The 2015 Mustang giveaway...curious
6/22/15, 12:57 PM
#1
Shelby GT350 Member
Thread Starter
The 2015 Mustang giveaway...curious
I figured I would create a thread instead of hijacking the promotional thread for the Chip Foose/MMD/AmericanMuscle Mustang giveaway. If you won this, what would you guys do? The prize is valued at $70k. Does this mean you would have to add $70k to your taxes at the end of the year as income? How much do you guys think the car would sell for in a private sale? You couldn't trade it in to a dealer or else you would get screwed and only get the value of a 2015 GT. I ask not because it's a bad car or anything (I think it's a pretty awesome car), just what would you do if you couldn't afford the taxes and registration and all that.
Prize includes coach air travel, one night hotel accommodations (single room, double occupancy), ground transportation from airport to hotel and to the AmericanMuscle Show. Total approximate retail value of Grand Prize is Seventy Thousand Dollars ($70,000).
Prize cannot be transferred, redeemed for cash or substituted. Winner is responsible for procuring, and for the cost of, all title/transfer, registration, taxes and insurance on vehicle. Mustang prize will be delivered at, and must be collected by Winner, in Mohnton, Pennsylvania at the 2015 AmericanMuscle Mustang Show on August 15, 2015. Winner may elect to personally transport the vehicle back to his or her place of residence, or in the alternative, Sponsor will be responsible for the transportation of vehicle following delivery in Pennsylvania to Winner’s residence. All costs and expenses not expressly specified herein as Sponsor’s responsibility are solely the winner’s responsibility. If winner cannot accept the prize as stated, prize will be forfeited in its entirety and an alternate winner selected.
Prize cannot be transferred, redeemed for cash or substituted. Winner is responsible for procuring, and for the cost of, all title/transfer, registration, taxes and insurance on vehicle. Mustang prize will be delivered at, and must be collected by Winner, in Mohnton, Pennsylvania at the 2015 AmericanMuscle Mustang Show on August 15, 2015. Winner may elect to personally transport the vehicle back to his or her place of residence, or in the alternative, Sponsor will be responsible for the transportation of vehicle following delivery in Pennsylvania to Winner’s residence. All costs and expenses not expressly specified herein as Sponsor’s responsibility are solely the winner’s responsibility. If winner cannot accept the prize as stated, prize will be forfeited in its entirety and an alternate winner selected.
Last edited by Coyote5-0; 6/22/15 at 01:00 PM.
6/22/15, 08:06 PM
#3
Legacy TMS Member
23K in taxes, roughly, on a 70K car.
So.. all y'all who were thinkin' about winnin' it might wanna abort entering, so that I have a better chance to win it.
Heh.
---
There are ways to pay off that tax burden. I will find that way, believe you me.
Also note that it isn't *right now, pay up*, it's an income item, and so your next income tax calculations for 2015, whatever they may be, will not be until the most part of a year away to pay. Unless your area's rules are really weird, that is.
So.. all y'all who were thinkin' about winnin' it might wanna abort entering, so that I have a better chance to win it.
Heh.
---
There are ways to pay off that tax burden. I will find that way, believe you me.
Also note that it isn't *right now, pay up*, it's an income item, and so your next income tax calculations for 2015, whatever they may be, will not be until the most part of a year away to pay. Unless your area's rules are really weird, that is.
Last edited by houtex; 6/22/15 at 08:08 PM.
6/23/15, 04:01 AM
#5
FR500 Member
I don't particularly care for the mods, but I enter every contest that comes down the pike, so I'd sell it or put it in an auction. What it's valued at and what it's really worth are two different things. That same $70K can get you a well optioned GT350 with a few bucks left over.
I'm not so sure how much of a market there'd be for it though. One-off designs are pretty tricky. It's not like Foose is at the same Mustang tuner level like Shelby or Saleen. But there's no denying that he has name recognition. Still, it's a crap shoot.
I'd probably want to move it quickly and would ask between $50-60K, try to recoup my tax obligation, and pocket the difference towards something else.
I'm not so sure how much of a market there'd be for it though. One-off designs are pretty tricky. It's not like Foose is at the same Mustang tuner level like Shelby or Saleen. But there's no denying that he has name recognition. Still, it's a crap shoot.
I'd probably want to move it quickly and would ask between $50-60K, try to recoup my tax obligation, and pocket the difference towards something else.
6/23/15, 07:19 AM
#6
Shelby GT350 Member
Thread Starter
Kinda what I was thinking... But do you really think a modded 2015 GT will go for that? Would have to be some sort of enthusiast. At that price range, you're getting towards a future GT500 that comes with a factory warranty and all.
6/23/15, 07:47 AM
#7
FR500 Member
Who knows? I'm sure there's a Foose market, but it'd be pretty narrow. I'd ask $50-60K....doesn't mean I'd get it. At my tax bracket I'd have about $17K in taxes, so the shortest distance between two points is an auction, probably Mecum, and set a reserve near $50K and see what happens. If I can recover my out-of-pocket plus make at least another $20K after auction fees and transport, that'd be a pretty darn good investment.
6/23/15, 08:37 AM
#8
Former Vendor
I figured I would create a thread instead of hijacking the promotional thread for the Chip Foose/MMD/AmericanMuscle Mustang giveaway. If you won this, what would you guys do? The prize is valued at $70k. Does this mean you would have to add $70k to your taxes at the end of the year as income? How much do you guys think the car would sell for in a private sale? You couldn't trade it in to a dealer or else you would get screwed and only get the value of a 2015 GT. I ask not because it's a bad car or anything (I think it's a pretty awesome car), just what would you do if you couldn't afford the taxes and registration and all that.
Considering I'm unable to sign up to win this car for obvious reasons I'll give a brief list of what I would do...step by step of course.
1) Accept keys from Chip
2) Smile for Photos with he and Justin
3) Proceed to lay down a burnout so long that it could be seen from space
4) Hand over my license to a PA State Trooper.
She's a great car and I'm really, really looking forward to meeting the winner in a few months time. Chip and the MMD Team put in a lot of blood, sweat and tears into this vehicle; It wasn't something where Chip made a few parts and that was it - He was with the MMD Team every step of the way on this and made some really killer additions to this car. If anyone's looking for any other info on this wild build check out our Blog Article on here or click the image below - Feel free to let me know if anyone has any questions and good luck to everyone that's signed up so far!
6/24/15, 01:53 PM
#11
V6 Member
23k would be quite a bit of money for taxes.
I'd probably get a no-interest loan from a fairly wealthy family friend to cover the taxes, and pay it back like a car loan. Like $400\month for 60 months. I'd probably work off most of it, mowing the lawns there or something (I think they already pay like $250-300\week for lawn care, it's a lot of area.)
To make a long point short: I'd get it figured out somehow.
I'd probably get a no-interest loan from a fairly wealthy family friend to cover the taxes, and pay it back like a car loan. Like $400\month for 60 months. I'd probably work off most of it, mowing the lawns there or something (I think they already pay like $250-300\week for lawn care, it's a lot of area.)
To make a long point short: I'd get it figured out somehow.
6/24/15, 08:18 PM
#13
Cobra Member
Actually, the value of the car would be added to your regular income. So, if your taxable income was $100,000., this could raise it to $170,000. and that is what you would be paying taxes on. If you have a State tax, same thing, and then the registration fees on top of that.
I would accept it and immediately donate to a charity., such as Wounded Warriors, as this would count as a charitable donation, no taxes, and you deduct from your taxes instead of adding = tax refund.
Any tax accountants on here, please let me know if I am wrong.
I would accept it and immediately donate to a charity., such as Wounded Warriors, as this would count as a charitable donation, no taxes, and you deduct from your taxes instead of adding = tax refund.
Any tax accountants on here, please let me know if I am wrong.
Last edited by SD CALSPCL; 6/24/15 at 08:20 PM.
6/25/15, 08:08 AM
#14
Shelby GT350 Member
Thread Starter
That would be a great charitable donation, but deducting $70k from your income to get a bigger tax return would not be near as much in return as selling it to a private party...right??
6/25/15, 02:10 PM
#15
Cobra Member
6/26/15, 07:40 AM
#16
To sum it up: IF you win a car valued@ 70k, the average guy is gonna pay somewhere between 15&30k in taxes before you can do anything else(like sell it). If you don't like this, don't enter the contest- simple as that
P.S. My entry has already been placed!
P.S. My entry has already been placed!
Last edited by elfiero; 6/26/15 at 07:42 AM.
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