Won Rio has been sold

[RESORT2ME Senior Member Find all posts View Profile Close RESORT2ME]

I let it go for $9000. I figure after all fees and taxes that I actually gained $3000.

[jackio Gold Contributor Find all posts View Profile Close jackio]

Good deal for both you and the buyer!

[RESORT2ME Senior Member Find all posts View Profile Close RESORT2ME]

A guy with a P/U getting 12mpg jumped on the Rio.

The window sticker total was $14,585. What I find a bit crooked, Kia did the 1099 value at $13,100 but would allow only $8000 for it, toward buying an Optima.

[lawren2 Malibu Beach Barbie & A Super Moderator Find all posts View Profile Close lawren2]

What is that about looking in the mouths of gift horses?

You both made out on the deal. Good job.

[T. R. Oglodyte Moderator Find all posts View Profile Close T. R. Oglodyte]

A guy with a P/U getting 12mpg jumped on the Rio.

The window sticker total was $14,585. What I find a bit crooked, Kia did the 1099 value at $13,100 but would allow only $8000 for it, toward buying an Optima.

That gives you an idea of what the value of the Rio is to Kia itself. The 1099 value is the value of what you received, which reflects what the cost would be coming through the dealer channel. The $8000 is the value to Kia itself for the vehicle that you received.

The difference is the costs that are added to the vehicle after it leaves the factory. Kia, logically, is not willing to add to what they offer you since they don't see any of that money.

[RESORT2ME Senior Member Find all posts View Profile Close RESORT2ME]

That gives you an idea of what the value of the Rio is to Kia itself. The 1099 value is the value of what you received, which reflects what the cost would be coming through the dealer channel. The $8000 is the value to Kia itself for the vehicle that you received.

The difference is the costs that are added to the vehicle after it leaves the factory. Kia, logically, is not willing to add to what they offer you since they don't see any of that money.

I just thought I would be allowed more toward purchasing an Optima. They tell Uncle they gave me a value of $13,100, but only allow $8000 as a tradein.

As an outright sale I understand the dealership needs to make something if they take the Rio into their inventory.

That Kia dealership won't be selling another vehicle to me.

[T. R. Oglodyte Moderator Find all posts View Profile Close T. R. Oglodyte]

I just thought I would be allowed more toward purchasing an Optima. They tell Uncle they gave me a value of $13,100, but only allow $8000 as a tradein.

As an outright sale I understand the dealership needs to make something if they take the Rio into their inventory.

That Kia dealership won't be selling another vehicle to me.

Excuse me for not being up to speed on the entire story.

But if you received the car from a dealership, I would expect the allowance to be close to what the dealership might get from you, which ought to be somewhat less than what they would expect to receive for the car in a sale.

If your gift was from Kia itself, I would expect the allowance to be close to what Kia would get for selling the car to a dealership.

[susieq Senior Member Find all posts View Profile Close susieq]

Glad you actually made something on it ~ Good for you Robert!!

[PHILL12 Senior Member Find all posts View Profile Close PHILL12]

Just wondering if you drove the car off the lot first? If so then your numbers make some since because as anyone understands the value drops few thousand dollars as soon as it leaves the lot.

If you never took the car and made the deal to upgrade then I could see the dealer making some money but not that much.

PHILL12

[BocaBum99 Super Moderator Find all posts View Profile Close BocaBum99]

I let it go for $9000. I figure after all fees and taxes that I actually gained $3000.

I would talk to an accountant to see if there is anyway to claim the value of the item you received was only $9000 since you never used it. You should really only have to pay taxes on net amount you gained which is $9000 minus fees.