If you won the Founder Series Roadster, would you keep it?

[Nguyenning]

I’ve gotten a few referrals (each one puts you in a drawing to win a Founders Series Roadster).

I was thinking about what I’d do if I actually won one. Assuming they have to also provide a sweepstakes cash equivalent option (which would be around $150K to $175K probably after taxes)

Obviously depends on everyone’s situation, but it’d be hard for me to justify driving around in a $250K car instead of taking the cash...

Figured I’d ask here just for fun.

 

[ChrisH]

I’ve gotten a few referrals (each one puts you in a drawing to win a Founders Series Roadster).

I was thinking about what I’d do if I actually won one. Assuming they have to also provide a sweepstakes cash equivalent option (which would be around $150K to $175K probably after taxes)

Obviously depends on everyone’s situation, but it’d be hard for me to justify driving around in a $250K car instead of taking the cash...

Figured I’d ask here just for fun.

Why would they offer a cash equivalent alternative?

 

[insaneoctane]

I would LOVE to win and drive that Roadster!
But, alas, with mediocre yet "no-financial-help-for-you!" income and the high price of putting 3 kids through college, I'd take the cash

 

[angelman]

wouldn't you have to pay tax on that.. I would imagine you would be taxed at 40%.. so really you are winning a 60% discount on a roadster... unless they pay you additional cash to cover the tax.

 

[woodisgood]

It would be a thrill to drive a few times or on certain trips and the tech is absolutely amazing but I wouldn’t want to drive one around regularly enough to justify keeping it over equivalent cash.

But you’re also talking to someone who wouldn’t be interested in owning a Ferrari/Lambo/etc. Model S/X P100DL are literally my dream cars and even a Performance 3 is close enough!

 

[CravenRx]

I’d love it but the tax payment would be rather large and it would cause my student loan payments to skyrocket.. so I would need to win at least 2 haha

 

[Jrzapata]

There;s that 40% tax PLUS the insurance on that beast!

 

[Leafdriver333]

I would not be able to afford the tax and insurance without some sacrifices.
I would sell it and invest the money for future Tesla cars.

 

[Nguyenning]

Yes all sweepstakes in the US must provide a cash equivalent option for the winner. It’s taxed yes.

 

[T3SMA]

Realistically, no. financially, you would need to be fairly liquid to be able to drive that car, even just on weekends. I would imagine if you can "afford" a supercar, then yes keep it. insurance and anxiety from fear of theft/damage and people interested in the car crowding you in public would be other factors that make me look the other way

In my daughter's fairy tale storyland, yes.

Or if I was a character in a fast & furious franchise movie, yes.

 

[AMPd]

I would absolutely keep it

 

[Nded]

Yes all sweepstakes in the US must provide a cash equivalent option for the winner. It’s taxed yes.

But does this offer meet the definition of a sweepstake? Where is this federal law posted?

 

[TMThree]

Why would they offer a cash equivalent alternative?

Why would they? The car doesn't cost Tesla anywhere near that price.

 

[ItsNotAboutTheMoney]

Sell it to pay the tax.
Even if no tax, I'd sell it because I wouldn't want it.

 

[ChrisH]

Why would they? The car doesn't cost Tesla anywhere near that price.

That’s what I mean, why would they offer a cash prize instead?

 

[Wennfred]

Probably have to pay a luxury tax, I don’t know but I would sell it for sure, 1. I don’t need anything that fast and 2. I could pay off my house with that money.

 

[Pinot.Noir]

For $50k in value less, I prefer the regular Roadster vs the Founder. I just hope the rear seats can hold two cases of wine!

 

[jlv1]

I'd keep it! It would save me from having to buy one and explain it to the wife.

 

[S4WRXTTCS]

I'd keep it.

No Kids
No Student Loans

All I really spend my money on is cars, and $5 candy bars.

 

[Pinot.Noir]

All I really spend my money on is cars, and $5 candy bars.

Ok, we gotta party. $5 candy bars are perfect with Pinot Noir.....or Port!