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Yes, I've already been talked everything over with someone from Omaze. Here's the details from this particular Sweepstakes.
"Grand Prize: 2019 Tesla Model X P100D + $20,000 Cash
Sales tax prepaid and up to 25% of ARV will be paid by Sponsor to the Winner to put towards any required income taxes."
Once I add the $20k prize that's included with the 25% check, it will cover most of the taxes. The only reason it won't cover it all is because the money for the taxes is also taxed. Plus, that's just for federal, not state or local.
Pure curiosity: what car are you currently driving? Maybe it's worth trying the "sleep on it" rule with the Model X and after driving it for a short while, maybe, just maybe, you'll be happier keeping it.
I know I'll want to keep it, that's exactly why I don't even want to drive it! As for what I'm driving, it's one of the least sexiest car to be in existence, the Prius, lol. Here's the thing, I don't know how well off everyone else in this forum is, but I'm just a regular Joe Shmo. While I do alright for myself financially, I'm not well off enough to normally be driving around in a 125k car. Brand new, this thing is worth more than my house, and it honestly seems ridiculously extravagant to have this thing parked in my driveway. Not to mention the insurance on it will probably be almost as much as a car payment. This car is worth more to me as a way to pay off my house, and have enough left over to buy another (slightly used) car and finally get some remodeling done to my house that has been needed for a good long while. And since I will no longer have a house payment, I will have so many options to work with (invest more in my 401k, down payment on purchasing a rental, or even just more vacations). It's truly a life changing event for me to win this car.
I know I'll want to keep it, that's exactly why I don't even want to drive it! As for what I'm driving, it's one of the least sexiest car to be in existence, the Prius, lol. Here's the thing, I don't know how well off everyone else in this forum is, but I'm just a regular Joe Shmo. While I do alright for myself financially, I'm not well off enough to normally be driving around in a 125k car. Brand new, this thing is worth more than my house, and it honestly seems ridiculously extravagant to have this thing parked in my driveway. Not to mention the insurance on it will probably be almost as much as a car payment. This car is worth more to me as a way to pay off my house, and have enough left over to buy another (slightly used) car and finally get some remodeling done to my house that has been needed for a good long while. And since I will no longer have a house payment, I will have so many options to work with (invest more in my 401k, down payment on purchasing a rental, or even just more vacations). It's truly a life changing event for me to win this car.
sounds like Dave Ramsey’s debt snowball. Good to have financial discipline!
any updates?
Ha! That is exactly what it is! I'm a follower of Dave Ramsey, and soon I'll be finished with baby step 6! But I am going against part of his rules, as I'm just going to pay off MOST of my mortgage and use the rest to buy a Model 3, which goes against his rule of owning a vehicle worth over half your income, but I just love Teslas too much not to!
As for an update, I picked the X up last weekend, and she's a beauty! I have to wait until mid-January to sell it because that is when Omaze is coming to take pictures of me with the car. Kind of a bummer, but chances are it will take that long or longer to find a buyer once I list it.View attachment 494201
Just an update for those interested. I ended up selling it on Only Used Teslas for $105k to a dealer in California. It went surprisingly quickly, I had it listed less than a day when it sold. Now I'm looking to buy a Model 3 Performance and use the rest to pay down the mortgage (I back slid a little on being responsible, but driving the X got me too hooked).
I did, and that was what I was referring to.
Here's another idea for the OP: Lease it out. Take delivery of the vehicle. Claim the $1,875 tax credit. Then find someone willing to lease it out for two years. They insure and register it. You collect the monthly payments, including interest. If the cash from selling the car can pay off your mortgage, I'm going to assume the lease payments are going to more than cover your mortgage payment. You won't be debt free for a while, but at the end of two years you might be, and then you have a used MX to keep or then sell. Let the lessee take the depreciation hit. Just an idea.
Just an update for those interested. I ended up selling it on Only Used Teslas for $105k to a dealer in California. It went surprisingly quickly, I had it listed less than a day when it sold. Now I'm looking to buy a Model 3 Performance and use the rest to pay down the mortgage (I back slid a little on being responsible, but driving the X got me too hooked).