If you sold your Mach 1 tomorrow, what’s next?

[2023EGM1]

It’s hard not to think about owning a car like that. Unfortunately, even with winning one of those in a raffle, most of us could not afford to keep it. Between state and federal taxes you would have to come up with nearly $200k just for the privilege of parking it in your garage. And there is the fact that with it being a super low mileage car it would lose $100k if you drove it at all. As much of a dream car as it is, I would have to sell it. How depressing is that?
It’s best for me to just stick with the dream..
Cheers,

That much money in taxes? Are those for the prize money equivalent?

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[2023EGM1]

I ended buying a Premium Darkhorse. No handling package nor 6 speed available down here, color is the maximum customization

The issue is that I don’t want to sell my MACH 1! 2022, 6k miles, only owner, Eruption Green.

 

[350 Feet]

That much money in taxes? Are those for the prize money equivalent?

Yes! The taxes are based on actual value of the car, nothing else.
That car is most likely worth about $650-700k. Taxes will be about 35%.
I know, it’s heartbreaking

 

[Ohio_Pilot1980]

I'd move lol. I'm in Ohio where we pay initial sales tax and then registration which is like $50-$60 unless you own a hybrid/EV. $250 for hybrid, $500 for EV on top of the reg to make up for lack of fuel tax revenue. My brother has new M5 and was charged the $250 which made us both laugh considering that car isn't getting any better mileage than my Mach 1. Insurance on a GT would be a different story, but I'll figure it out lol.

 

[MAGS1]

Yes! The taxes are based on actual value of the car, nothing else.
That car is most likely worth about $650-700k. Taxes will be about 35%.
I know, it’s heartbreaking

The funny part is with a lot of these raffles they also give you cash towards taxes. What most people don’t realize is you also have to pay tax on that cash they’re giving you. So, by trying to help with the taxes, they actually increase your tax liability

 

[Jimmy Dean]

I'd move lol. I'm in Ohio where we pay initial sales tax and then registration which is like $50-$60 unless you own a hybrid/EV. $250 for hybrid, $500 for EV on top of the reg to make up for lack of fuel tax revenue. My brother has new M5 and was charged the $250 which made us both laugh considering that car isn't getting any better mileage than my Mach 1. Insurance on a GT would be a different story, but I'll figure it out lol.

? you have to pay federal income tax on winnings, and that would include a car. so no matter what state, you would be paying 25ish% if you won a GT.

 

[MAGS1]

? you have to pay federal income tax on winnings, and that would include a car. so no matter what state, you would be paying 25ish% if you won a GT.

Maybe Ohio charges a state tax on top of the federal tax? I know Illinois does, one of the reasons I don’t enter those types of raffles. That and I have terrible luck and never win anything.

 

[Ohio_Pilot1980]

? you have to pay federal income tax on winnings, and that would include a car. so no matter what state, you would be paying 25ish% if you won a GT.

You're right, I did a quick search using 500k FMV and 20k cash winnings.

~24% federal + ~4% state + ~2% local = ~30% total withheld initially (~$156k on $520k)

Yikes!

 

[NHMach1]

I’d take a loan out, happily pay the taxes and drive the GT everyday lol! Realistically though
1. GT500 HE
2. GT350 HE
3. 69-70 Mach 1 428 4 speed

 

[Mach 307]

I don’t know, I think after getting eye to eye with the idea/reality of trading my M1 HP, I don’t think I could do it. I could add something else to the stable of course, sure. But, I think I’ve realized I love this car a little too much to part ways with her.

 

[First Stang]

Dodge Durango SRT. V8 with 7 passenger seating. If they discount, possibly a Hellcat version. No cylinder deactivation, tried and true engine. It has 4wd with towing capacity and room for the fam.

 

[uin2it]

DONT DO IT!!
I sold my Last Mach1 for a C7Z06 .... it was fun but I missed the Mach1. Sold the Z and finally found another Mach1

 

[SheepDog]

I consider getting rid of mine from time to time, mostly just because I get bored and want a new project. Then, I go out and drive it. Where else am I going to get a car that handles this well, stops this well, looks this good, sounds this good, has a manual transmission and has 1000 HP? I've sunk some money into it for sure, but nothing else will touch it for anywhere near what I have into it. Unless I win lottery money, I'll probably be buried in this thing

 

[agmattocks]

mine is getting buried with me when I die.....

 

[Mikepol2]

Unless I win lottery money, I'll probably be buried in this thing

mine is getting buried with me when I die.....

Same. The list of available fun cars with 3 pedals is slim. The list that sound this good and have this presence is smaller. And the list with 700-ish at the wheels at this price is approaching zero.

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