SAAC Forum

Here's some:

Quote from: JWH on March 14, 2020, 08:54:58 PM
One of the cars I was interested in is this CSX8000 car - one of the black 50th anniversary cars that sold out at Barrett Jackson. It hammered for ~$132,000 which seems like a pretty good result and fair for both buyer and seller.

https://www.mecum.com/lots/AZ0320-405179/1962-shelby-cobra-csx8000-series/

I would love to hear more on the '67 GT500 that laid an egg. That is a give-away price. Wow.

https://www.hemmings.com/classifieds/cars-for-sale/shelby/gt500/2386275.html

Quote from: J_Speegle on March 14, 2020, 06:03:47 PM
67 GT500 (identified as #67402F2A00498) with engine swap (427) and other personal choices just sold for under $60K

Looks like it was a local car at one point

Recently CL listed here in the Phoenix area for approx $150k. Quite the haircut!

You could actually say the seller sold/money received was 10% less than the $85k hammer, resulting in $76.5k to the seller. Great deal for auction house though.
There was no money, not even the house bid at $55k for the 68GT350.

More - " RM AUCTIONS SHIFTS SOUTH FLORIDA AUCTION AT PALM BEACH INTERNATIONAL RACEWAY TO ONLINE-ONLY AUCTION"

https://www.wsj.com/articles/a-rental-car-a-vintage-mustang-it-was-both-11579618862

Quote from: sfm5s081 on January 20, 2020, 06:41:42 PM
I guess it's on par with the restored one at RM that sold for $200 hammer. I prefer the original ones

A difference of the RM car, #3114, as explained to me, was that #3114 had its original engine. But, who knows?

Hammer Price : Auction Results In Real Time
Portfolio Report   Sunday, January 19, 2020
1967 Shelby Gt500
1.   
1967 Shelby   SOLD   $195,000 USD
GT500   EST. PRICE   $0-$0 USD
EXTERIOR   Candy Apple Red
BARRETT-JACKSON
INTERIOR   Black
Lot 1348    Scottsdale
CHASSIS Nº   Shelby No. 02598 / 67411F9A02598
January 18, 2020    5:39PM (EST)
2.   
1967 Shelby   SOLD   $190,000 USD
GT500   EST. PRICE   $0-$0 USD
EXTERIOR   Dark Moss Green/White
BARRETT-JACKSON
INTERIOR   Parchment
Lot 1427    Scottsdale
ODOMETER   30000 mi
CHASSIS Nº   Shelby No. 00687 / 67400F5U00687
January 18, 2020    8:55PM (EST)
3.   
1967 Shelby   HIGH BID   $97,500 USD
GT500   EST. PRICE   $0-$0 USD
EXTERIOR   Lime Gold/White
LEAKE
INTERIOR   Black
Lot 664.1    Scottsdale
CHASSIS Nº   Shelby No. 00245 / 67400F7A00245
January 18, 2020    9:54PM (EST)
4.   
1967 Shelby   SOLD   $112,000 USD
GT500   EST. PRICE   $0-$0 USD
EXTERIOR   Black/White
BARRETT-JACKSON
INTERIOR   Black
Lot 1447    Scottsdale
CHASSIS Nº   Shelby No. 02057 / 67410F9A02057
January 18, 2020    10:11PM (EST)
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© 2020 Live Auction Results, LLC

Quote from: 68krrrr on December 29, 2019, 02:10:25 PM
Love the options on this one but what do you think about the description "mostly original body & drivetrain parts  " & "title exempt" i looked it up in "97" registry & it says it was raced with a 427 but ad claims original motor any other info out there on this one thanks.

Lot #1427 - Beautiful, original 1967 Shelby GT500. This car is equipped with mostly original body and drivetrain parts with minimal touchup to the paint. Still retaining its original 428ci Police Interceptor engine, 4-speed transmission and Traction-Lok rear end. Amazingly, this car only has less than 30,000 original miles (title reads exempt), as verified by the SAAC. Owned by the previous owner for over 22 years and the current owner for 9 years, it has been well-kept in climate-controlled warehouses for the past 31 years. One of 64 produced in this paint and trim package. The original Shelby Owner's Manual and a Marti Report is included to document this magnificent car, which is listed in the Shelby American World Registry.

https://www.barrett-jackson.com/Events/Event/Details/1967-SHELBY-GT500-237768

New description with not so subtle changes:

Lot #1427 - Beautiful, original 1967 Shelby GT500. It's powered by a 428ci V8 Police Interceptor engine paired with a matching-numbers 4-speed manual transmission and Traction-Lok rear end. Amazingly, this car only has less than 30,000 original miles (title reads exempt), as verified by the SAAC. Owned by the previous owner for over 22 years and the current owner for 9 years, it has been well-kept in climate-controlled warehouses for the past 31 years. One of 64 produced in this paint and trim package. The original Shelby Owner's Manual and a Marti Report is included to document this magnificent car, which is listed in the Shelby American World Registry.

https://www.youtube.com/watch?v=-PebxokXOzs

I recently conversed with the prior owner. He stated "the car did not have it's original motor during my ownership".
Anyone still surprised at BJ's decscription?

https://www.ebay.com/itm/1967-Ford-Mustang-GT350-Shelby/202847733139?hash=item2f3aaac593:g:qkUAAOSwgitd5Cud

Quote from: tesgt350 on December 04, 2019, 06:52:58 PM

Quote from: Bossbill on December 03, 2019, 03:26:43 PM
I think some of the high end dealers specialize in this sort of transaction -- if you buy another car from them:
"Most states require sales tax to be paid only on the difference between the price of your trade-in and the vehicle you're buying, not the full price of the next car. But this tax benefit doesn't apply if you sell your old vehicle yourself."

So, trade that car in to a specialty dealer, pay a bit more/less and drive out with another cool ride.

I'm no expert but this may also forestall the IRS getting involved as you didn't make any money. Perhaps. Tax attorney/specialist should be consulted.

SO, what if you sell it at Auction, there is no Trade In there?  Does BJ and the others tax out the Tax and send it in or send in a Report on the Sell to the IRS or  do they just take their cut and let it go?

Trade in has nothing to do with "capital gains tax"- period. Trade in's within some states can reduce "sales tax", though.
Financial institutions send you, the seller of an asset within a taxable account, an IRS Form 1099-B. They also send this same form to the IRS. This form summarizes proceeds of the sale, and may also state cost basis, if known. This provides a mechanism to compare tax returns to known sales by the IRS.
Though there are no 1099's issued for car sales, you are still obligated to report and pay capital gains tax if a gain is realized.

Quote from: 427Larry on December 04, 2019, 05:33:10 AM
There is one thing you all are missing. The IRS Law was changed about three years ago, to anything over $3900.00 in cash, is now reported, put in or out taken out.

No, not changed. Still $10,000.

https://www.fincen.gov/sites/default/files/shared/CTRPamphlet.pdf

Not sure how many people pay cash for a 6 figure car, but if they do and deposit to any financial institution there will be a report filed by that institution to the government. This only applies to cash. Wires, checks, etc do not trigger this report. If you report the sale on your 1040 the increase in value over your original cost plus expenses is considered a "capital gain" taxed at current rates of either 15 or 20% pending your tax bracket.