Local Fair is giving away a car

[toystory1130]

in a raffle, how many tickets would you buy at $1.00 each? It's a Chevy if that matters, must be present to win. They will continue to draw tickets until they have a winner.

 

[miztressuz]

however much you're willing to lose? I wouldn't think of it as how much would I spend towards the car but how much are you willing to donate to the fair (or set on fire). I'd treat it as if your giving away the money since it's still a game of chance. (and with my luck, even if I bought 10 thousand tickets and there was only one other person, they'd pick the one ticket from the other guy )

 

[Hikergirl]

Is this a brand new car? $1 a ticket seems pretty low.

 

[Alesia]

Keep in mind that you'll need to pay the sales tax on it in order to register it.

 

[scrapquitler]

Keep in mind that you'll need to pay the sales tax on it in order to register it.

And you probably owe income tax on the value of the vehicle as well (That's what happened when the Oprah gave away cars to the audience).

 

[LJSquishy]

Zero raffle tickets...because it's a Chevy.

 

[Alesia]

And you probably owe income tax on the value of the vehicle as well (That's what happened when the Oprah gave away cars to the audience).

Yep. Overall, you can expect to pay about 1/3 of the car's value in taxes. The sales tax won't hit you until April, but the sales tax (around 9%, depending on where you live) will need to be paid right away. There are also the cost of license plates and insurance, which may be significantly higher than what you've been paying.

Basically, don't waste a single dollar on it unless you really want it and can afford the additional expenses

 

[MillauFr]

It is a Chevy. Not worth buying any tickets. Now if it was a Toyota, Subaru, or Honda I would buy $10 worth.

 

[wendow]

however much you're willing to lose? I wouldn't think of it as how much would I spend towards the car but how much are you willing to donate to the fair (or set on fire). I'd treat it as if your giving away the money since it's still a game of chance. (and with my luck, even if I bought 10 thousand tickets and there was only one other person, they'd pick the one ticket from the other guy )

This would be my luck as well! Back in 2014, Disney gave away a trip a day in Jan. You had to enter each day to be eligible for that day. I entered faithfully, and reminded my dh to enter every day...I didn't win but imagine my surprise when my aunt calls and tells me she won...and she only entered once lol! She did take my family with her so all was good, and we can still be friends

 

[wendow]

OP, I agree. You are going to be responsible for a big tax bill if you win. I'd make sure I really wanted the vehicle and could afford to pay for it.

 

[_19disnA]

The type of car has nothing to do with how many tickets to buy. If you buy at least 1, you have a chance to win.

 

[Alesia]

The type of car has nothing to do with how many tickets to buy. If you buy at least 1, you have a chance to win.

To me, the type of car has quite a bit to do with it. If it was actually a car that I was in the market for, I would buy some tickets -- but I definitely don't want to be saddled with a huge tax bill for a car I don't really want.

If I did decide to buy tickets, I think the charity that was raffling it off would determine how many I bought. If it was an organization that I strongly support, I would buy more than I would for an organization that is less important to me.

 

[kydisneyfans]

I agree with the others that with the taxes and costs involved, "winning" a car is only worth it if you are in the market for that car. Personally if I had a few dollars around for a ticket, I'm taking the Mega Millions chance over a Chevy.

 

[Klayfish]

I'd buy the tickets. If I won the car and didn't need/want it, I'd sell it cheap and still make a profit.

 

[tcufrog]

How many tickets are they selling? That will tell you your odds of winning and whether it's worth it.

 

[tvguy]

Charity? $5-$10 or so for the charity. No expectation of winning.

 

[tvguy]

And you probably owe income tax on the value of the vehicle as well (That's what happened when the Oprah gave away cars to the audience).

Yes, the famous Oprah car giveaway DISASTER.
Audience full of deserving people, interview with single mom who could barely afford a $5,000 used car. Bam! Here's a new $28,000 Pontiac G6. Bam, here's a $6,000 tax bill for a woman who couldn't afford $5,000 for a car.

 

[LuckyMamaInDE]

A friend won a Jeep during a grocery store giveaway in which she was automatically entered by using her shopper card. She had two small children in car seats at the time. It was a hassle and a half for her to deal with income tax and selling the Jeep.

OP make sure you want the car and can afford the taxes!

 

[MomToOne]

Even if I didn't want the car, it would be a great thing to win - just sell it and use the proceeds to pay the taxes. Remainder would still be cash to me!

But that said, I have lousy luck, so I would probably buy one or two tickets for fun, and call it a day.

 

[Alesia]

Even if I didn't want the car, it would be a great thing to win - just sell it and use the proceeds to pay the taxes. Remainder would still be cash to me!

But that said, I have lousy luck, so I would probably buy one or two tickets for fun, and call it a day.

Keep in mind that you have to pay the sales tax before you can sell it.