I wanted to thanks everyone for their good wishes and input on selling the car back to the dealer. For anyone interested or lucky enough to be in a similar position, the numbers are below.
The car was a Lexus LS, the MSRP was $76,811. The Casino offered $53,000. The dealer offered $64,000. I countered with $69,000 and we settled on $66,000. I also researched the car on Edmunds and KBB. The invoice was approx $71,000 with a 1-2% hold back, dealer cost was about $70,000.
Thanks again to everyone.
Joel
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From: Queen of Comps <queenofcomps@cox.net>
To: vpFREE@yahoogroups.com
Sent: Sunday, November 25, 2012 11:05 PM
Subject: Re: [vpFREE] XVP: Selling a Won Car Back to the Dealer
<<Just thought I would jump in and add my two cents- for what it's worth- you only have to pay the fair market street value on the car, on your taxes, and not the sticker value, if you keep/kept the car. So, in other words, if the declared value is $40k, and you keep it, and you can show with current newspaper ads, in your market area, that the current value is only $34k then you only have to pay taxes on the $34k. Good luck. (and keep that documentation!!!)>>
That is good advice for anything of value you win from a casino, i.e., cruises, when you get a 1099 with an inflated price.
When we won a car at the Stardust many many years ago we sold it back to the dealer for a higher price than what the casino was giving us as a cash option. We did not haggle because they gave us a good price right at first.
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Jean $¢ott, Frugal Gambler
http://queenofcomps.com/
You can read my blog at
http://jscott.lvablog.com/
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