Jimmy W1

ever won a Corvette that was raffled off at the Corvette Museum? How much do the tickets usually go for?

Torchsport

I have bought a few. Price depends on the model, and amount of tickets they plan to sell.
A base Corvette may get raffled for $10 each ticket, but they will sell many, decreasing odds.

A ZR1 may cost $250 a ticket, and capped at 500 tickets, or so.

Keep in mind, you will need to pay not only sales tax, but income taxes, as well.

rayk

I would buy a couple of tickets for ZR1 chance.

BearZ06

http://www.corvettemuseum.org/raffle/

Uncle Meat

The cost of the ticket is nothing when compared to the taxes you'll have to pay.

U.M.

talon90

The cost of the taxes are nothing compared to the cost of buying the car either. You'll still end up with a car for pennies on the dollar after taxes.

C7Joy

I have bought tons of Corvette raffle tickets over the years, never won a darn thing. I'll keep buying, I never will learn...

Jimmy W1

The taxes aren't any more than what you would pay if you bought it new yourself, would it? In Ohio it's a little over 6%. And then you'd have to pay the IRS, right?

Torchsport

My CPA girlfriend made me see the light on suddenly doubling my yearly income, if a person won a new car.

peter pan

I would pay the piper with no issues if I won

R&L's C6

Although cheaper than buying one, probably not by much. They will tax you off of full MSRP.

Torchsport

TScottTX

Given that the top Federal rate for 2011 is 35% (and I doubt that EVERYONE here will meet that threshold) I woiuld pay tax, tax, title, registration and ticket costs gladly.

Wayne O

It was some time ago but I vaguely recall someone on the forum won a Corvette. I don't recall whether it was the NCM raffle or not. One way or the other you can be sure the government will get the vig. Besides sales taxes I wonder if the winner pays a gift tax? I know a little bit about individuals gifting but I'm not sure how a raffle works. I'm not so sure a corporation can "gift." I imagine the raffle ticket states the winner is responsible for any and all taxes though.

Like people who habitually play the lottery....the odds are against you. That said, when the lottery gets to be a couple hundred million $ (if I remember) I buy a few tickets. You never know...lightning might strike.

Besides, if you can afford to lose it you're not really gambling.

R&L's C6

And if its income, in addition to federal tax I would assume that you would have to add 15% Social Security (Torch,what does the CPA say) and state income taxes and sales tax. Don't get me wrong, I buy tickets and would love to win one, but it definitely is not free.

Tide Will Roll!

I usually buy a ticket or two on the $10.00 and $20.00 cars. Also bought several of the higher cost tics last year(300/150/100)but so far no luck.

Bert

Roll Tide!

JoesC5

There is a Harley dealer in Lebanon, MO who won a ZR1 in a NCM raffle. Shortly thereafter he let it get away from him and ran it through a chain link fence. Reported(rumored) damages ranged from $20,000 to $40,000 to fix.

JoesC5

I don't believe you have to pay FICA on winnings, only income tax(federal & state) and state/county/city sales tax,

Jimmy W1

So, since I already have a C6, it would probably just be better to take the money, pay the taxes and put the rest in the bank. Then I can trade my car in plus the leftover money and get a new one for free.....

m.whitmell

I haven't won from the Corvette Museum and have bought numerous tickets. I did win a 64 Vette from the Lions Club in Elmvale, Ont. last summer. Sold the 64 for $35000, the miata went for $11000 and an 08 Yellow Z06 came with 5000 miles.......I'm pretty lucky though and win lots of small stuff....