Selling a tractor rather than trading it in

[ultrarunner]

Dad sold a car for 2100 35 years ago and had me take the cash to the bank...

One of the 21 hundred dollar bills was fake.

Bank gave me a receipt and the number for the secret service.

Called to verify and was told it had been confirmed fake.

Secret Service said some can claim as a loss on tax return...

Dad called the guy who gave him the money and he said he recently sold his jet boat and that is how he got the bills.

Hundred Dollar Bills are really not much of a problem here because not even the gas stations will accept anything over a $20

 

[fordmantpw]

I only accept cash, and I have a pen to verify the cash is not counterfeit. Highest I've sold is a travel trailer for $9900.

I took a check for a car once, and told the seller he could have the title, but wouldn't get the car until the check cleared. It took over a week to confirm the check cleared, and the guy was a jerk accusing me of ripping him off, etc. From that point on, I've made up my mind never to accept anything but cash.

 

[RoMad]

The lady at my credit union told me that a lot of people now counterfeit cashiers checks. I usually only accept and pay cash up to around $10k.
We sold a small motorhome to a lady who wanted to bring me a cashiers check. She lived 100 miles away, so we had her meet at us of a local branch of the same bank with a bank check for the $14k she still owed. While she was admiring the motorhome I went in the bank to cash the check and they told me they were sorry but they didn't have the funds to cover the check and I would have to come back the next day. They did call the branch that originated the check and verified it was good.
I went back outside and told the lady everything was fine and signed the title over to her. My wife cashed the check the next day.

 

[dfkrug]

I only accept cash, and I have a pen to verify the cash is not counterfeit. Highest I've sold is a travel trailer for $9900.

The pen does not help if the counterfeiter uses a washed $5 bill and prints a $100 using the clean
paper. That's one of the advanced methods of counterfeiting currently used.

Recently was in South America...the paper money is all plastic now, with cool transparent windows.
Mexico, too.

 

[aczlan]

The pen does not help if the counterfeiter uses a washed $5 bill and prints a $100 using the clean
paper. That's one of the advanced methods of counterfeiting currently used.
Recently was in South America...the paper money is all plastic now, with cool transparent windows.
Mexico, too.

When I was in Argentina (2004-2006) they had holographic threads in the larger bills with the denomination (ie: 50 or 100) in the thread. The smaller bills just had micro-printing with the denomination in the same spot. See below for examples (the holographic line looks like a dash 50 and 100 peso bills shown in the pictures below):

Edit, a better picture of a 50 peso bill showing the holographic line:

Aaron Z

 

[vrman]

I've always traded, just curious, why would you want to go thru all the hassle and risk for a few bucks?

What the dealer offered on the trade was ridiculous. I know they have to make a profit from used equipment, but $7k for a Z326P that only has 200 hrs? The BX23 (225hrs) offer was better at $10.5k.

 

[B Hoofed]

Another pertinent question is how to deal with the risk of someone with unknown abilities and intentions coming to your place to test drive your tractor. That could conceivably end very badly if they don't know what they're doing.

 

[fordmantpw]

Don't forget about sales tax as well. With cars (trucks, ATVs, anything with a title), you can get a bill of sale, and when you go pay your taxes on your new vehicle, you can take the sale price of your old vehicle off of the price of the new one for tax purposes. I don't think you can do that with tractors since they aren't title-able. On $18k, that can add up to over $1250 in sales taxes.

 

[check 6]

Some good points that i have practiced. first, I don't want "lookers" that are really going to buy or make an honest offer to "play" with my equipment be it a car, truck, tractor, mower etc. Yes, the potential is there for making a few more dollars but that same potential is there for damage to your good equipment. The other point is also valid, most states base sales tax on the difference between the cost of the new item and the trade in of the old. If you do decide to seel your tractor or mower outright you should price it to take into account the extra sales tax you will have to pay on the new tractor for having no trade.

 

[dfkrug]

When I was in Argentina (2004-2006) they had holographic threads in the l
arger bills with the denomination (ie: 50 or 100) in the thread.

Still paper in Argentina, looks like.

Here is the plastic money from Mexico and Chile with windows in lower right sides.