Tyler Hoover, the man behind Hoovies Garage, is in so much debt that he has to sell his car collection. It's not the first time.
YouTuber Tyler Hoover has accumulated a significant tax debt, forcing him to sell off his car collection.
The financial pressure he is now experiencing again is partly due to some unfortunate transactions and partly to a tax debt that turned out to be much larger than expected.
Hoover, who is behind the YouTube channel Hoovies Garage, is known for buying cars that many others wouldn't touch.
However, the current tax debt has temporarily slowed his activity in the car market. The situation has made Hoover reflect on the past.
"I wish this was a time machine so I could go back and fix all the mistakes," he says in a video.
Tax debt is twice as large
The tax bill came as a surprise as it was twice as high as he had originally expected.
"I thought I was going to pay $250,000 in taxes… but it turned out to be over $500,000," explains Tyler Hoover.
To pay off his huge tax debt, he has already sold five cars from his collection. Among the cars sold is a Ferrari Testarossa. A sale that affected him:
– It hurts. Really hurts, he admits.
Several cars are expected to be sold to cover the remaining debt. Among the cars that will cover the rest of the debt are a Ford Raptor, a Tesla Model S Plaid and a special 1949 Cadillac with a V8 engine.
The latter car has an estimated value of around 900,000 kroner. But even if the car finds a new owner, the money it is worth is only a small part of the debt.
Despite the financial difficulties and pressing tax debt, Tyler Hoover has found room for a new car purchase.
He has acquired a 2006 Cadillac Escalade EXT with just 25,000 kilometers on the clock. The car is in near-new condition, and the original factory-fitted stickers detailing the car's equipment list are still on the doors.
– It's probably the nicest EXT on the planet, he says of the newly acquired car.
After the many sales, Hoover promises himself that he will take better care of his money in the future.
– I still want to be the stupidest car YouTuber… but I can't keep driving off a cliff like I have been doing for the past few years.
Despite the cautionary ceiling, the video in question ends with Tyler Hoover buying another car.
