Just "ordered" my 2005 M5

[DaCan23]

Sent in my $125 for 5 Tickets in the BMWCCA Raffle.... odds are much worse this year 1-4100... but considering its a $80K car....

Oh the trouble winning it would be....

[uscharalph]

That's better odds than the lottery.

[darkbeer]

that's better odds than me being able to afford one of those cars in the next 20yrs. :D goodluck to you!!

[bjl4776]

hell you could just buy 4100 tickets and have a great chance at winning it for way under sticker :)

[632 Regal]

not at 25 bux a pop! Thats $102,500

[bjl4776]

Ooops didnt realize they were 25 a ticket, disregard my comment

[Elekta]

It;s $125 and there's a five ticket limit per Roundel member.

I've bought one ticket each year for the last 4 years....so if I win the M5 it will have cost me $1375 plus tax (about $7000)

still a suckers bet, but I think they awarded ten M3's one year...

beats playing the lootery

[DaCan23]

Uh winnin the raffle it'll cost a lot more than that.

Car value approx $75k we'll say... Income tax on $75K prize... minimum of $22,500... sales tax for me would be $3,750.

What amazes me is how few people understand that winnin a non-cash prize requires you to pay income tax on it.

What interests me even more is how these "makeover" shows work... pimp my ride... extreme house.... or the one w/ plastic surgery... pimp my ride for example... the person recieves a car made over w/ an estimated cost of $20-$30k.. the last one I saw might of been $40k worth... but now they are liable for 25-30% of an income tax on that... how can a person driving a POS $500-1000 car afford that after the fact.... or extreme home makeover... where were talking hundreds of thousands...

My guess is that they also give you a cash portion which is equal to (Prize + Cash) * Tax = Acutal cash prize

[rickm]

Those shows will often lease the home from the individual, mod it, they return it. Of course once it gets all over the paper I'm sure that the city/county will be by to redo the tax evaluation on it. :P

[Brian C.]

...and they're suppossed to be "listing" at around US$102k. The BMWCCA doesn't make any money off the raffles, they just collect $25 tickets until they have enough to buy a car, in this case 4100 tix, then they start on the next car....and so on. Last year I think they gave away 13 M3s. And MY M5 will be coming here soon!!! :p

Brian C.

[DaCan23]

Oh they do make money on the raffle... usually bout $500k per year which isnt that much considerin how many cars they give away... examine the annual statements and you'll see a line "Raffle proceeds" me being a finance/accounting major of course I look at them... LOL