The Monkey Business car was donated to ST. Judes charity. The plan is to sale it out right or do a raffle. I was planning on selling the tickets for $25.00 each of 5 for $100.00. The max amount of tickets that would be sold would be 1000. Planned on doing this at nostalgia events around Texas. Your commits will be highly appreciated.
Make sure you check the laws regarding raffles in your state, should not be a problem, but it does not hurt to be sure.
Also a good idea to have an independent agency handle the raffle that way you have your ass covered if someone bitches.
There's a reason for the question. Many people don't like the look of the graphics and if it came down to selling it, that could/would hurt the value and even the sale. So if the graphics are vinyl graphic, remove them, it will help the sale.
There just vinyl decals and can easily be removed,,I really like the 52-54 Ford Gasser look,,I realize the work may not be of the highest standards but I would be interested in a few tickets. HRP
Same thing that I was thinking. I could use a crate motor and wheels. Will tickets be offered to HAMB members from out of state or just at shows there in TX?
I think its pretty cool that whomever donated it to charity. I think the graphics, like them or not, bring notoriety to the car, and may increase the perceived value (it was on tv right?), and ultimately the number of tickets you can sell.
In the state of Texas the only entity that can do raffles are non profit organizations with the proper tax Id number .. Ie churches , woman's shelters , St. Jude's hospital. They would have to sell tickets and do the raffle themselves. I don't think doing a raffle and donating the money counts. There would be too many low life's that would skim off the top and make money for themselves. Other than that you will be fine. Posted from the TJJ App for iPhone & iPad
I would also be interested in a few tickets and I could care less about the monkey on the side, painted or vinyl. St. Judes and the Make a Wish are my favorite charities.
$400 shotgun vs $25,000 car Plus the new owner of that car might have to pay taxes on it for the perceived amount.
I will let you know what there intentions are as soon as they let me know. ( I work offshore and my trying to sale or raffle the car is my contribution to St. Judes. I have the car in my shop and we fixed the trans and have the car running nicely.)
Third option .... Why not auction it off on the internet over a period of (30) days to the highest bidder ? Build a webpage - hit up different public forums like the HAMB to see if they will let you post a thread and hopefully pin it ..... Selling 1000 tickets for a car these days at $100 a pop, well most guys can't afford $100 ....... Jim
yep, unless run by a non-profit (my personal world is definitely non-profit - Ha!) forget raffle. auction would be better idea, or selling outright. it is good that the logos on car can be removed and that info should be placed in any ad for car. Good Luck
Not trying to shoot your horse or anything, But I think it would take you about 5 years to sell 1000 $25.00 tickets for a raffle on this car, Most car raffle tickets are anywhere from $1-$10.00......So my advise would be to sell the car at auction and hand the money over to st jude, You will get them more money that way, In my personal exp. car raffles suck! I have entered 4 of them, And 2 times I recieved a check for my money back because they did not sell enough tickets, So They were not going to let it go, I never heard from another, and the last one I entered, You would never believe it, But the car owners buddy won the drawing, So personally I will never waste my money on another raffle, Anyhow St judes is a great charity, So just sell it out right and get them the most you can. Just my 2 cents anyhow
A story I heard years ago went like this This guy falling on hard times decided to sell his old mule and he figured the best way was to auction him off. Sold a hundred tickets at $10.00 each By the time they drew the winning ticket the old mule had died. Informing the winner of what had happened, the winner said it was OK and just wanted his $10 back--------
I'll take 5 so you're down to just 995 to sell and that only took you a half a day. At this rate you'll sell out in just under 100 days!
As far as the sales tax thing goes, that's been challenged many times here in NY. There have been several outcomes (depending on how much or how good the lawyer was). Some ended up as being taxed on a book value, some on an independent appraisal value and some based on what the new owner paid for the ticket. Face it, when you're buying the ticket, you are assuming/hoping the car is coming with it. So the price you are paying for the car IS the price of that ticket. Now, if you sell the car for more than the price of that ticket, then the tax can be collected on that figure from the new owner while the seller would be responsible for the capital gains tax.
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