My Hummer EV Edition 1 journey

[Dark-Fx]

@Dark-Fx having now owned both vehicles, what made you chose (for now at least) to keep the Rivian over the Hummer?

Go pedal is more fun in the Rivian, especially when not going straight. Might have considered putting street tires on the hummer, but it would still weigh 2000 lbs more... Most of the offroading we might do is going to be pretty light. Which is why I opted for the 22s on the R1T

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[FutureTruck]

Why would he need to pay tax? If he's not a car dealer and it's not a business, why would the increase in value trigger a tax? Does this mean if I bought a dresser on Facebook to use in my house for $100, then found out it was an antique worth $2000, and promptly sold it for that, I would have to report the earnings?

 

[Blueassassin]

Congratulations! That's pretty sweet. Also glad to know someone that had both trucks preferred the Rivian.

 

[Dark-Fx]

Why would he need to pay tax? If he's not a car dealer and it's not a business, why would the increase in value trigger a tax? Does this mean if I bought a dresser on Facebook to use in my house for $100, then found out it was an antique worth $2000, and promptly sold it for that, I would have to report the earnings?

Yes, you would. It's considered a capital gain on property. If it's short term, it's at your ordinary income rate. Whether or not you report that transaction to the IRS is another story. Something like a vehicle sale has a lot of bread crumbs, especially this one.

It's just historically not something most people have had to think about. Vehicles used to depreciate as soon as you drove them off the lot. Right now that's not true, and especially of vehicles that are highly desired and impossible to get.

 

[MountainBikeDude]

Go pedal is more fun in the Rivian, especially when not going straight. Might have considered putting street tires on the hummer, but it would still weigh 2000 lbs more... Most of the offroading we might do is going to be pretty light. Which is why I opted for the 22s on the R1T

Another quick question, between the two tonneau covers which had a better execution? Any issues for you so far with either of them?

 

[Dark-Fx]

Another quick question, between the two tonneau covers which had a better execution? Any issues for you so far with either of them?

I've had fewer problems with the one on the Rivian, but the Hummer one runs nicer when it is working. Upside for the Rivian is it retracts almost entirely out of the bed space. The Hummer has a roll that takes up quite a bit of room.

 

[Forager]

To be fair, if not for the gear tunnel and tonneau cover storage, R1T would have space for a 5.5’ bed.

 

[SANZC02]

Why would he need to pay tax? If he's not a car dealer and it's not a business, why would the increase in value trigger a tax? Does this mean if I bought a dresser on Facebook to use in my house for $100, then found out it was an antique worth $2000, and promptly sold it for that, I would have to report the earnings?

That is correct, you are obligated to pay as that is income.

Does that mean people do, of course not, but they are supposed to.

 

[jjwolf120]

To be fair, if not for the gear tunnel and tonneau cover storage, R1T would have space for a 5.5’ bed.

I think you are overestimating the amount of room they take from the bed. Someone could measure it for you, but I doubt you would gain as much as 6 inches.

 

[Dark-Fx]

And the journey is over. Adios you big fat ? of an EV ?

 

[av8or]

Had some fun with it, made some money for your troubles. Nicely done sir!

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