It's a damn shame! The guy is auctioning the car off on ebay. A true S2K enthusiast wouldn't let this car go especially since it was practically free. I know the possibility exists that he needs the money for school or something but still. What do you guys think?

 

Yeah some people BoooOoooOOo!

 

Think of how few S2000s are manufactured and sold every year. There are LOTS of people in this world who would have no interest in owning one. The majority in fact, if I'm not mistaken. All the better. Hopefully an enthusiast will be able to pick up an 04 silverstone at a good price.

 

[QUOTE]Originally posted by CBeyond
Think of how few S2000s are manufactured and sold every year.

 

the federal and state income taxes are substantial on a prize like that. he will get a 1099 for the msrp of the vehicle. he could owe $5K to $15K in federal/state/local taxes PLUS towns in CT assess annual Personal Property Taxes, PLUS he lives in New England where the weater is obviously not perfect year-round PLUS the insurance is probably a killer.

first year cost of ownership for his "FREE" car is at least $10K and possibly as much as $20K. Not so free after all.

automobiles are TERRIBLE prizes.

 

Speaking from experience from my wife winning something a couple of years ago, depending on tax bracket his max for federal would be $7K plus whatever the state income tax is up there. Plus titling tax. For me in Maryland this would amount to about 10K-11K so for some young guy with no cash he would need sell it.

Mark

 

Yeah, my buddy won a Corvette at the Jersey shore, and the dealer bought it back from him. He loved the car, but the taxes (at the time) were $16k, and by selling the car he at least came out ahead by about the same amount.

Dave

 

[QUOTE]Originally posted by Ace10
the federal and state income taxes are substantial on a prize like that.

 

I'm glad he's selling the car. Sounds like he really doesn't get what a special car it is. Now it's going to end up with someone who actually WANTS the car!!

Someone should email the winning bidder and tell them about S2Ki.com !!

 

The guy may not want that type of car, or he may have a nicer car and not want it. If I won something and had to pay taxes and all sorts of stuff on it I would let it go also.