On selling a car for more than you paid for it

(from a discussion on NPR – Oct. 2015)

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I sold my last vehicle for more than I paid for it.

 

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    The only ways that is possible are:

    1. You bought a car a very long time ago and took very good care of it (i.e. let it sit in a climate controlled garage for 40 years) and it became a collectors/historic vehicle. In which case you have to account for the storage fees before you claim that you sold it for more than you paid for it.

    2. You bought a vehicle and then repaired/modified it significantly. In which case you have to account for the cost of the repairs/modifications before you can claim that you sold it for more than you paid for it.

    3. The vehicle was sold to you by a family member or close friend that intentionally took less than the vehicle was worth as a favor

    4. You conned some unsuspecting dupe out of their car for much less than it was actually worth and/or you conned some unsuspecting dupe into paying you far more than your car was worth.

    If everything is on the up and up, and there aren’t some truly unusual circumstances surrounding a particular vehicle, the monetary worth of a vehicle is in constant decline as time and use degrade it.

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