Chip Foose stang giveaway

[AMWill]

Good luck everyone!

We are really looking forward to giving this beast away and can't wait to hand over the keys!

Keep entering!

-Will

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[Niz55]

I would sell mine and the chip one and buy a 350

 

[Niz55]

Good luck everyone!

We are really looking forward to giving this beast away and can't wait to hand over the keys!

Keep entering!

-Will

Probably a 70 year old will win it that owns a corvette as well

 

[Chameleon]

I would keep it...for a while at least..would be rare.

 

[Horse]

Entered. Would keep it.

 

[bmatt]

I won my 2012 Mustang...let me tell you about the taxes and fees for the value of the car that they consider income :doh:

LOL, yea they say estimated value of $70K? So I'd imagine that's what the IRS would tax you on. Assuming you are unmarried individual filing you'd owe about $13302.75 in income tax just on the car itself if you didn't have any other income. If you made 50K at your regular job it could cost you $23552.25 in taxes it looks like. This is before any tax deductions/breaks/etc though. But that's why most people sell these things if they win I think...

So if you could dump the car for $50K you could walk away with 20-30K cash in pocket, not a terrible deal.

 

[Rogues Gambit]

I can't enter anymore, I hope I win though

also entered my friend in to be nice

Good luck to everyone here

 

[Varekai]

I'd sell it and get the GT350 tech package, then if there was any spare money would go towards supercharging it. Really really love the GT350....

 

[bmatt]

[ame]

 

[NickD]

I'd drive it for a bit, but I'd be tempted to sell it and get a gt350 or payoff my wife's car and order a 2016 GT how i want it.

 

[The Great Gazoo]

I'd sell my current ride and keep the Foose. In a minute - I think Chip is a genius 99.999% of the time when it comes to styling. And taxes aren't a problem for me in Canada. For a change. :clap2:

 

[Fox5.0]

Just entered, what is the possibility of one of us winning on here? Lol

But this is considered income tax?! So I'll pay about 15k out of pocket for it? That's kind of sad, but I'll pay it if I win. Lol

Also, if it is income tax, I'll have some time to pay it then correct? It won't be due at the time I take the keys?

I would keep it, just to say I actually won something.

 

[bmatt]

Just entered, what is the possibility of one of us winning on here? Lol

But this is considered income tax?! So I'll pay about 15k out of pocket for it? That's kind of sad, but I'll pay it if I win. Lol

Also, if it is income tax, I'll have some time to pay it then correct? It won't be due at the time I take the keys?

I would keep it, just to say I actually won something.

Yes you'll have to pay income tax, and you don't have to pay until tax time. It appears that tax would be based on fair market value, so not quite 70K most likely. You'd have options but be aware cause it'll hurt either way! don't forget any property tax, registration, etc depending on your state as well.

You can always get a loan against the car for the tax amount, would be a very cheap car payment if it came to that.


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[klumpikat]

...But this is considered income tax?! So I'll pay about 15k out of pocket for it? That's kind of sad, but I'll pay it if I win. Lol

Also, if it is income tax, I'll have some time to pay it then correct? It won't be due at the time I take the keys?

I would keep it, just to say I actually won something.

You're filling up your Foose at a gas station...

Stranger: Wow! Beautiful stang! The 2015?

You: Yeah...thanks! I also have a Magnetic GT. Just bought new pipes for her. Hope I don't wake the neighbors... ;)

Stranger: I love the wheels! I've never seen those before. (Nods towards the front end) How many horses?

You: 707. No, wait...that's the Hellcat. This car's got 800, I think.

Stranger: I bet this gets a lot of looks. Very unique styling!

You: Yeah...it's a one-of-a-kind. Not too crazy about the styling. :shrug: But it was basically free… I won it in a drawing! Got free air travel to PA, hotel accommodations and tickets to a big Mustang show, where I picked it up. Really sucks paying taxes on this thing...but I've never won anything before!
:headbonk:

;) :cheers:

 

[Horse]

The prize car is AT right? Then I'd have to sell it on the spot, say for $50k. With taxes around $25k, I'd net $25k in my pocket, which would be enough for a V6. Yeah, that's the plan.

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