2016 Shelby GT350 Raffle

[EditorTurner]

Ticket to Ride
Support the Shelby American Collection and you could win a 2016 GT350
By Steve Turner
Photos courtesy of the Shelby American Collection

The Shelby GT350 is one of the most well regarded modern Mustang in recent memory. From its outstanding handling to its high-revving Voodoo power, the latest Shelby Mustang is definitely lust worthy. However, to own that kind of performance you need the proper funding. If your bank account isn’t quite ready to let you buy one, the Shelby American Collection has an option for you.

The museum is auctioning off a 2016 Shelby GT350. Equipped with the Track Package, this Magnetic Gray example wears chassis number G2265 and it is adorned with the blue over-body stripes. For more on the car and raffle, watch this…

[video=youtube;JiqapUuN4SQ]https://www.youtube.com/watch?v=JiqapUuN4SQ[/video]

“The drawing winner can choose between a new 2016 Shelby GT350 or $50,000.00. In order for the car or the $50,000.00 prize to be awarded, a minimum of $150,000 in donations must be raised,” says the site. “In the event less than $150,000 in donations is raised, the Shelby American Collection will split the net proceeds on a 50/50 basis with the winning ticket holder.”

The museum is auctioning this car to generate funds to keep its display up and running. Located in Boulder, Colorado, this museum features a lot of rare memorabilia from the salad days of Shelby automobiles.

“Thanks to the generosity of owners and collectors, we have some of the most important American cars ever made on display at our Boulder museum, along with an extensive collection of race records, period photographs, memorabilia and tributes to the pioneer drivers and visionaries of the era including Carroll Shelby, Ken Miles, Dan Gurney, Bob Bondurant, Phil Hill, Phil Remington and other Shelby American Team members,” says the museum.

For as little as $25 you can buy 2 tickets and earn one bonus ticket. There are various donations steps all the way up to 80 tickets and 120 bonus tickets for $1,000. The deadline to purchase tickets is 12:00 p.m. Mountain Daylight Time on December 10, 2016 and the drawing will be held live on the Shelby American Collection YouTube channel later that day. If you want to take a crack at owning this car, you can buy tickets right here.

Who wouldn’t like to win a 2016 Shelby GT350 with $25 raffle ticket?

The subject of the raffle is the Magnetic Gray GT350 with blue over-the-body stripes.

The raffle GT350 is optioned out with the Track Package.

 

[DSG2003Mach1]

I suppose Ive spent $25 on worse.

 

[thehunterooo]

I suppose Ive spent $25 on worse.

Me too haha

 

[NoSloCoupe]

Always wondered about how much money you'd actually spend on winning something like this...i know tax is relative to the state. Didn't read the rules on this one, the other link you had for a charity auction, if i read the rules right....tax title license, then a 25% fair value payment (its an R so $80,000 plus?) for not taking the cash prize and anything else i missed? $30k plus for a lucky $25 ticket??

Not starting anything, just curious is all....

 

[DAVESVT2000]

I won my 2000R back in 2001. Ticket was $50, car was valued at $60,000

I had to pay $17,000 in federal income tax and $4500 in state income tax, the IRS considers it as if I was given a check or earned $60,000, I had to pay income tax on it.

At least I look at it as a got a 2000R for $21,500. Not a bad deal.

 

[DSG2003Mach1]

^^^ thats about what I figured, thanks for confirming. Id imagine you had to pay some kind of sales tax too when you registered it?

 

[DAVESVT2000]

Yes, sales tax at the time in Mass was 5%, but lucky for me the DMV did not have a 2000R in the system, so they averaged it out between a 99 and 01 cobra and came up with a value of $20,000 x 5% = $1000. I couldn't write the check fast enough to get out of there lol

And the car was located in michagin, so to ship it here was $800 on Intercity Lines.

 

[black92]

Always wondered about how much money you'd actually spend on winning something like this...i know tax is relative to the state. Didn't read the rules on this one, the other link you had for a charity auction, if i read the rules right....tax title license, then a 25% fair value payment (its an R so $80,000 plus?) for not taking the cash prize and anything else i missed? $30k plus for a lucky $25 ticket??

Not starting anything, just curious is all....

Unless I'm misunderstanding you, the car for the raffle is a 2016 GT350 Track Pack car, not a GT350R.

 

[DSG2003Mach1]

Unless I'm misunderstanding you, the car for the raffle is a 2016 GT350 Track Pack car, not a GT350R.

he was referencing the other gt350 raffle that was posted which is an R

 

[REX-RACER]

Just out of curiosity how long do you get to pay these taxes? Winning a car would be cool but having to suddenly cough up almost $22k for being the winter seems like it might be kind of tough do I'm wondering if the IRS has any kind of allowance for the fact that people may not have that kind of money just lying around?

Presumably you'd be entering a raffle b/c you don't have the kinda scratch it takes to buy the car outright.

 

[mustangmanjeff]

Just out of curiosity how long do you get to pay these taxes? Winning a car would be cool but having to suddenly cough up almost $22k for being the winter seems like it might be kind of tough do I'm wondering if the IRS has any kind of allowance for the fact that people may not have that kind of money just lying around?

Presumably you'd be entering a raffle b/c you don't have the kinda scratch it takes to buy the car outright.

exactly thats total bs, not everybodody can just say oh cool here $20k now give me the the car for a car you WON! lol smh

 

[THE_EVIL_TW1N]

exactly thats total bs, not everybodody can just say oh cool here $20k now give me the the car for a car you WON! lol smh

Just out of curiosity how long do you get to pay these taxes? Winning a car would be cool but having to suddenly cough up almost $22k for being the winter seems like it might be kind of tough do I'm wondering if the IRS has any kind of allowance for the fact that people may not have that kind of money just lying around?

Presumably you'd be entering a raffle b/c you don't have the kinda scratch it takes to buy the car outright.

You probably have until tax season. I would have zero issues or complaints if I could win the right to pick up a GT350 for $20,000.

 

[black92]

he was referencing the other gt350 raffle that was posted which is an R

Aha! :beer:

 

[DAVESVT2000]

You probably have until tax season.

I'm not sure about other raffles and other states, but in my case I was told I had 30 days to pay the tax before the car would be released to me, to guarantee that the charity would not be stuck with the bill if I didn't.

Fortunately, at the time I had been saving up for a terminator, which I knew was coming, so I had a good amount of $ put away.

Thru my accountant, the tax was calculated and paid, and proof of payment sent to the charity. My friend was working in Detroit at the time so he picked up the car and brought it to his house until Intercity Lines could pick it up to ship it to me in Mass.

 

[mustangmanjeff]

You probably have until tax season. I would have zero issues or complaints if I could win the right to pick up a GT350 for $20,000.

true, but most people cant just cough up $20k upfront, especially when your winning a car you assume you won fair and square. this is why other companys got smart and give you cash prize along with cars so you have the $ to pay the taxes, the win 2 mustangs or win 2 corvette raffles give you the 2 cars + $50k cash so you can have enough to pay taxes etc. most people if they have 20-50k sitting around to just cough up, they will just be able to afford to buy a gt350 not play a raffle lol broke folks like us that could never afford a gt350 play it for hahas to see if we get lucky to win a car we never could afford to buy so the odds are very rare to have 20+k to just cough up especially when you make 30k a year working lol

 

[Rainmaker]

Just out of curiosity how long do you get to pay these taxes? Winning a car would be cool but having to suddenly cough up almost $22k for being the winter seems like it might be kind of tough do I'm wondering if the IRS has any kind of allowance for the fact that people may not have that kind of money just lying around?

Presumably you'd be entering a raffle b/c you don't have the kinda scratch it takes to buy the car outright.

You just set up a payment plan with the IRS

 

[ChiSVT]

You just set up a payment plan with the IRS

Or just take a loan out on the car. Good problem to solve.

Sent from my SM-G935P using Tapatalk

 

[REX-RACER]

You probably have until tax season. I would have zero issues or complaints if I could win the right to pick up a GT350 for $20,000.

I'm not complaining, just seeking info given I did buy a few tickets on the GT350R raffle. It's a cash a logistical issue that bares some thought given that is a hefty chunk of change to have to suddenly come out of pocket.

I'm not sure about other raffles and other states, but in my case I was told I had 30 days to pay the tax before the car would be released to me, to guarantee that the charity would not be stuck with the bill if I didn't.

Fortunately, at the time I had been saving up for a terminator, which I knew was coming, so I had a good amount of $ put away.

Thru my accountant, the tax was calculated and paid, and proof of payment sent to the charity. My friend was working in Detroit at the time so he picked up the car and brought it to his house until Intercity Lines could pick it up to ship it to me in Mass.

That's good to know. 30 days was even less than I thought, I figured you'd have until the normal tax deadline in April to pull the cash together but I guess it makes sense if it's to protect the charity.

You just set up a payment plan with the IRS

This is essentially what I was wondering about? Curious if there's any special rules around this or how it might affect your credit score? Having done a payment plan for back taxes in the past ( thankfully over and done ) I know that can show up on your credit report plus the IRS isn't exactly known for it's flexibility.

Or just take a loan out on the car. Good problem to solve

Was kinda thinking along these lines too though I don't know that I would stake the car itself. Rather, if I were to win I'd probably look at doing a signature loan from one of the peer-to-peer or possibly even my credit union. I did a $20k / 3 yr loan from Lending Club a couple years ago at 7.5% and was able to pay the loan off in 2 yrs so I beat the interest by a pretty good margin. Even if you paid 7.5% for 3 yrs on 25k for taxes on a GT350 that would be like paying a normal car note on a new Focus ST but you obviously end up w/ a way better car. Like you say, not a bad problem to have! :beer: