Question about raffled CC

[kwiksilver]

Nuff said!!!

 

[Lawrenzo]

If I were him, I'd hire a good tax attorney and see if I could get the taxable "value" officially dropped to the lower sales price(the true market value). Fight those revenuing bast*rds, or they'll just take whatever they want from us!

 

[GTS-R 001]

One thing Old Bonkie should think about is did this "win" put him in a higher tax bracket as well? He may owe more tax on his 2005 earnings now than he thinks he did. I believe that if he gets a 1099 for the 150K but has already made 50K then he is now in the 200K bracket on all his income instead of teh 50K bracket he was in.

 

[Y2K5SRT]

I suspect that there were a LOT of people that bought tickets with the idea that they would sell it if they won. Some thought they could make it street-legal (in their respective states), while others would actually track it. But I guarantee that there were even more people that would have sold it before the day was out on winning it.

And of course I do think the car could have brought more than the $102,000 it was reputed to have sold for. Add a little publicity (few if any of us knew it was for sale) and give it another week. That car was sought after both as a very well-prepped race car and also as a collectors item. The new owner did very, very well on it.

 

[Chuck 98 RT/10]

I would have had to sell it too...but I wouldn't have.

For Bonks, he did the right thing.

I've never been known for doing the right thing. Being irresponsible and single has its rewards.

 

[Sellshomesdrivesviper]

It would seem to me that he only had to pay federal taxes (and sales tax, if titled) on the value that VCA put on the car, not MRSP or sticker.

Though to be fair to Bonkers, its really no ones business what Bonkers did with the car, who he sold it to, or what he sold it for, he could have given it away for all I care.
A big and lucky return on his initial investment, good for him. And yes if I would have won it, I would have sold it as well, though only after a couple "illegal" trips around town with family and friends.

 

[FikseGTS]

why did they even bother to raffle a comp coupe, I think most could see that the winner was just going to sell it anyways.... there are not many people ready to accept that car, insure it and make proper use of it....

the real bummer is that the drawing took place at the very end of the year.... at least do the drawing on January 1st, so the winner has 16 months to joyride, then sell because the tax hit was coming...

this is why we were getting spammed by the VCA, they couldn't sell all the tickets....

 

[Chuck 98 RT/10]

I've been waiting for a CC raffle since the CC was introduced a few years ago. I bought four tix and would buy at least four more if they do it again.

The CC raffle was a success, they made some good money from it. I hope they do it again.

 

[Dakota Viper Collector]

I had offered Bonker $106k on Monday before he accepted the $102k. Bonker decided to sell it for less to the other guy because he was going to race it. It seemed a little weird to me but whatever.

 

[acrdakota]

I'm not sure if this applies to winnings or not, but couldn't a tax attorney average this out over previous years (as far as total income) and at least keep his tax bracket a lot lower?

I would at least hope he's not going to drop the $60k in taxes right up front. Might be wise to take the $106k, drop it all on a house and try to write off as much of that as possibl. Not sure how the tax laws work, but I hope he works it to his advantage, handing the feds $60k would ****.

 

[98MODMTR]

After reading all of this, I am just glad I am single. With a hobby and enjoyment like this, I too couldn't afford to keep the car with a wife and kid.

I am sure he is happy with his wife and kid (does he have kids?) and won't think twice about the way life would have been being 28 y/o, single, and the owner of 2 vipers...one being a CC.

 

[Chuck 98 RT/10]

I had offered Bonker $106k on Monday before he accepted the $102k. Bonker decided to sell it for less to the other guy because he was going to race it. It seemed a little weird to me but whatever.

You mean Bonk sold it for less to keep it on the track instead of in a garage?! Nothing against you Dakota, but I gotta give Bonk serious props for that! I know of few people with that kind of integrity. Big thumbs and a great big thanks for you Bonk!!! If we ever meet up, you and your wife get dinner on me.

Dakota, the CC could very well be worth more as a collector after it has a couple seasons on it. Especially if whoever got it kicks butt (how's that for putting pressure on the new owner? LOL ) As a collector, which Oreca 91 Viper would you rather have, the one that won the 24 Hours of Lemans, or one of the spare backup cars that never saw any track time?

Way to go Bonk! You are a lifetime member of the Two Viper Club.

On behalf of all trackers around the World, mucho Thanks!

 

[RockStar]

Anyone on this thread that criticizes Bonkers is an idiot.

Not the other way around.

Congratulations on winning the car Bonkers, and knowing that you really wanted to keep it, I hope that you are comfortable with the deal that you made.

 

[Bobpantax]

Question Answered November 19th

The tax consequences were discussed in a series of posts on November 19th before the raffle occurred. A search engine is a terrible thing to waste.

 

[DEVILDOG]

Anyone on this thread that criticizes Bonkers is an idiot.

Not the other way around.

Congratulations on winning the car Bonkers, and knowing that you really wanted to keep it, I hope that you are comfortable with the deal that you made.

DITTO! Congrats Bonkers! Enjoy your good fortune with your family and please post some pics when you get some track time with that beast as part of the deal....that was a SMART move and I'm sure it will be a really FUN experience.

 

[FrankBarba]

Dakota, the CC could very well be worth more as a collector after it has a couple seasons on it. Especially if whoever got it kicks butt (how's that for putting pressure on the new owner? LOL ) As a collector, which Oreca 91 Viper would you rather have, the one that won the 24 Hours of Lemans, or one of the spare backup cars that never saw any track time?

Are you for real? You actually think that a CC that was won in a raffle and sold to a Hobby Racer to run in a Gentlemans Racing League (VRL) would be worth more after a few seasons? The CC in question would be worth more to a collector without any track time on it. These CC's do not run Lemans which you speak of nor do they run in the American Lemans Series, or even Grand AM. Yes they do compete in SCCA World Challange Series, most of those cars are banged up & have been repaired several times. If you want some history you can purchase Tommy Archers's CC from 3R racing. There are no CC's that compete in GT-1 at the SCCA Nationals, most are VRL race series cars. (this is why dodge built the CC)but the CC's that are offered for sale will never fetch the $$$$ that a Oreca Viper will get. There have been several for sale and the last one could not even get an opening bid of 100K.

of course this is my opinion only

 

[Lee00blacksilverGTS]

Dakota, the CC could very well be worth more as a collector after it has a couple seasons on it. Especially if whoever got it kicks butt (how's that for putting pressure on the new owner? LOL ) As a collector, which Oreca 91 Viper would you rather have, the one that won the 24 Hours of Lemans, or one of the spare backup cars that never saw any track time?

Are you for real? You actually think that a CC that was won in a raffle and sold to a Hobby Racer to run in a Gentlemans Racing League (VRL) would be worth more after a few seasons? The CC in question would be worth more to a collector without any track time on it. These CC's do not run Lemans which you speak of nor do they run in the American Lemans Series, or even Grand AM. Yes they do compete in SCCA World Challange Series, most of those cars are banged up & have been repaired several times. If you want some history you can purchase Tommy Archers's CC from 3R racing. There are no CC's that compete in GT-1 at the SCCA Nationals, most are VRL race series cars. (this is why dodge built the CC)but the CC's that are offered for sale will never fetch the $$$$ that a Oreca Viper will get. There have been several for sale and the last one could not even get an opening bid of 100K.

of course this is my opinion only

That may be true SHORT TERM and indeed would make Bonk real happy, he could buy it back cheap a few years from now. But prices go down and then they go up again. With only 40 or so of these built they will all be worth some bucks some day. One has only to look to the Corvette collectors to determine that. Any Corvette with a documented racing history, and it does not have to be famous, is worth a lot. And those Corvettes did not start out as a VERY small series of NUMBERED, very special factory handbuilt racecars.

 

[FrankBarba]

The first White & Blue CC was # 63. I am sure that tom Francis from Everham can chime in to let us know what number they are up to now.

 

[418viper]

I for one would like to thank Dodge, the VCA and everyone involved for the opportunity to potentially own such a special car as this (for a 125$ !!!). I suspect many top ranking Dodge execs read these web pages or have printed copies show up on their desks and if they read too much negativity they silently ask themselves "why should we continue this offer?" If y'all got extra energy how about setting up and organizing some additional club events like autocrosses, concours, poker runs, dinners, country drives etc., instead of wasting your efforts throwing the negativity on this board. Congratulations Bonkers!

 

[Gerald]

you said it!! Thanks DODGE for having these RAFFLES!!! DODGE OWNS!!! Please keep the tradition!!!! Congrats to Bonkers!! Is Bonkers qualified to enter next years Raffle? hahahah..

 

[Chuck 98 RT/10]

Dakota, the CC could very well be worth more as a collector after it has a couple seasons on it. Especially if whoever got it kicks butt (how's that for putting pressure on the new owner? LOL ) As a collector, which Oreca 91 Viper would you rather have, the one that won the 24 Hours of Lemans, or one of the spare backup cars that never saw any track time?

Are you for real? You actually think that a CC that was won in a raffle and sold to a Hobby Racer to run in a Gentlemans Racing League (VRL) would be worth more after a few seasons? The CC in question would be worth more to a collector without any track time on it. These CC's do not run Lemans which you speak of nor do they run in the American Lemans Series, or even Grand AM. Yes they do compete in SCCA World Challange Series, most of those cars are banged up & have been repaired several times. If you want some history you can purchase Tommy Archers's CC from 3R racing. There are no CC's that compete in GT-1 at the SCCA Nationals, most are VRL race series cars. (this is why dodge built the CC)but the CC's that are offered for sale will never fetch the $$$$ that a Oreca Viper will get. There have been several for sale and the last one could not even get an opening bid of 100K.

of course this is my opinion only

Jeeze Frank, what did I say? I said "could" not "would." Beats me what it will be worth, I'm not a collector. I just used the Oreca Vipers as an example and maybe giving Dakota food for thought.

Merry Christmas.

 

[Dakota Viper Collector]

Chuck may be right by saying that particular Comp Coupe is not collectible (I just thought I would like a ****** one).
Like they say "things happen for a reason" and very likely something better will come along.

Actually it is very confusing if anything past 2002 is worth collecting. I still think Gen 1 and 2 Vipers will be the most sought after in the future (face it with the clam sheel hood and everything, they are a work of art).

 

[FrankBarba]

Chuck....you got mail
Dakota: the newer viper that will be a collectable will be the street comp coupe they teased us with. Now if you could find this car it would definately be an ACE.

 

[CCBrian]

Well the 2000 LeMans car is for sale at $450,000. It can be found at the attached link. It's been on the market for 4 months...I offered much less for it but the seller said no. And it was not a back up car...
http://www.fantasyjunction.com/
My CC is #64 and was deliverd to me 4 months ago. They have got be at 70+ now. Tom???