musicman

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I was at Cars and Cigars charity auction in Michigan last Thursday, and one of the auction items was a Bronco Raptor. The bidding was out of control and hit $145k. Once the hammer dropped they said they could do a second one, which sold for 145k!! Madness! Proceeds went to several charities including the Fuente foundation for schools in the Dominican Republic.




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thenewjs

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IIRC, only the amount above invoice and taxes is tax deductible.
 

Cornbred

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That kinda sucks actually
 

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MyBroncoNotYours

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Honesty sounds kind of cheap/about right with how the dealers are expecting to sell them at $80-120k depending on your area with ADM. $25-65k more, which is tax deductible, and you get to drive away with it today. If I had the money to buy one at $100K, I’d buy this in a heart beat. Surprised it didn’t go higher.
 

FormerJeepJunkie

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100% they are not buying them for daily drivers. That’s a tax write off. I see it at every charity event. You wrote off the extra over invoice, use the item for a period of time, donate or sell to either make profit or reduce taxes.

Fun things that people with excess money can do.
 

Phil

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Wait, where did they get 2 BRaps to auction when I still don't have mines ?
 

8cam

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Damn. I tried to get the golden ticket, day 2 reservation holder. And I was denied. Not ashamed to say I would have flipped it immediately. But once I get my BL it’s a keeper.
 

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IfIHMadeA2021Scout

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IIRC, only the amount above invoice and taxes is tax deductible.
So let's say MSRP and taxes is $83,500. That leaves $61,500 to write off. On a high earner here in California that would be taxed at 49.3% (37% + 12.3%) (even higher depending on how you do your taxes considering the SALT caps) for a tax savings of $30,319. Real cost of $114,680 is not all that bad considering the ADMs being charged around here for the F-150 Raptor, Super Duty Tremor, and similar vehicles.

And then you tell everyone you did it for the kids...................
 
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musicman

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A guy at my table spent 80k on a Rolex. The Rolex was 14k.
 

wrbix

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“both for $145k”,,,,……now that’s a deal, only $72,500 EACH.
 

ATXGuy

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I assume the Bronco there is pre-production and the winner didn't drive it off. If he did then it is a no brainer.
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