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Trading Cars?
I recently listed my car for sale on ebay and was contacted by another member asking if I was interested in trading for his 1931 Ford. I'm sure the laws probably vary with each state, but assuming we did a straight exchange with no money involved, how would we handle the "Bill Of Sale" issue? Would we list the selling price as $0 or $1, or would we be required to list the value of the actual vehicles (in this case $12,000)?
I'm sure the government would want to make some money out of the exchange and somehow putting an extremely low value on the bill of sale for two classic cars would seem like it would raise more than a few flags with the DMV.
If anyone has experience with car-trading, I would appreciate any feedback!
EDIT: I live in Florida if that helps any.
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The one time I traded a car we put down the value at $500.
So you are getting rid of that lemon Cooper?
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Lol, guess my reputation precedes me. It's been running trouble-free for the last five months, when I finally located a carburetor that would work with that engine size.
Anyway, here's the car in question:
Car fires up readily (or so I'm told), and the only things wrong with it are brakes that stick a little bit (return springs on the drum shoes?) and a burnt out taillight. Engine-wise, it has had regular tuneups for the last 20-odd years the current owner has had it. Tomorrow I drive the Mini out to meet the owner. If everything checks out...well, I've got my fingers crossed.
Oh, and one last pic of what I would have in store for it, if I get the car...
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Are you going to chop it yourself?
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My first priority would be to get a car cover since the car would have to be parked outside. After that, locate a reputable shop that can service Model A four-cylinders, Flatheads, etc. in case I have carburetion problems or the like.
After that I can start thinking about the fun stuff; taking the fenders, running boards, hood, and spare tire off. :D But this is all putting the cart before the horse. I don't even know if I'm getting this car yet. And no, I wouldn't trust myself to chop the roof properly. :P
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Back to answering your question, You may have to put more if the notary feel that the car is worth more.
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Im pretty sure you can both put them as a gift and pay no tax.
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I was told that to gift it, it had to be between family members.
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Some states, like VA, have a minimum tax amount, despite the fact my F-250 really was a gift and I am a TN resident for tax purposes (love the military). Since you are trading I would put the sale price at $0 since you did not pay with "legal tender".
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I have a '27 Model T Roadster sitting in my garage and I am appalled at what you are going to do to that car.
Don't put $0 down on the bill of sale; the government taxes the value of barters. You need to put $500.
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I drove the Mini out to meet the Ford owner, and was less than impressed with the Ford. Body-wise, it was in good to excellent condition for its age. Drivetrain-wise, it required a fair amount of work. Wiring was a DIY mess, and the brakes were absolutey terrible.
Starting the car was also an ordeal. I have seen interior photos of many stock Model As, and was surprised to find that this car had an odd array of pedals, knobs, levers, switches, etc. just to start the damn thing.
One lever controlled the spark. Another was the choke with not one but TWO settings for different situations. On the floor was a brake pedal and clutch pedal. To the right of that were FOUR knobs on the floor. One operated the gas. Another adjusted the idle (a lever on the steering wheel was connected to this so you could adjust the idle by hand or foot). The third knob operated the starter to crank the engine. The fourth knob apparently was supposed to be dead, a place to rest your foot. But pressing down on it somehow opened the throttle too. I have a lot of respect for the people who drove these vehicles on a regular basis back in the day.
Driving the A was fun, however. It felt like driving a tractor. It was nice and loud, and had a relatively high ride height. Double clutching the 3-speed transmission was easier than expected.
The owner rode and drove my Mini three times. He had no feel for the clutch and was doing awkward shifts. He was gunning the engine and just plain driving terrible. I think I drove the Ford better than he drove the Mini. So he had some things to say about how my Mini "needed considerable work". Bullshit. Get a feel for the clutch and gas and then see how smooth it can be driven. When it came down to it, he couldn't make a decision. The Ford belonged to his late father for 30 years. His wife preferred the Ford over the Mini. He said he would have to think about it, and to let the auction run out, and that we would keep in touch.
So I drove the Mini home, a total of 160 miles put on the Mini with no incidents on her part. The Mini currently has 38 watchers, 15 bids, and is currently at $1,275, with almost 5 days left on the auction...
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Wait, are you looking to make that Ford your daily?
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No, I've already saved up 65% of what I need to buy an early 90's Honda for daily transportation. The Ford would have been an even trade, so I would keep the same monthly car payment (it was a personal loan not tied to the vehicle).
I've posted a more in-depth review of the A's performance on a hot rod forum to see if the car is worth a new set of brakes and wiring harness.
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Just got an email from the Ford owner declining his original offer to trade cars, so it's all a moot point. Back to the drawing board.
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kind of complicated don't you think?
