View Poll Results: Which Free Car Would You Choose?
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A brand brand new $100K car, your choice of make & model
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40 |
61.54% |
A classic car worth $100K, your choice of year, make & model
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16 |
24.62% |
I'll pass on either (seems shortsighted?)
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9 |
13.85% |
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08-03-2017, 09:12 AM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,305
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You Won A Free Car!
We're in the market over the next 6 months. Which would you pick?
It won't cost you anything up front, but you own it thereafter - taxes, insurance, maintenance, etc. And what you do with it after it's yours is entirely up to you.
This is mostly just for fun, and may appeal to car peeps more than others.
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No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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08-03-2017, 09:19 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Mar 2017
Location: New York City
Posts: 2,838
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Ill take the first stab at it. I picked new car. Since your poll said I have to pay the taxes that means I probably need to pay about 31k in taxes for it. If I need a new car (mine is a 2004 Hyundai), Im sure a new one would run me 31k, so I would get one with all the bells and whistles, then add in a bumper to bumper warranty for 10 years, I would come under the 100k, and be worry free -ish for 10 year. I would also add in the tire insurance, and the scheduled maintenance package, I would still come in under the 100k limit. Just a car wash and gas, and It would be sitting in the street for 10 year. I hope they have fire engine red for a color! Thanks for the quick dream
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Withdrawal Rate currently zero, Pension 137 % of our spending, Wasted 5 years of my prime working extra for a safe withdrawal rate. I can live like a King for a year, or a Prince for the rest of my life. I will stay on topic, I will stay on topic, I will stay on topic
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08-03-2017, 09:19 AM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2011
Posts: 8,368
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I'd sell it the very same day, (at a reasonable discount, so as to provide an incentive to buy).
__________________
"Exit, pursued by a bear."
The Winter's Tale, William Shakespeare
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08-03-2017, 09:29 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Mar 2017
Location: New York City
Posts: 2,838
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Quote:
Originally Posted by Nemo2
I'd sell it the very same day, (at a reasonable discount, so as to provide an incentive to buy).
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I was at the casino about 3 years ago, with my much referred to Uncle. They were giving away a Cadillac. It wasnt fire engine red but anyway he said if I win this car I need to sell it I cant pay taxes on 50 grand. I told him dont worry, I heard they do this on the game shows, you sell it that day for 25 Thousand to me, you only need to pay tax on the 25 Large. I told him wont that ruin your food stamps? He said no, thats a windfall, as long as you hide it before the end of the month your good! Crazy as a fox.
__________________
Withdrawal Rate currently zero, Pension 137 % of our spending, Wasted 5 years of my prime working extra for a safe withdrawal rate. I can live like a King for a year, or a Prince for the rest of my life. I will stay on topic, I will stay on topic, I will stay on topic
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08-03-2017, 09:32 AM
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#5
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: Williston, FL
Posts: 3,925
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The same one I just ordered. 2017 Ford F350 Platinum Ultimate, 6.7, 4x4, SRW LB.
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FIRE no later than 7/5/2016 at 56 (done), securing '16 401K match (done), getting '15 401K match (done), LTI Bonus (done), Perf bonus (done), maxing out 401K (done), picking up 1,000 hours to get another year of pension (done), July 1st benefits (vacation day, healthcare) (done), July 4th holiday. 0 days left. (done) OFFICIALLY RETIRED 7/5/2016!!
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08-03-2017, 09:38 AM
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#6
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,501
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Quote:
Originally Posted by Nemo2
I'd sell it the very same day, (at a reasonable discount, so as to provide an incentive to buy).
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Oh!! THIS was the best answer, but I didn't think of it.
Before I saw Nemo's answer, I voted for neither because either type of car suggested could be so easily scratched, damaged, or stolen. It would occupy my thoughts and worries too much for comfort.
My present car (2009 Venza) is perfectly fine for transportation from "point A" to "point B" and that is all I want a car to do for me.
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Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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08-03-2017, 10:12 AM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2011
Posts: 8,421
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A classic $100K car will likely be worth a heck of a lot more in 10 years (double?) while a new $100K car likely will not.
My neighbor collects Bugattis. Finds them in less than excellent condition, puts another $50K+ into them and make a good profit when he sells.
Apparently there's multiple levels of restoration (all the way down to having original washers under each bolt); the better the restoration the bigger the price. Classic cars are fairly big around here (North of Boston) and there's a few guys who do literally world-class restorations--for a price.
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Living well is the best revenge!
Retired @ 52 in 2005
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08-03-2017, 10:15 AM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2016
Posts: 8,968
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I'll take the new car, pay the taxes and insurance, load it just like I want it and drive it far and often. Time to buy a new car anyway, mine is 14 years old.
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08-03-2017, 10:15 AM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2012
Posts: 11,702
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Yeah, I didn't want the expensive car because of property taxes, insurance, and income tax from the winnings. How about a nice $30,000 car?
In all seriousness, I had a friend who won a car in Vegas fresh out of college. This was mid 80s. It was expensive too, over $30k. I asked what he did about taxes and hassle and all that. His answer was that there are brokers in town that handle that. Basically, you sign it all over to them, and they take care of it for you, from taxes, to resale, etc. He says in the end he was handed a check for about $8,000 (after tax withholding) and was perfectly happy with that.
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08-03-2017, 10:20 AM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2007
Posts: 14,328
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Quote:
Originally Posted by JoeWras
Yeah, I didn't want the expensive car because of property taxes, insurance, and income tax from the winnings. How about a nice $30,000 car?
In all seriousness, I had a friend who won a car in Vegas fresh out of college. This was mid 80s. It was expensive too, over $30k. I asked what he did about taxes and hassle and all that. His answer was that there are brokers in town that handle that. Basically, you sign it all over to them, and they take care of it for you, from taxes, to resale, etc. He says in the end he was handed a check for about $8,000 (after tax withholding) and was perfectly happy with that.
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Back before lotteries gave an option for a single cash payment, there were similar scams helpful brokers that would buy your lifetime lottery payout for a pittance. A marriage made in heaven for the stupid and the greedy.
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08-03-2017, 10:28 AM
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#11
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2012
Posts: 11,702
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Quote:
Originally Posted by travelover
Back before lotteries gave an option for a single cash payment, there were similar scams helpful brokers that would buy your lifetime lottery payout for a pittance. A marriage made in heaven for the stupid and the greedy.
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Yeah. There are still those guys "helping" people with "structured payments."
At least back then, the Vegas car thing is unique. He was told he'd have to take delivery from a local dealer. He was from Boston. Then he'd have to deal with registration, shipping, etc. All that stuff.
To a 22 year old fresh out of college, getting your $8k and giving $8k to the broker seemed like a fair deal. The car, although listed over $30k was unique (in a bad way) and would have sold well below that.
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08-03-2017, 10:32 AM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2012
Posts: 11,702
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Sorry to derail your discussion, Midpack. But you said we won it, and it is free! In true ER.org form, we always know there are strings attached.
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08-03-2017, 11:04 AM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2013
Location: Texas
Posts: 10,943
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Quote:
Originally Posted by marko
A classic $100K car will likely be worth a heck of a lot more in 10 years (double?) while a new $100K car likely will not.
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Past performance is no guarantee of future results - I've made some money and lost some money on classics. Never doubled my money even after 10 years. Maybe I'm not buying the right cars.
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08-03-2017, 11:07 AM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2013
Location: Texas
Posts: 10,943
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I'd probably get another classic. Maybe a 63 SW Vette (of course fully restored to original factory specs). No mods....
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08-03-2017, 11:13 AM
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#15
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,305
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Quote:
Originally Posted by Car-Guy
I'd probably get another classic. Maybe a 63 SW Vette (of course fully restored to original factory specs). No mods....
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Could you buy a fully restored 63 SW Vette for $100K? I have no idea but I watch several car restoration shows and I get the impression you'd be looking at significantly more than $100K.
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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08-03-2017, 11:20 AM
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#16
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,305
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Quote:
Originally Posted by marko
A classic $100K car will likely be worth a heck of a lot more in 10 years (double?) while a new $100K car likely will not.
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Maybe, maybe not. Though the likelihood of a new car appreciating within 10 years would be almost nil. OTOH, the cost of properly maintaining a classic would probably be much higher than a new car. I assume insurance on a classic car (of equal value to new) would be higher too, as repairs would have to be considerably higher based on all the car shows I watch.
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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08-03-2017, 11:26 AM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2013
Location: Texas
Posts: 10,943
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Quote:
Originally Posted by Midpack
Could you buy a fully restored 63 SW Vette for $100K? I have no idea but I watch several car restoration shows and I get the impression you'd be looking at significantly more than $100K.
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maybe - depends a lot of the level/quality of the restoration - not all restorations are created equal
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08-03-2017, 11:42 AM
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#18
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2013
Location: ATL --> Flyover Country
Posts: 6,649
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I voted brand new car, but like others, I would sell it immediately. The taxes would be pricey and I would guess the insurance would be high too and it wouldn't be worth it to me. The older I get, the more I think that cars are simply appliances and not something to "treasure".
__________________
FIRE'd in 2014 @ 40 Years Old
Professional Retiree
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08-03-2017, 12:20 PM
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#19
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Recycles dryer sheets
Join Date: Dec 2014
Location: The Desert
Posts: 311
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Quote:
Originally Posted by Senator
The same one I just ordered. 2017 Ford F350 Platinum Ultimate, 6.7, 4x4, SRW LB.
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Yep. I'd have one too, if it would fit in my garage!
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08-03-2017, 12:36 PM
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#20
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Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,362
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Definitely the classic. But I wouldn't have the choice -- DW has lusted after a DeLorean since it first came out and would be all over that. Saw one recently for $80K with less than 900 miles on it, in storage since it was new.
DMC.jpg
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I thought growing old would take longer.
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