Can I claim capital loss on sale of private car?

[smarthinking]

I know it is a stupid question, but why can I not use the capital loss I just realized when I sold my privately owned car (and did not buy another) to offset other capital gains.?

 

[ClubMan]

Because a car is a wasting asset and not a capital asset if I'm not mistaken.

 

[extopia]

Yes, the official term is "wasting chattel". You'd be better off buying shares in a struggling auto company if you want to take the loss.

The good news is you don't have to pay CGT in the unlikely event that you make a profit on the sale your privately owned car.

 

[michaelm]

I know it is a stupid question, but why can I not use the capital loss I just realized when I sold my privately owned car (and did not buy another) to offset other capital gains.?

You're at nothing there. I'm tempted to buy a Classic car (no NCT required) which in theory won't depreciate and indeed may grow in value and AFAIK won't attract CGT on sale.

 

[ang1170]

You're at nothing there. I'm tempted to buy a Classic car (no NCT required) which in theory won't depreciate and indeed may grow in value and AFAIK won't attract CGT on sale.

Fine in theory, but it most cases you'll find maintenance and ongoing restoration costs will greatly exceed any apreciation in value.....