It's all because of the Shelby name, I don't think it would have sold that high if it was called SVT Cobra. It even beat the record of the Shelby GT500E vert. This shows how crazy people are for this car, in one way it's good, but on the other hand it's bad.

 

I wasn't making any inferences regarding charitable donations or their worthiness. :bang: Such an excessive price will only serve to inflate the amount dealers will attempt to charge.

 

I just want to know, is that the red we will get for the production version?? I asked before and seems no one knows the answer.

thanks

 

You hit the bull's eye with that analysis.

Now I must painfully have to admit Ford's marketing strategy is a lot smarter than those of us dimwits who felt loyalty to SVT and the Cobra nameplate.

 

Sorry, but it didn't read that way.

 

That's a great donation, but I highly doubt that it would've have gone that high if it was for the car alone...

 

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Well, I know that they auctioned the first one of those off ...I think at Pebble Beach or something...Anyone remember how much that thing went for??

 

I thought they said the GT sold for $300K during the bidding of the GT500.

 

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$557,500!! Found it here
First Ford GT

 

That one was at Christie's not Barrett-Jackson but the article does say it was the first GT sold to the public.

 

ahh....Barret-Jackson wasnt about to tell people that a different compan sold the first GT...Kinda takes away from the car though if you low ball the actuall price by, oh...$257,000...anay...back to topic....I dont see how this is in any way good news for consumers.

 

Anyone know if Speed is repeating this auction - maybe later tonight - they often do in their schedule.

And no, I don't think an auction counts for a tax deduction. Charitable gifts in return for non-profit deductions are one thing, but this is a full-on auction. It really doesn't matter what Ford is doing with the proceeds, the bidder entered into an auction to purchase a new Ford car - hence, no deduction.

 

That would be hilarious if this was the case. Ha next year when he goes to file his taxes and gets the "news" from the IRS about his "donation".

wn3d:

 

Something tells me that the buyer (who was it by the way?) knew going in all the implications of being a winner. You don't get to the point where you can pay that much for a vehicle by falling off of a turnip truck.

 

He better know how to keep it in a safe place.

 

I know that is why I put the at the end.

 

Churches and other charities have auctions all the time and your bid is conisderated a donation and IS tax deductible. This is no different. The car was donated to Shelby's charity (Edsel Ford said that earlier in the broadcast). Therefore it's the charity auctioning it off, not the Ford.

Exactly how many U.S. tax returns have you filled out? :scratch:

EDIT: Straight from the IRS website:

That means the excess paid over the MSRP of the GT500 is tax deductible.

 

Well if he's in the 25% tax bracket then he can knock 140K off his 600K (600K -40K MSRP = 560K x .25 = 140K). So it still cost him 420K more than MSRP, but at least it is going to a charity.

I'm not a tax accountant, and the logic above is most likely flawed.

 

Now that gives me a great idea (which may carry the same flaw)......I'll buy one as a company car for $5K over and that should make it cost right at invoice after it's depreciated. BRILLIANT!!

 

I wish my company would let md to that. Uncle Sam is not that giving though, unless it is for the $2000 toilet seat.