What is more exciting than winning a brand new car or truck?
The opportunity to win the car of your dreams is merely a registration form away. Or maybe a boat, motorcycle or truck is on your “wish list.” There are always plenty of sweepstakes to enter for those as well. As a matter of fact, there are sweepstakes for just about any vehicle you can think of.
Back in 2003 we won an $18,000 voucher to get the vehicle of our choice. We traded in our current vehicle and walked away with a brand new 2004 Dodge Ram extended cab truck with a 7 year warranty. We still drive it today and it is totally paid off because of the sweepstakes.
We won it from a local sweepstakes that required the entrants to send in postcards. We won just on 4 postcard entries.
Finding and entering local sweepstakes or ones that are limited to just your state or a few states usually have much better odds. This sweepstakes was sponsored by our local grocery store.
When you win a vehicle you have several choices to make.
You can keep the vehicle and pay sales tax on it right away. You will receive a 1099 for the value of the vehicle and then you must claim it on your taxes the next year.
Or, you can sell it back to the dealer and take the cash. You still have to claim the cash on your taxes but it could be a lower amount to claim.
In our case the cash was only going to be $13,000 so we decided to get the truck because we knew we would have a new vehicle to drive that would be paid off and had a warranty.
There are pros and cons of each decision.
- If you take the vehicle you will have a brand new vehicle to drive that is paid off and has a warranty
- If you take the cash it usually is a lower value because you are selling the vehicle back to the dealer at the cost of the vehicle, not the sticker price. But, you have cash and do not have to pay property, registration, or sales tax on a vehicle.
Here is my husband (in the middle) accepting the truck we picked with our $18,000 voucher.
Check out more popular articles on sweepstakes including:
- 8 Tips to Winning Sweepstakes Consistently
- 6 Top Tips for Winning Blog Giveaways
- The Secret to Winning Instant Win Games
- Effective Keyword Searches to Find Sweepstakes
- Tracking and Recording Sweepstakes Wins