Hey Team, so for those who were asking how much i sold my McLaren 570s to buy the McLaren 720s. i hope this break down can guide you all in the right direction! lets make this money!
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For those who are interested in Trading & Investing, I encourage you to join Our Free Trading Group of over 130,000!
Thank you for the support, the best way to reach out to me is through our private discord chat, please DM me.
If you have any suggestions for future videos such as Day Trading, Investing, Stock Market, Real Estate, Car Sales, Robinhood, TD Ameritrade, Crypto & bitcoin, Entrepreneurship, Forex, Online Marketing, Online Sales or fun daily vlogs. Please let me know.
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I did the math. You're wrong. BUT, you did save yourself about 3600 dollars, and time.
That's a win.
So you didn't pay some tax buying the 720 you would of paid tax on the 570. Even if you bought the 570 private you would of paid to title it, which is still tax at least in indiana.
Also I like your vids a lot, but you are far from fruegle.
Not sure why but this video seemed to make the most sense out of all of the ones I’ve watched on his channel. Good job man!
I’m so sad that in my country 160k could only get u a C class.
Needed the white board and 8 minutes of explanation… smh
And the 720S will be worth $160k next year, yikes
You bought the 570 for 160k, but you never talked about the taxes you paid on the 570 at 160k?
This has got to be the most confusing video I've seen in a while… What's the difference in selling the 570s for 150k and trading it in for 150k?? Why would you pay taxes on 299k if you just sold your 570s?? You made this way harder than it should have been.. either way sell or trade in is going to minus the 150k from the 299k… Silly video….
Dude, stop going around in circles like a dog trying to bite its tail. Just say you're gonna buy a 720s for about $2k more than the amount you paid for the 570s. That's it!
Wow he talks more then anyone I know😆😆😆😆 but congratulations.
You know what after this video I have changed my mind. So from now and on I will carefully choose my super cars. I will sell my Lambo tomorrow, it is no longer funny driving it. 😆
For the $12k you saved on the 720 add that too the 150k you sold it for you got 162k so you made 2k
lol I'm hoping you factored in the depreciation a year from now for the 720
Lot of math but leads back to in simple you got what you wanted 162k with your tax credit which is amazing on a trade in to a dealership if the markets around 145-160 would of expected dealer to come in at 130ish as of course there needs to be room for negotiating on there marked up price and profit of course .. at 150k if the dealer ends up trying to sell at 160k don’t see where there’s any room for negotiation / profit / salesmen commission even with what they’ll make profit on the 720s chances are if they don’t sell the 570s they’ll be eating up loses with the profit made on the 720s .. my point here is you got a amazing trade in on the car even at 140k I would of dropped the keys and walked out lol and this is from experience I currently own 27 exotic cars and am always buying and selling whenever the right deal comes along or the right offer
Calling that $2,600 is so misleading. All you did was delay your loss from depreciation when you sell the 720
Alright I like the math ricky keep doing your thing!
2,000.00 is all you saved right ? -10K on trade , add that to your 13k tax and you are 2k short of just paying the original 25k on the 299,000.00
You didn't save 12K you basically broke even on the trade in you didn't save any money because you never had the money in the first place to save
Whiteboard, markers and calculators! I see you Professor Ricky! lol
720s is a sick car but value is going to drop like a rock, should have looked at 675LT. with the 720s spider, 600LT, and the LT version of the 720 dropping within the next 6-12 months id say retail for a 720s with just under 5k miles is going to be close to 250K within 12 months. MSRP doesnt matter much since most people buy Mclarens 30-40k under MSRP after the initial hype. now try and sell a quarter million dollar car private party, not too easy, so dealers are only going to pay wholesale around 210-225 or 10-15% off retail. you can afford the hit so not the end of the world, but if you're trying to break even, not the car to do it with :/
Nice car Ricky but you probably ended up losing more money in the long run. 720s is going to depreciate as well.
Sell of before stocks market crash.
I clicked hoping to see a Mclaren, but I thoroughly enjoyed this breakdown. Good job and congrats on your 720s.
Ricky off topic from this car video, I just need your honest opinion. What do you think of Robinhood?
TRANSPARENCY at its finest !! 😎👌🏼
Ricky, for someone who's so into making profit why did you choose to buy Mclarens, when of all supercars, they tend to depreciate the most. Especially with their non-flagship cars like the F/P1/Senna, etc.
hey love your vids, i also live in AZ and love cars i like the 720s
So smart jeez
Okay, But you are still $25k down because you are taking a $10K hit on the trade in value plus sales tax of $13k on the new one. IJS
what broker app can i use instead of robinhood since its us only that is actually good? (im from europe)
The 720s resale value is one of the worst…
thanks for this Rick!
In other words… It’s better
OR… you can register it in Montana and pay $800 in taxes.
LOL DID ANYONE NOTICE THAT I WROTE $720S ON THE WHITE BOARD 🙁