February 4, 2023

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This is how you can earn 200,000 buying and selling a car

This is how you can earn 200,000 buying and selling a car

Benny Christensen is the Broom Car Expert. in “Ask Penny” section at broom.no He answers everything related to cars.

Here’s one of the questions from a recent webinar:

Hi Benny. I will soon have a BMW IX M60 and pay 1,210,000 with discounts for it.

For various circumstances I want to get rid of the car. The question is how much should you list the car – and whether you should wait until VAT (and possibly other taxes) kick in in the new year?

Benny replies:

Hello and thanks for the interesting question. A question that I think is relevant to many – for various reasons.

The long wait time for many different car models can contribute to the fact that conditions are not the same when the car finally arrives. It could be anything from a divorce, a new home, the purchase of a cabin, more children, or changes in work situation.

At the same time, we have this with ‘flipping’ cars, from which we see an (in my view) rather unfortunate growing trend.

Bottom Line: The BMW iX M60 is equipped with a simple and modern interior.

That is, someone orders cars and speculates (hopefully) to make a nice profit by reselling the car as it arrives. I recorded it specifically for the iX M60.

Cars are advertised for maybe NOK 150,000 more than what you paid for them yourself. It’s not illegal in any way, but maybe a little unethical and unlucky given the used car market and artificially high prices. Prices that will sometime drop a lot and fast. However, without being a guardian of morals here.

Anyway, I think you can count on it to make a nice profit by selling your car, if you are not going to use it yourself. Here, there is still a delivery time in the third quarter of next year for the M60 version. In the meantime, prices will go up a bit.

Among other things, you get VAT on the amount above NOK 500,000, possibly a general price increase from January 1, 2023 and possibly a weighting element in the tax system, provided it is applied in the national budget proposal.

On the way: Several BMW iX M60s should be on their way to Norway before the New Year.

On the way: Several BMW iX M60s should be on their way to Norway before the New Year.

On the other hand, more iX M60s will be registered until the new year if the rumors are to be believed. Such cars must be on their way to the kingdom by now. Which may not be favorable in terms of “flipping” the model. Then the question is whether these are the customers who keep the cars themselves. Most people probably – after all. But the fact that some are thrown directly into the used car market, I think you may also have to take into account.

I dare not say exactly what you can get for your car. The equipment and color combination have a lot to say here. Mark it again with the same equipment and see what you come up with at today’s prices and ask for that, or something higher.

If you wait until after the New Year and VAT, you’re sure to get more for it. But then there’s the question of what it’s going to cost you in the meantime in terms of potential financing and things like that. You almost have to calculate this a bit yourself. But I think it could be up to NOK 200,000 and around.

We wish you all the best with the sale of the car!

Also read: See how cheaply you can get your dream SUV now

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You can also read all answers in Ask Benny

Hey – and good luck!

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Video: Here’s our first encounter with the BMW iX M60

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