A Raffle, not the Raffle?

[NVMYVPR]

I was wondering. I purchased a 1996 Viper RT-10 in January. At the time I thought it was a good deal. Turns out it was too good to be true. I probably cannot sell it for what I paid and I don't want to lose my shirt completely. Is it possible after the Ring car raffle is complete to raffle my car off to the VCA membership? Anything collected over my bottomline would be donated to the VCA. If the tickets were sold at $100 a piece somebody would get a heck of a deal on the car, I would not have to fake my own death, and the VCA could make some money as well or we could donate it to charity.

Craig,

 

[PDCjonny]

I'll take depreciating asset for $200, Alex.
I'm guessing that you, me and every other member in the VCA can't get back now what they paid for their car.

A depreciating asset is an asset that has a limited effective life and can reasonably be expected to decline in value over the time it is used.

 

[Voodoo Rob]

Its a car.....enough said.

 

[Bonkers]

From my understanding, the legal and tax implications alone
from holding a national raffle will run you into the tens of
thousands of dollars. Not to mention the legal liability for the
club on selling a used car. So short answer is no. Unless you
have an exceptionally rare car (one of the White 96 GTSs
persay) or famous (current raffle) its not likley the club will
make money on raffling a 'typical' Rt10. I think we barely broke
even on the GT2 raffle. The flip side of course is that if you
did have a car worth raffling you probably aren't losing your
shirt over it.

Personally I never understood buying a car as an investment.
My Viper runs me $10.98 a day, or $1.51 a mile just in ownership
costs - unless you buy it new, never drive it, and sit for 20+
years I can't fathom how anyone could ever expect to break
even on a high-end toy. You bought your car at the height of
the great-car depression - I know what its like to take a soaking
hot bath on a car (*cough*bmw*cough*) so I sympathize, but
unless you wait out the storm you're unfortunately gonna have
to bite the bullet on this one.

 

[AZTVR]

I was wondering. I purchased a 1996 Viper RT-10 in January. At the time I thought it was a good deal. Turns out it was too good to be true. I probably cannot sell it for what I paid and I don't want to lose my shirt completely.

You're kidding, right ? You bought a car sight unseen, and it wasn't what you wished for, and now you propose that the club raffle it off and the members pay you to get out from under it? I don't think so. I'm not trying to be a wise asp here; but, just sell the car and buy something that you have inspected and checked out thoroughly, or just enjoy the one you have. Its just a car, not a princess ! If it has mechanical or cosmetic issues, then, no one would want to purchase a raffle ticket anyway.

 

[NVMYVPR]

No, I got a good price on a really good looking car. I take full responsibility for the purchase and the car runs fine. What I did not buy was the exact car I wanted. I should have ponied up and just got what I wanted. My car is a good daily driver or near enough to drive daily. It is not a show car etc. I will be selling it but I will have it in much better shape than when I purchased it. I am a responsible owner and do not pass along known problems without disclosing. The thought was if I could raffle it off somebody gets a great deal on a mid 20's to low 30's value car and the Viper Club could make a little money for the club or donate some money to charity in the name of the club. I didn't know if it was legally feasible or how much tax hassle there might be. Now I know that it is not a practical idea for numerous reasons. Thanks for the help.

 

[Fatboy 18]

Have to say I don't really understand the Raffle Laws in the United States.

You raffle a car, but in effect you are only raffling part of a car as you still have to pay all the additional taxes!

In the UK if you raffle something, its yours, no taxes to pay, as they have already been paid in the purchase tax. (VAT value added tax)

Does this tax law vary state to state? Is it the same in Vegas where you could win a car on the slot machines? Surely the taxes should be paid by the people responsible for issuing the raffle tickets and incorporate that price into the ticket? Would the tax law apply to a Second Hand car too? Did the winner of the GT2 have to pay taxes?

 

[kennyhemi]

Have to say I don't really understand the Raffle Laws in the United States.

You raffle a car, but in effect you are only raffling part of a car as you still have to pay all the additional taxes!

In the UK if you raffle something, its yours, no taxes to pay, as they have already been paid in the purchase tax. (VAT value added tax)

Does this tax law vary state to state? Is it the same in Vegas where you could win a car on the slot machines? Surely the taxes should be paid by the people responsible for issuing the raffle tickets and incorporate that price into the ticket? Would the tax law apply to a Second Hand car too? Did the winner of the GT2 have to pay taxes?

Fatboy 18 don't get me started! I not sure how other states taxes but here in Florida any vehicle or vessel gets taxed based on the purchase price every time it gets sold. I have always thought was a government ripoff. I believe once someone pays for the tax new that should be it!
Let me tell you how greedy the state is, let's say you buy a car that's worth $10k but it needs a new engine and you declare it for $5k the state of florida checks the blue book and if it says $10k you have to provide a notorized sale receipt and take time to mailthem the proof or they will come after you for the difference! Unless YOU prove to them that the engine was bad by having another notorized letter by a license auto repair shop and the car was worth $5k as stated! Nice huh?