What if I had won the Corvette?

[LiveLean]

Back in June we stopped in Bowling Green, Kentucky to take the Corvette assembly plant tour (very cool) and the Corvette Museum Tour (good but not as great). The Corvette Museum has raffles to fund its existence and I bought a $10 raffle ticket for a 2015 coupe, the drawing for which was last week. I bought the ticket in part because the drawing was on our anniversary and I figured it would bring us luck.

It did not. But during the week leading up to the drawing I started thinking about winning as only a Mustachian can. I'd owe a lot in taxes. If I kept it I'd be driving one of the ultimate clown cars with sky-high insurance here in Florida and, at 45, look like the poster boy for a midlife crisis. My wife works somewhere where this car would raise a lot of questions if she drove it to work. (She's working because we're getting close to FIRE and want to expedite the process).

I've always been a Corvette fan and could pay cash for one if I wanted to, though we're not to the point where a frivolous $55,000 expense would not be felt. We're in the taxi years with kids 12 and 10 so it would not be of much use. Yeah, I know, as if anyone gets a Corvette for its practical implications.

In the end I decided that had we won I would have sold the thing and put the money toward my Sprinter Van fund for when we FIRE and spend much of our time traveling the country.

What would you do if your ticket came up?

[KittyCat]

I'm not much of a car enthusiast so I'd do the same thing as you- sell it.

[gimp]

I keep licking my chops at a C5 Z06, supercharged. About $20k for a good copy, $25k in excellent condition with some other mods.

If I won a new base C7... I don't know. Would I prefer to sell it for ~45-50k less taxes, or just pay the winning tax and drive it? I honestly think I might. Logic be damned, I'd probably end up keeping it, and probably dropping a supercharger + cooling + suspension upgrades in it. Save me from myself.

[Chranstronaut]

Tricky.  I'd prefer to sell it if it was a Corvette, even a C7 (but don't tell my coworkers, as the C7.R is literally down the hall from me at the moment) but I would be super tempted to keep another car if it was cheaper and more useful (Focus RS?).  I don't really have the temperament for a very fast car, nor a classic car.

[shanesauce]

This question is honestly irrelevant unless you are an avid car enthusiast. I assume 90% of the mustachians on this board would sell it.

I would also sell it, I would use that 50k to buy a c5 or c6 and make it into a monster. You can talk about the lifetime savings of driving a camry or riding a bike for the rest of your life but I feel like the smiles per gallon rating has a lot more credit. But, I'm a car enthusiast so my opinion is a bit skewed.

[bobechs]

If you did keep it, at least you wouldn't have a Jeep.

[KittyCat]

This question is honestly irrelevant unless you are an avid car enthusiast. I assume 90% of the mustachians on this board would sell it.

I would also sell it, I would use that 50k to buy a c5 or c6 and make it into a monster. You can talk about the lifetime savings of driving a camry or riding a bike for the rest of your life but I feel like the smiles per gallon rating has a lot more credit. But, I'm a car enthusiast so my opinion is a bit skewed.

Well, I think it'd be irrelevant unless you're a Corvette fan because you'd end up selling it anyway. I really like the Mazda6 and the Tesla Model, but in the end, I'd still end up saving the money.

I definitely wont deny the logic behind smiles per gallon though, especially on this forum since people largely responsible with their money. My car purchase was not a mustachian one, but I am content with it :)

[lostamonkey]

I would immediately sell it, and put the proceeds in my taxable account. But I don't buy raffle tickets so I would never win.

I think a lot of people consider this win to be "found money," and treat it differently from earned money. I treat found and earned money the same.

[gimp]

I agree, lostamonkey. I would not make the rational decision. It makes no sense.

If I got $45K cash, I would not turn around and buy a used C7. I probably wouldn't even buy the C5, because I want it but I can always think of a good reason (besides money) why I shouldn't get one. But if I got a C7, after driving it, I'd have a hell of a hard time letting it go.

Unless it was an auto. Then it goes straight to the for-sale lot.

[Astatine]

I'd sell any new car I won, regardless of what it was. The possible exception would be if it was the same model of car that I'd replace our 14 year old Corolla with. (As in, when maintenance costs get too high, I'd buy a 3 yr old car as replacement. Probably another Corolla)

[2Birds1Stone]

I would keep the C7! No doubt about it. But then again I love to drive :)

[Rural]

I'd check to see if they'd give the money they were losing instead because selling a just-barely-used Corvette has got to be a massive pain in the ass.

[patrickza]

I'm a car fan, so I'd probably insure it for a month, take it ona fantastic road trip, and then sell it when it was over. Then I'd beat myself up over the fact that I could have gotten more for it if I didn't drive it :)

[Blatant]

It's not that much of a pain in the ass. A co-worker won a car at a casino bingo night (don't ask). He called multiple dealerships, took the best cash offer and had it towed to the dealership where they paid him off. Did count as taxable income.

[Davids]

As another poster said i would have kept it for a month for the experience, pay whatever the insurance would have cost for the month then sold it, The experience would be worth it.

[Landlord2015]

I do have a valid driving license, but I would sell it and then invest the money.

I don't have stocks but I have sold Magic the Gathering cards for many thousands of euro during this year(compare to stocks I bought expensive cards for more then a decade ago)... but I still gather money for my next big investment whatever it might be either an apartment or company... but I need a lot of money if company then certainly not during this year 2015 but in future years maybe.

Magic The Gathering that is my fine art and I have earned many thousands of dollars since Magic The Gathering cards have gone up in price like stocks.

You could say Magic The Gathering is my "art" passion that has boosted my economy
and I still play it and it is fun.
"
First published in 1993 by Wizards of the Coast, Magic was the first trading card game produced and it continues to thrive, with approximately twenty million players as of 2015.
"

Magic: The Gathering - Inside the World's Most Played Trading Card Game!
https://www.youtube.com/watch?v=Plr81gaUIr0

[M2 pilot]

I won a Range Rover 4 years ago.  Kept it for a year & sold it.  I should've sold it while new but I did alright.  I paid down the mortgage with some of the proceeds & invested the rest.
Last April I won a BMW M235i.  I chose the cash option & was sent a check for the value of the car minus taxes withheld.   I'm doing a very unmustachean thing with that $.
I'm taking it & some of the money I have & going to Munich in October to pick up a new BMW M3. 
Don't be too hard on me for making this decision, my current car is 18 years old.

PS.  I have raffle tickets for a Corvette that's going to be given away tomorrow morning at 10:30 am.  I'll let you know if I win it.  If I do, I'll probably keep it.  I haven't had a Corvette in nearly 50 years.

[Davids]

I won a Range Rover 4 years ago.  Kept it for a year & sold it.  I should've sold it while new but I did alright.  I paid down the mortgage with some of the proceeds & invested the rest.
Last April I won a BMW M235i.  I chose the cash option & was sent a check for the value of the car minus taxes withheld.   I'm doing a very unmustachean thing with that $.
I'm taking it & some of the money I have & going to Munich in October to pick up a new BMW M3. 
Don't be too hard on me for making this decision, my current car is 18 years old.

PS.  I have raffle tickets for a Corvette that's going to be given away tomorrow morning at 10:30 am.  I'll let you know if I win it.  If I do, I'll probably keep it.  I haven't had a Corvette in nearly 50 years.

Can I rub your head for some of that luck?

[CabinetGuy]

Long car ride with the SO couple of weeks back she asked me "If you could drive any car out there, what would it be?"   My response: " Depends, am I on the hook for taxes and insurance?" Her: "Nevermind...you always do that!  Why can't you just play along?!"

Thanks guys, thanks a lot... 😆

[M2 pilot]

Well, it seems I didn't win it.  No phone call yet & the draw was 10 hours ago.  Oh well, one less decision to make.

[Pylortes]

I recently had a similar situation come up (okay this is a good problem to have!).  I won a new Harley.  I don't know how to ride a motorcycle. I have struggled with how to handle (I thought this would easy -I'm very rationale and know exactly where I would invest the money if I sold).  But part of me wants the experience of learning to ride and having a bike.  Here's what I've decided to do- I'm taking a intro level motorcycle safety class next month. If after the class I'm not comfortable on the bike I'll sell the Harley.  If I take to it I'll probably ride the Harley a couple of months and then decide whether to sell.  One thought is to sell the Harley and buy a used entry level motorcycle for half or less and pay the taxes/invest the difference.  The other option is to wake the hell up and get back to my rationale self. There are some costs for me no matter what- insurance, cost of safety class, and I'm having to buy some gear.  When your actually in the situation of playing with house money I find its harder to turn down the experience.  I think I would probably be cool with riding it for a few months and then selling and moving on. This seems like an okay compromise, but maybe I'm rationalizing and need a face punch.

[obstinate]

Sell without a second thought. MMM just recently posted an article: if you wouldn't buy it, you should probably sell it.