I submitted a video for a video contest and was selected as a grand prize winner. It's a very reputable company so it's completely legit - I'm not concerned about that. The Prize is a brand new Volvo XC60 plus a 10K check to help cover the tax burden.
I do not want to keep the car - I want to keep the most cash from the sale as possible. The contest organizer is working out a deal with a local dealership and I will be going to pick up the car from that dealer towards the end of January. Also, they did not offer a cash prize alternative.
The questions I have are these:
Should I take the car and try to sell it to a private party? Or try to sell it to a dealer? In either case, do I need to register the tag/title in my name and pay the taxes at the DMV before I sell it?
I'm not under any assumptions that I will get full, new-car value for the sale of it. I just am trying to weigh the headache of taking it, registering it, paying tag and tax against the hit I would take selling it back to a dealer (and would I still need to pay for tag/tax anyway?).
I also know regardless of what happens it will hit my 2018 income - any thoughts or advice on that side of things would be helpful as well.
Thanks!
Submitted January 04, 2018 at 10:08AM by ro2343 http://ift.tt/2lSmEvl
