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Old 12-25-2012, 10:39 PM
 
Location: Northeast Tennessee
7,305 posts, read 28,220,880 times
Reputation: 5523

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Thanks everyone! Yeah, the shock is still here, still cant believe I won, but its an awesome Christmas gift!


Quote:
Originally Posted by Jimrob1 View Post
Beautiful car. You will have many years of driving, and not one car payment to make. What a wonderful feeling that must be. How did you get the car home without insurance? Do they give you a one day policy or something?
Yeah, I had insurance to get home, at least I hope so. I had to drive the car about 25 miles home. Its still setting in the driveway, I have not touched it since I drove it home. lol. I guess it will set there until at least Friday.

I am going to go ahead and get it fully covered with insurance because with it being a new car, I think it would be foolish not to.

Quote:
Originally Posted by Stratford, Ct. Resident View Post
"Smooth as a gravy sandwich"? LOL.

Anyway, Congratulations man!
Its a "southern" thing.

Quote:
Originally Posted by everwinter View Post
Congrats! I really like the looks of the new Civic!
Thanks! Me too. I was almost going to buy one when they came out in spring of 2011. They did slightly change them for 2013, but I think I like the looks of the '12 better, I haven't decided yet. lol.
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Old 12-26-2012, 11:49 AM
 
Location: NC
6,032 posts, read 9,209,625 times
Reputation: 6378
Did they inform you about the taxes you will owe? Value of the car treated as income etc....


Great job though! Congrats!!
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Old 12-26-2012, 10:27 PM
 
Location: Northeast Tennessee
7,305 posts, read 28,220,880 times
Reputation: 5523
Yeah, they did. No sales tax, but I have to file the price of the car on my income tax.

Thanks again!
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Old 12-27-2012, 07:28 AM
 
Location: Danbury CT covering all of Fairfield County
2,636 posts, read 7,429,511 times
Reputation: 1378
Looks nice, and I'm usually not a Honda person.
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Old 12-27-2012, 09:21 AM
 
Location: Ontario, NY
3,516 posts, read 7,780,970 times
Reputation: 4287
Quote:
Originally Posted by Tennesseestorm View Post
Yeah, they did. No sales tax, but I have to file the price of the car on my income tax.
The car is counts towards your total income. So if you earned $20,000 this year at your regular job, and won a car valued at $21,500, your total income for the year is $41,500, this could be enough to push you into the next tax bracket. Also when your tax bills comes due, probably somewhere around $5,000, and the IRS wants it's money within 120 days. Most likely you'll have to get on a payment plan with the IRS to pay off the taxes over time. It's certainly less than making payments on a new car loan at $21,500, it's it not exactly a free car either.
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Old 12-27-2012, 02:39 PM
 
3,183 posts, read 7,202,611 times
Reputation: 1818
Yea now is a bad time to add that much tax liability to your yearly income....
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Old 12-27-2012, 04:04 PM
 
3,041 posts, read 7,932,941 times
Reputation: 3976
There will be federal and maybe local taxes to pay,maybe 35 percent of msrp.
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Old 12-27-2012, 06:52 PM
 
Location: WFNJ
1,037 posts, read 3,161,655 times
Reputation: 1068
35-45% of a new car MSRP is still a heck of a deal!
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Old 12-28-2012, 01:50 AM
 
Location: Massachusetts
9,526 posts, read 16,510,276 times
Reputation: 14565
I could use a new car. Maybe I can find a contest to enter.
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Old 12-28-2012, 04:23 PM
 
Location: The Circle City. Sometimes NE of Bagdad.
24,454 posts, read 25,991,550 times
Reputation: 59823
A little late, but WOW, a new car for a Christmas present. Congrats to you.
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