as people want the new model. If there weren't so many new models then perhaps people would hang onto their cars longer...

[Tigger]

Yes resale always take a hit when the new model comes in as people want the new model. If there weren't so many new models then perhaps people would hang onto their cars longer...

True, But then we would have a situation like in eastern europe where the same model has been produced for over 40 years with no changes, so that "capatalist" materialism doesnt take hold....

[Mysticality]

True, But then we would have a situation like in eastern europe where the same model has been produced for over 40 years with no changes, so that "capatalist" materialism doesnt take hold....

*cough* Defender *cough*

[aslsw]

I'm not sure whether to thank everyone for the contributions, I'm getting depressed!

I'm happy if it doesn't sell until July, as my wife will still be using it then. The second option is to garage it from September to Decembet, when my wife will be back in Australia and needing a car anyway.

Clearly, the best option is to start trying to sell it now - various ads will be going up tonight. See what other Skodas are for sale out there, I might knock a grand or two below the lease payout and see what happens. Hopefully that will entice someone to come out of the woodwork.

[roshea]

It might be "cheaper" overall to sell ASAP and rent a car when you need one, since otherwise you're paying to own the car (via lease payments) even when neither you or your wife is in the country. Your car is worth more now than later too (more kms, older, closer to end of warranty, new model here later in the year).

[2009fsi]

It might be "cheaper" overall to sell ASAP and rent a car when you need one, since otherwise you're paying to own the car (via lease payments) even when neither you or your wife is in the country. Your car is worth more now than later too (more kms, older, closer to end of warranty, new model here later in the year).

Agree. Sell the thing for what you can get. Modern cars depreciate as you are looking at them. They're worth what someone will pay, so take it before it depreciates more.
I don't want to offend any accountants in here, but I've never seen a lease deal yet which was a good deal for anybody but the lease company. The only value in an end of lease buyout figure is the feel good of knowing the car. Otherwise, they're inevitably cheaper on the second hand market.

[aslsw]

I AM an accountant, but all of you are right - better to sell now at whatever I can get. It just takes the edge off the excitement of the overseas move if I have to take too big a hit.

The is now advertised in multiple places. Let's see what happens (and stay positive!).