[Mapco]

Hello everyone. New '17 shelby owner. Previously owned an '03 mustang gt, but we all know that didn't prepare me for what I have now. You are all going to hate me when I tell you how I got this car. I won it! Just paid tt&l and for tint. $4500. But I didn't research the car much before I won because I didn't want to get my hopes up like that, so this forum is helping me with some things I didn't know. I'm just struggling with one thing. A decision. When I entered the contest and as soon as I won I had planned to keep it in the garage. Take it out every other dry weekend. I want to keep this car looking this nice forever. But after feeling what this car can do and finally doing the research about it I really want to DRIVE this car. And I can't do both. You guys can't make up my mind for me, but maybe some of you struggle(d) with this decision too and have some words of wisdom for me

 

[Mapco]

Some pics, shadow black. Stripe delete? Or just no stripes. Was going too add them, but while researching I see it's pretty uncommon to find one without stripes these days. So I think I'm keeping her unique.

 

[DewmsEleanor]

Congrats and welcome. Good call on the no stripes, low key color. I got Metallic Grey w/o stripes and I think it may have saved me from a couple tickets already. I track mine as well in Sebring, and I have never driven a better car than this one....Doh I just read that you won this car. Oh well, my comment still stands, no stripes and low key coloring, almost a must for this car lol.

 

[Mapco]

That's funny, I was thinking the same thing about avoiding tickets. Glad it's working for you. I love the black, but have never bought a black car because I live down a dirt road. Finally putting that California duster to good use.

 

[ringmaster]

Hey Mapco, congratulations on a really nice win! Drive it, that's what it needs. It looks great without the stripes, more stealth. Welcome to the forum. And good luck keeping that black clean on a dirt road. Been there.

 

[DCShelby]

Looks nice and congrats. Be warned though when you file federal taxes for 2018, this has to be declared and it’s value will be taxed. I’ve known people who won things and they did not include it. The organization you got it from will file papers to the IRS. The IRS caught up to my friends, with interest.

 

[Mapco]

Yeah I'm liking the no stripes more and more. Still love ones with stripes, but glad I got what I did. About the taxes I had heard that, obviously I'm prepared to pay 25% for a shelby. But then talking to multiple people at the dealership they said it was like it was purchased. It wouldn't affect my income at the end of the year. I paid sales tax on the car, and you can't be double taxed. But you still scared me when you mentioned IRS so I'm going to make sure the sales tax was correct and it won't be income tax instead

 

[DCShelby]

I'm not talking sales tax. When you win a car or any other thing of value, its taxed just like if you had won that amount in cash. The Car dealer is not an accountant. Talk to an accountant. But you have time.

https://finance.zacks.com/pay-gift-tax-automobile-won-10023.html

https://pocketsense.com/tax-implications-winning-car-10065874.html

 

[Mapco]

I know you weren't talking about sales tax. I was just saying I did pay sales tax, if it is to be taxed as income it can't be taxed as a sale. But the dealership could have been mistaken and just treated it like a sale when they shouldn't have. I'll for sure have it all figured out by tax time. It would sure be nice if I don't owe more

 

[DCShelby]

The feds might deduct that sales tax, but you received a car of value..say 60K....and they will tax you on that value just as if you won a lottery ticket of the same value. You will be taxed by the feds on the appraised value of the car. The states cares not what the feds do. THe two links I provided explain it...

Read example 3 from the IRS

https://www.irs.gov/pub/irs-tege/notice_1340.pdf

 

[Mapco]

Yes i read both links and now the third. You're right, everything I find online says I will pay income tax. However, my situation was a little different. It wasn't a sweepstake situation. A dealership had a grand opening contest to make the best video for ford and I was chosen the winner. I knew of the tax problem beforehand and they assured me at the dealership the only taxes I would pay would be sales tax, but as I said I'm not just taking their word for it and will be making sure.

 

[DCShelby]

Good idea. A tax expert will know. I've seen people not include it, and two years later the IRS calls, and they owe that federal tax amount and interest. But enjoy the car, I plan to get my GT350 out for a long ride this weekend to get over the 1K break in period and then fresh oil and then let it rip! You have until April 15 in 2019 to get it worked out.

 

[Mapco]

I wish I could be driving this weekend. Drove the car home Saturday, then the rain started and hasn't stopped. It'll be at least next week before I break 100 miles, because I'm not driving through my muddy yard.

 

[HotLap]

Nice and welcome to the forum, lot's of great folks and information here!! Good job on the contest and you will likely have to pay IRS (income) taxes on the Shelby. But, still, (depending on your tax bracket) you'll get a brand new Shelby GT350 for 28% - 38% of retail cost...I'd take that deal any day I too am a "no stripe" kind of guy, prefer more the sleeper approach and actually removed the white stripes from my Lightning Blue GT350. Couple of things to look into are an oil separator and rock blockers (threads on both here) and enjoy it, this really is a special ride!!

 

[Mapco]

Still trying to figure out how to respond to an individual post on here, but thanks for the tips. I will check out both those threads. And I still haven't talked to my tax guy yet, but I looked further into the paperwork, and I "purchased the car" there's a bill of sale with a $60,420 down payment and the sales taxes I paid. It looks like the owner personally is taking the hit which is amazing. So i have to give a shout out to Planet Ford in Houston. They really take care of their customers... and me haha

 

[17snake]

Congratulations!!! It is always great to hear a story like this. Enjoy the ride and take it out! this is what this car is built for. Unlike Brad (Hotlap), I think the stripes add HPs . This is my 4th Mustang and after driving the GT350, I forgot all other ones.

 

[HotLap]

Congratulations!!! It is always great to hear a story like this. Enjoy the ride and take it out! this is what this car is built for. Unlike Brad (Hotlap), I think the stripes add HPs . This is my 4th Mustang and after driving the GT350, I forgot all other ones.

LOL Lou, nice try but the stripes add both weight and aerodynamic resistance...pure physics my friend Have a GREAT Memorial Day weekend!! You guys going to Malibu C&C?

 

[HotLap]

I wish I could be driving this weekend. Drove the car home Saturday, then the rain started and hasn't stopped. It'll be at least next week before I break 100 miles, because I'm not driving through my muddy yard.

Be sure and see if you can connect with other GT350 owners in your area...several of us have connected here in SoCal and have had a bunch of fun. From Cars & Coffee to canyon cruising to car shows it's a blast to hang out with folks you would have never met except for the Shelby connection!

 

[Mapco]

Congratulations!!! It is always great to hear a story like this. Enjoy the ride and take it out! this is what this car is built for. Unlike Brad (Hotlap), I think the stripes add HPs

. This is my 4th Mustang and after driving the GT350, I forgot all other ones.

Thank you, and I’ve decided, I’m going to drive it. I was actually able to get it out of the garage this afternoon. Finally got it over 100 miles. I’m going to keep this car forever because of what it is, so I can drive it and keep it nice. I’m in love with this car. Can’t wait till the break in period is over and I can really take it for a drive

 

[Mapco]

Be sure and see if you can connect with other GT350 owners in your area...several of us have connected here in SoCal and have had a bunch of fun. From Cars & Coffee to canyon cruising to car shows it's a blast to hang out with folks you would have never met except for the Shelby connection!

Yeah I’m in the Houston area and saw a thread on here with all Texans. But I lived in SoCal for a little while. Oceanside then Temecula. I’ll be back one day. Actually saw an R on the road earlier for the first time, while I was in mine, had a little rev exchange, glad it was in sport mode.