to keep the mazda or get a porsche
09-19-2010, 12:51 PM
#16
It depends really on what you're looking for out of your track toy. The RX-8 is a very fun car on the track. I like them a lot. When you break something, and you will break a lot of things using it on the track, the Mazda will be a lot less expensive to repair.
The RX-8 you have is a nice car. I'd be a little reticent to take it on the track.
If all you care about is lap times, then trade it in on a Porsche. If you're just looking to have fun, trade it in of a fleet of Spec Miatas.
The RX-8 you have is a nice car. I'd be a little reticent to take it on the track.
If all you care about is lap times, then trade it in on a Porsche. If you're just looking to have fun, trade it in of a fleet of Spec Miatas.
09-19-2010, 02:09 PM
#17
Rennlist Member
Well, he's paying tax on it hold or sell. (Not even taking into account if he's had to pay sales/use tax on the car to take delivery.) So then the fair market value thing enters the equation. I'm sure they say the car is "valued" at MSRP + Foose goodies. Ouch. By the time you're on the hook for Federal and State (and local?) tax, what's left? Say they call it a $40K car, a quick check shows an RX8 going for $5K under sticker now. So you can sell it for ~$25K? Pay nearly 50% on $40K+, sell for what you can.........might not have enough left over for a decent Spec Miata!
09-19-2010, 05:55 PM
#19
Rennlist Member
Thread Starter
Well, he's paying tax on it hold or sell. (Not even taking into account if he's had to pay sales/use tax on the car to take delivery.) So then the fair market value thing enters the equation. I'm sure they say the car is "valued" at MSRP + Foose goodies. Ouch. By the time you're on the hook for Federal and State (and local?) tax, what's left? Say they call it a $40K car, a quick check shows an RX8 going for $5K under sticker now. So you can sell it for ~$25K? Pay nearly 50% on $40K+, sell for what you can.........might not have enough left over for a decent Spec Miata!
Im getting a 1099 for the car, the great people of Magnus racing are bringing the car back to Long Island for me, sticker on the car was $33 or $35 i left it in the car, so we will see. IM not looking to buy a brand new porsche either. We will see.
09-19-2010, 06:34 PM
#20
Drifting
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If you net $7,000 I have your Porshce.
09-19-2010, 09:54 PM
#21
Burning Brakes
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I'd keep it and drive it as a daily driver or family car. Free car is a free car, unless you were able to snag a good price off fleabay. Money won is sweeter then money earned, any day 
Tom
Tom
09-19-2010, 10:54 PM
#23
The RX8 is a great car. C/D just rated it, IIRC, just below the Boxster spyder in their handling review. Since you will own the car, you should drive it a bit, maybe only 30 miles and then drive what you think you may want.
09-20-2010, 01:41 AM
#24
Rennlist Member
So that means you're on the hook for registration? Not sure of your circumstances, but in CA that would be $3K+. And getting that 1099, that's $15K+ additional income tax this year. Maybe some losses help bring that down, but odds are you'd be taking them anyway. (Wouldn't the ultimate insult to have AMT kick in?) Alas, winning the car ends up costing almost $20K when it's all said and done..................
