Corvette Dream Giveaway Cars on Ebay

[Thomas N.]

Hi:
I just was looking at stuff on Ebay and saw that the two cars that were recently raffled are for sale on Ebay. The link to the 67 Big Block is 110522141352 and the ZR1 Hero Edition is 110522063831. I am in no way affiliated with these, just thought people might be interested in checking these out.

[Terry D.]

Re: Corvette Dream Giveaway Cars on Ebay

Don't it just figure that the person who won them has no desire to own them and drive them. That should be a requirement for purchasing the ticket.
Terry

[Patrick H.]

Re: Corvette Dream Giveaway Cars on Ebay

Probably just got the tax bill and can't afford them. That's more likely.

[Joel F.]

Re: Corvette Dream Giveaway Cars on Ebay

Patrick, I thought one of the selling points of this particular raffle was that the taxes were pre-paid.

[Henry S.]

Re: Corvette Dream Giveaway Cars on Ebay

Couple of nice Corvettes, hope they find a home with someone that will enjoy them. Here are the links for anyone looking:
http://cgi.ebay.com/ebaymotors/ws/eB...i%3D1&viewitem=

http://cgi.ebay.com/ebaymotors/ws/eB...i%3D1&viewitem=

[Michael J.]

Re: Corvette Dream Giveaway Cars on Ebay

I bought lots of tickets for this raffle, good cause, but I don't remember them saying they would pay the taxes on the FMV. I'm sure the guy who won (a policeman as I remember, in NJ?) took one look at the 36% of the FMV he owed in taxes and said, sell. Anyway, the ZR1 would probably be a safe value, the '67 needs lots of questions answered since it has no documentation and they want north of six figures. Hope the guy gets whatever was listed for FMV.

[Robert G.]

Re: Corvette Dream Giveaway Cars on Ebay

That car was listed on ebay (I think) in May and June of 2008. The trim tag and engine pad looked ok to me. I wouldn't pay an extra 50,000 for black paint though, which is the only option that might be hard to find on another car.

[John D.]

Re: Corvette Dream Giveaway Cars on Ebay

Nice car but it doesn't look "freshly restored" to me...

[Dick W.]

Re: Corvette Dream Giveaway Cars on Ebay

Nice car but it doesn't look "freshly restored" to me...

John, it appears to be a rattle can restoration Or maybe a very old restoration.

[Lynn H.]

Re: Corvette Dream Giveaway Cars on Ebay

I thought the 67 seemed to be fairly honestly represented (without seeing the car in person). I also had the tax bill thought. I had a friend won a $50K Rolex for a $50 raffle ticket. He thought it was real cool until tax time came, and he sold it immediately for $18K. I even threw a bid a the 67, and might bid again. It will probably sell for more than I am willing to pay, but you never know what the guy who got something for basically FREE might take for something like this. I would bet when it all goes down the car sells for considerably less than the $123K "buy it now".
Lynn

[John H.]

Re: Corvette Dream Giveaway Cars on Ebay

Patrick, I thought one of the selling points of this particular raffle was that the taxes were pre-paid.

Joel -

Doesn't matter much - the value of the car and the pre-paid taxes (a check you get with the car) are both taxable as ordinary income.

[Michael J.]

Re: Corvette Dream Giveaway Cars on Ebay

Joel -

Doesn't matter much - the value of the car and the pre-paid taxes (a check you get with the car) are both taxable as ordinary income.

OUCH!! Without an after-tax gross-up that really hurts.

[Kenneth B.]

Re: Corvette Dream Giveaway Cars on Ebay

OUCH!! Without an after-tax gross-up that really hurts.

It gets worse. You have to pay on the value that is stated by the Charity that is raffling it. That amount goes on top of your other income for that year,fed,state,Co. etc.
KEN