Texas Potentially selling my R1S upon arrival

[ATXRivian]

My R1S is currently planning on arriving the May / June timeframe (fingers crossed). Was thinking about selling it - absolutely love the car and I will eventually own one for myself, but timing isn't right for me now. Wanted to see if others are thinking the same or if there would be any interest from others slated to receive their R1S/T much later...

Sponsored

 

[moosehead]

I am most definitely interested in buying your R1S. Can you please list your configuration?

Pick me, pick me.

Please and thanks.

 

[DFWTXR1S]

Would you be interested in a swap? Mine isn’t due until 2023

 

[Tim-in-CA]

I will purchase only if you are a Nigerian Prince! ?? Shall I pay in Amazon Gift Cards?

 

[DeafPug]

Don't claim the tax credit on your taxes if you do this. One of the requirements for the current tax credit is:

https://www.irs.gov/instructions/i8936

• You acquired the vehicle for use or to lease to others, and not for resale.

Kind of hard to make the claim that you didn't purchase it for resale when you document the fact that you're doing that on the Internet....

 

[bd5400]

You would have no issue selling an R1S in May or June if you get it. There will be plenty of people who would reach out directly to you, but you could also just drop it on carsandbids.com and watch the bids roll in, likely well over what you will pay.

 

[RivianXpress]

Bring a Trailer... nothing else needed. LOL

 

[LoneStar]

eBay Motors... just like those initial Bronco First Editions did.
I'd say it will fetch well north of $100k

 

[Taycanfrank]

Just sell your reservation. It's easier & less risk. You may also get blacklisted by Rivian if you buy the car just to flip it, it's a highly frowned upon practice and not unusual for a dealership or car manufacturer to make it very difficult to get another one of their vehicles.

 

[Monkey]

Don't claim the tax credit on your taxes if you do this. One of the requirements for the current tax credit is:

https://www.irs.gov/instructions/i8936

• You acquired the vehicle for use or to lease to others, and not for resale.

Kind of hard to make the claim that you didn't purchase it for resale when you document the fact that you're doing that on the Internet....

There is no minimum time limit to own the car in order to claim the tax credit. But OP would have to take delivery, title and license the car in his name (thus placing it into service) and then sell it. Which in many/ most states, that's how it would have to work anyway as you can't be an intermediary or broker of a "new" car unless you have a dealership or broker license.

While technically that meets the requirements, and many have done that with Teslas, it could still raise questions if you're audited. Another reason for the stipulation to exist is for leasing companies. When you lease one, as lessee you're actually entitled to take the tax credit and not the lessor or lease-holder.

 

[cc84]

Don't claim the tax credit on your taxes if you do this. One of the requirements for the current tax credit is:

https://www.irs.gov/instructions/i8936

• You acquired the vehicle for use or to lease to others, and not for resale.

Kind of hard to make the claim that you didn't purchase it for resale when you document the fact that you're doing that on the Internet....

True. Adding to the above quote: If the pre-order holder isn't planning to take the tax credit as part of the sale, the buyer may be able to take the tax credit provided the pre-order holder doesn't use the vehicle. To verify the pre-order holder doesn't use the vehicle, allowing the new owner to have original use, the Odometer should verify there has been no activity.

The following requirements must be met to qualify for the credit.

• You are the owner of the vehicle. If the vehicle is leased, only the lessor and not the lessee, is entitled to the credit.
• You placed the vehicle in service during your tax year.
• The vehicle is manufactured primarily for use on public streets, roads, and highways.
• The original use of the vehicle began with you.
• You acquired the vehicle for use or to lease to others, and not for resale.
• You use the vehicle primarily in the United States.

• The way I interpret the above, is after the resale, the new owner meets all the requirements above and could apply for the tax credit. Just my take, but I would ask the IRS about this. Somebody should get the tax credit. I know it won't be the one that buys for resale.

 

[Monkey]

Just sell your reservation. It's easier & less risk. You may also get blacklisted by Rivian if you buy the car just to flip it, it's a highly frowned upon practice and not unusual for a dealership or car manufacturer to make it very difficult to get another one of their vehicles.

It would be unlawful for them to blacklist anyone for reselling a vehicle. Once it's titled to him, it's his to do with as he pleases. Nor would they have any knowledge or specifics of such transfer anyway. They could blacklist him for selling a "non-transferable" reservation though. That said, I agree with the broader statement here. He would do better to just sell the reservation and move on. It can be done, I myself have picked up a reservation from someone else. And speaking from experience on that front as a note to both buyer and seller, changes to configuration and delivery location at this point -- especially for a reservation that's potentially coming up soon -- can drastically effect the delivery time. I picked up a reservation for an LE R1T, from a guy that's local to me, so same delivery are service center etc... It was supposed to be a March-April window, but after deciding to keep waiting for my own Max Pack R1T reservation, we switched the configuration to an R1S on this LE that I picked up. Estimated delivery changed to September-October. If I were to make such a change now, I'm sure it would reshuffle me into mid-2023...

 

[Rhidan]

Lol . . . you are getting some pretty sketchy tax advice here.

Not sure the IRS would audit you in the first place, but you cannot claim the tax credit if you are purchasing the vehicle for resale. Doesn't really matter if you title, license, or hold on to the care for a "minimum" amount of time.

 

[Rhidan]

It would be unlawful for them to blacklist anyone for reselling a vehicle.

They don't have to sell anyone a vehicle, and they can refuse to sell you one for almost any reason, including if they think you are a "flipper." Not saying they would, but not sure the basis for saying it is "unlawful"

 

[Monkey]

They don't have to sell anyone a vehicle, and they can refuse to sell you one for almost any reason, including if they think you are a "flipper." Not saying they would, but not sure the basis for saying it is "unlawful"

Yes, they can refuse if they think you're specifically going to flip it. Or if they think you're just going to drive it off a cliff or blow it up or... What I'm saying is that it is unlawful for them to blacklist a customer for reselling something that they as a customer have already purchased. And as I stated earlier, most places require taking ownership by title of a vehicle before you can legally sell it. At that point, there is no recourse from the automaker because once the vehicle is titled it's the new owner's property and any sale would be the sale of a "used" or "pre-owned" vehicle as reflected on the chain of title.

Sponsored